China urges US, NKorea to hold talks

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China urges US, NKorea to hold talks

India is willing to work with China to develop relations based on commonalities, while dealing with differences on the basis of mutual respect and sensitivity to each other's interests, the external affairs ministry said today.

Trump even cited national security concerns when he demanded a 25 percent tariff on steel and 10 percent on aluminum imports last week.

China accounts for only a small fraction of USA steel imports, but its rapid rise to produce half the world's steel has helped create a global glut that has driven down prices.

"We will urge the global community to refrain from adopting measures that inhibit free trade", said the minister, Paik Un-gyu, according to a ministry statement.

China delivered another bumper trade report in February, logging a far larger trade surplus than markets had been expecting.

Trump trade advisor Peter Navarro has predicted that, if threatened with such far reaching penalties, China will surrender rather than retaliate in order to preserve access to the U.S. market.

South Korean senior officials left for the US on Thursday to brief US President Donald Trump and his staff, likely to include Secretary of State Rex Tillerson and National Security Adviser H.R. McMaster, on the outcomes of their recent trip to North Korea.

Net exports contributed 9.1 percent of China's GDP growth a year ago.

Trump is expected to formally roll out import tariffs on steel and aluminum this week, a move that could hit China and Russian Federation the hardest. While he did not specifically name any country, it is believed concern about China is driving numerous current trade investigations in Washington.

Trump, who ran on a campaign promise to level the playing field for American companies, said Tuesday that the planned tariffs won't apply to Canada and Mexico if the U.S.is able to "make a deal" with those countries as they renegotiate the North American Free Trade Agreement. "China will certainly make an appropriate and necessary response", Wang said at a press conference on the sidelines of the Communist Party's annual parliamentary session.

Trump's declaration coincided with the signing by 11 countries of a new Trans-Pacific trade pact that the United States withdrew from a year ago. China's Commerce Ministry declared itself "strongly opposed" to Trump's proposed sanctions while trade associations representing China's steel and aluminum industries brayed for Beijing to retaliate by blocking United States farm products and high-end consumer goods. Chief Cabinet Secretary Yoshihide Suga told a news conference that Japan's steel and aluminium shipments posed no threat to USA national security.

In Sydney, Prime Minister Malcolm Turnbull said there is no case for imposing tariffs on Australian steel.

The US also exports $ 1.3 billion in agricultural products to India, including tree nuts ($522 million), cotton ($250 million), pulses ($144 million), fresh fruit ($72 million), and planting seeds ($32 million).

Xi's diplomatic style shows his dedication to the welfare of Chinese people, as well as his sense of duty to China and the world, Wang said.

The Asian juggernaut's exports accelerated sharply in February, with the pace of growth picking up from a 11.1% clip year-on-year in January to 44.5% for last month, according to customs data.

The Trump administration could combine the tariffs with restrictions on Chinese investments in the USA, which are reviewed for national-security risks by Treasury's Committee on Foreign Investment in the US, the people said. "We expect USA major trade partners' reaction to be moderate, including by taking cases to the WTO".

The China Iron and Steel Association said the move would draw a global backlash.

"I was pleased to see the president acknowledge the strong points I have been making to him".

But imports grew a disappointing 6.3 per cent for the month, shy of the 8 per cent expected by analysts.

But the European Union talked tough.

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