Chinese diplomat visiting Utah says trade war would yield no winners

Business

SALT LAKE CITY — The expansion of import and export tariffs between the United States and its largest international trading partner will not serve either nation well in the long-term, a senior Chinese diplomat said during a visit with top Utah leaders Tuesday.

“We do not think that imposing tariffs is a good choice to resolve trade disputes,” said Xu Xueyuan, minister of the Embassy of the People’s Republic of China in the U.S.

Speaking Tuesday to members of the media in the board room at the Utah State Capitol, she said that there is approximately $584 billion in trade between the two countries, with huge opportunities for increased commerce in many business sectors.

Responding to President Donald Trump’s administration last week imposing 25 percent tariffs on $34 billion in Chinese goods, with another $16 billion on the horizon later this month, Xueyuan said conducting a trade war would hurt the economic interests of both countries.

The Associated Press reported that the list of possible new tariffs on another $200 billion in Chinese imports could escalate into a full-scale trade war. The Office of the U.S. Trade Representative proposed 10 percent tariffs Tuesday on a list of 6,031 Chinese product lines. In response, China has imposed similar tariffs on American products.

Speaking about America’s $375 million trade deficit with China, Xueyuan offered an alternative to imposing more and more tariffs.

“We think the best way to work out solutions is through negotiation and dialogue,” she said. “(A) better choice than imposing tariffs could be (for China) to import more from the United States.”

She said creating a better balance of trade would help both countries prosper. Growing conflict of any kind between China and the United States will only work against the interests of each nation, she said.

“If a war erupts, whether hot or cold, it will hurt everybody,” Xueyuan said. “There won’t be winners from war, there will only be losers.”

Xueyuan led a delegation of Chinese diplomatic officials visiting Utah in an effort to further relations between the world’s most populous nation and the Beehive State. The group met with various state and local leaders as well as members of the local Chinese community on Tuesday. The group is scheduled to meet with Gov. Gary Herbert on Wednesday.

She said the delegation is interested in learning from the ideas of the people of Utah.

“We’re here to hear thoughts from people of all walks of life, not just …read more

Source:: Deseret News – Business News

      

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