China says ready to deal with any fallout from US trade row

An employee checks aluminum rolls at a warehouse ina Zouping county, Shandong province. On April 2, China slapped additional import taxes on 128 US products, in response to US duties on imports of aluminum and steel. (China Daily via Reuters)
Updated 19 April 2018
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China says ready to deal with any fallout from US trade row

BEIJING: China is well prepared to handle any negative effects from its trade dispute with the US, the commerce ministry said on Thursday, adding that China’s tariff hikes on US imports will not have a big impact overall on its domestic industries.
The United States would be making a miscalculation if it is determined to contain China’s rise, ministry spokesman Gao Feng said at a regular media briefing in Beijing.
Responding to a question on whether China has underestimated President Donald Trump’s resolve to pursue trade measures against China, Gao said Beijing hopes Washington will not underestimate China’s resolve to fight back.
Most analysts believe the two sides will eventually reach a compromise and avoid a full-blown trade war. But so far, China and the US have held no formal trade talks, Gao said.
In the latest escalations in the widening trade row, the US said this week it had banned American companies from selling parts to Chinese telecom equipment maker ZTE for seven years, while China on Tuesday announced hefty anti-dumping tariffs on imports of US sorghum and measures on synthetic rubber imports from the US, EU and Singapore on Thursday.
China will take any necessary measures at any time in response to the US move against ZTE, Gao said.
On April 2, China slapped additional import taxes on 128 US products including frozen pork and wine, in response to US duties on imports of aluminum and steel.
Two days later, China warned it was considering increasing duties on an additional 106 US imports, hitting back at the US’s plan to levy duties on $50 billion of Chinese goods following a months-long intellectual property probe.
China’s move on US sorghum is independent from the current Sino-US trade frictions, Gao said.
The global economy will expand this year at its fastest pace since 2010, but trade protectionism could quickly slow it down, the latest Reuters polls of over 500 economists worldwide suggest.


Iran says no OPEC member can take over its share of oil exports -SHANA

Updated 19 August 2018
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Iran says no OPEC member can take over its share of oil exports -SHANA

  • Senior Iranian diplomat urges OPEC’s secretary general to keep the group away from the political agenda of some members
  • Iran has asked OPEC to support it against new US sanctions

LONDON: A senior Iranian diplomat urged OPEC’s secretary general to keep the group away from the political agenda of some members and said none should be allowed to take over another’s share of its oil exports, Tehran’s oil ministry news agency said on Sunday.
“No country is allowed to take over the share of other members for production and exports of oil under any circumstance, and the OPEC Ministerial Conference has not issued any license for such actions,” SHANA quoted Kazem Gharibabadi, Iran’s permanent envoy to Vienna-based international organizations was quoted as saying.
Iran has asked OPEC to support it against new US sanctions and signalled it is not yet in agreement with Saudi Arabia’s views on the possible need to increase global oil supplies.