While addressing a press conference, Chinese Minister of Commerce Zhong Shan said, "China, which produces half the world's steel, will assess any damage caused by the US move and firmly defend its legitimate rights and interests".
In 2017, trade volume between China and countries along the Belt and Road amounted to 7.4 trillion yuan (about 1.2 trillion USA dollars), surging 17.8 percent year on year, outpacing the 14.2-percent increase in China's total foreign trade last year, according to data released by the National Bureau of Statistics on February 28.
Mr Zhong, speaking on the sidelines of China's annual session of Parliament, said China does not want a trade war and will not initiate one.
Zhong said nobody wants to fight a trade war, but he added that China can handle any challenge and will resolutely protect its interests.
The U.S. control of high-tech exports to China also contributed to bilateral trade imbalance, Zhong said, quoting one U.S. research that estimated a 35-percent fall in the trade deficit with China if the United States relaxed export restrictions.
"A trade war will be catastrophic for China, the United States, and the rest of the world", he said.
30000 protesting farmers reach Mumbai, plan to gherao Vidhan Sabha tomorrow
The Maharashtra government had requested the farmers to withdraw their stir, but the farmers have refused to do so. The farmers have been covering 30 km every day since they started out from Nashik on March 6.
Trump's military parade planned for Veterans Day - without tanks
Trump should be surrounded in the reviewing area at the Capitol by veterans and Medal of Honor recipients, the memo said. The parade will also feature period uniforms from the Old Guard Fife and Drum, a unit that parades in period uniform.
Raiders Free Agency: CB Richard Sherman visiting 49ers
Despite coming off of a major injury, Sherman is expected to receive plenty of interest from National Football League teams. The releases of Sherman and Lane leave Seattle's cornerback spot with some uncertainty heading into free agency.
The United States and China are scheduled to hold trade talks in Beijing in the near future.
US officials have said such sales would make up only a few percent of the deficit while possibly threatening American national security.
Fears of a trade war between the world's No. 1 and No. 2 economies heightened last week after US President Donald Trump signed an order imposing a 25 per cent tariff on imported steel, and 10 per cent on imported aluminium.
The US trade shortfall in goods with China surged 8.1 percent during the first year of Trump's presidency, reaching a record $375 billion, according to Commerce Department data released last month. The country has always been among the top global destinations for investment, but foreign enthusiasm is cooling. "The fact that they have complaints indicates that they are still paying attention to China's development and have confidence in China's market".
More than 150,000 buyers from home and overseas are expected at the event, he said.