China-US trade relations face a "serious setback" if the United States
imposes high tariffs on Chinese goods, Commerce Minister Bo Xilai warned in
remarks posted on his ministry's website.
China's Commerce Minister Bo Xilai addresses
delegates at the Indo-China business forum on March 16. China-US trade
relations face a "serious setback" if the United States imposes high
tariffs on Chinese goods, Bo warned in remarks posted on his ministry's
website. [AFP] |
Bo delivered the message late last week while exchanging views with visiting
US Senators Chuck Schumer and Lindsey Graham, the ministry said.
"China is not pursuing a big trade surplus with the United States and it is
willing to increase US imports to balance trade development between the two
sides," Bo was quoted as saying over the weekend.
"If the United States rashly imposes high tariffs on Chinese imports,
China-US trade relations will face a serious setback."
Schumer and Graham were in Beijing on a fact-finding trip after co-sponsoring
a bill that threatens to impose tariffs of 27.5 percent on Chinese imports
unless China takes steps to allow its currency to rise in value.
The senators and other US critics have argued that the yuan is undervalued by
as much as 40 percent against the dollar, giving China an unfair trade
advantage.
They argue it makes US companies uncompetitive against Chinese rivals and
helped drive up China's trade surplus with the United States to a record 202
billion dollars last year.
Although Schumer and Graham expressed more optimisim after their trip about
China's currency policies, they said the planned March 31 vote in the US senate
on the proposed tariffs may still go ahead.
Bo also called on the United States to lift some existing trade restrictions
on China.
"China hopes the US will quickly scrap restrictions on US exports of
high-technology products to China as this would bring more trade opportunities
for the US," he said.
The United States restricts companies from selling some hi-tech equipment to
China due to security concerns.