Source Pravda.Ru

China rejects US pressure over its soaring trade surplus

China's commerce minister on Monday rejected U.S. pressure over its soaring trade surplus, criticizing proposed punitive tariffs as a violation of free trade that would hurt American companies.

Beijing is taking steps that will lead to a more balanced trade relationship, but results will take time, Commerce Minister Bo Xilai said at a news conference.

U.S. lawmakers who blame low-priced Chinese imports for the loss of American manufacturing jobs are pushing for a 27.5 percent increase in tariffs on Chinese goods unless Beijing eases currency controls that they say give its exporters an unfair advantage.

"That would be disastrous for companies from both sides, including the United States, who have benefited from our trading relations," Bo said. "If it were imposed, that would be not only trade protectionism but also trade hegemony."

The United States reported a record US$232.5 billion (EUR 176.6 billion) trade deficit with China last year, the AP said.

The White House has filed World Trade Organization complaint accusing China of violating commitments to the WTO by providing unfair subsidies to Chinese companies.

Bo said a large share of the U.S. deficit was from goods made in China by U.S.-financed companies and then sold in the United States.

"The Chinese government never intends to pursue a large trade surplus. We want to have a rough equilibrium in trade," Bo said.

The minister said China has taken steps that will change its trade balance but it is unrealistic to expect "tangible results" immediately.

Critics say China's currency, the yuan, is intentionally kept undervalued, giving exporters an unfair price advantage and adding to the country's surpluses. Some economists say a change in the exchange rate by itself is unlikely to close the trade gap signficantly.

World's most powerful nuclear submarines, Arkhangelsk and Severstal, are to be dismantled after 2020 - their further exploitation is unprofitable

Russia gets rid of world’s most powerful nuclear submarines

The United States' Head of Diplomacy, or Secretary of State, is an anachronistic, incompetent, meddling, intrusive, insolent and arrogant, rude individual, a brash, foul-mouthed upstart, a conceited, self-important guttersnipe and an insult to the international community, as fit for the job as a pedophile janitor in a grade school.

Tillerson must go!
Comments
Honor me: The hell with you
What will happen if USA freezes Russian dollar assets?
Russian Guard to see enemies behind walls
Putin celebrates Epiphany bathing in ice cold waters
Russia gets rid of world’s most powerful nuclear submarines
Russian Guard to see enemies behind walls
Tillerson must go!
Turkey distances itself from Russia to plunge Syria into greater chaos
Tillerson must go!
Torturing Jerusalem with USA's help: No peace, but eternal war for Jews and Arabs
North Korea and Double Standards. Vancouver Conference a Missed Opportunity.
North Korea and Double Standards. Vancouver Conference a Missed Opportunity.
Turkey distances itself from Russia to plunge Syria into greater chaos
Turkey distances itself from Russia to plunge Syria into greater chaos
North Korea and Double Standards. Vancouver Conference a Missed Opportunity.
North Korea and Double Standards. Vancouver Conference a Missed Opportunity.
Ukraine's Western allies point their guns at President Poroshenko
Ukraine's Western allies point their guns at President Poroshenko
Why did the USSR lose the Moon race?
Honor me: The hell with you
Is the Syrian War Really Over?