China says it has mutual trade interests with U.S. after Trump appoints China critic to trade team

Record ID: 163116

  • Title: China says it has mutual trade interests with U.S. after Trump appoints China critic to trade team
  • Date: 4th January 2017
  • Summary: BEIJING, CHINA (JANUARY 4, 2017) (REUTERS) CHINESE FOREIGN MINISTRY SPOKESMAN GENG SHUANG WALKING IN FOR REGULAR BRIEFING MEDIA SEATED (SOUNDBITE) (Mandarin) CHINESE FOREIGN MINISTRY SPOKESMAN, GENG SHUANG, SAYING: "After years of development, China and the United States have actually formed a pattern of interests interwoven with each other. In terms of problems that exist in the China-US economic and trade relationship, both sides should seek proper solutions on the basis of mutual respect and equal treatment. I think China and the US should work together to maintain the healthy and stable development of economy and trade between the two countries. This is in line with the common interests of the two countries and their people." EXTERIOR OF CHINESE FOREIGN MINISTRY CHINESE NATIONAL FLAG FLYING
  • Embargoed: 19th January 2017 08:58
  • Keywords: Trump Donald Trump China trade trade interests
  • Location: BEIJING, CHINA
  • City: BEIJING, CHINA
  • Country: China
  • Topics: Government/Politics,International Trade
  • Reuters ID: LVA0015XO0CP3
  • Aspect Ratio: 16:9
  • Story Text:China's Foreign Ministry said on Wednesday (January 4) that the country had interwoven trade interests with the United States after U.S. President-elect Donald Trump named Robert Lighthizer, an official in the Reagan administration and harsh critic of China's trade practices, to be his chief trade negotiator, responsible for better deals aimed at reducing U.S. trade deficits.
    Lighthizer is a former deputy U.S. trade representative under former Republican President Ronald Reagan who helped to stem the tide of imports from Japan in the 1980s with threats of quotas and punitive tariffs.
    Lighthizer has argued that China has failed to live up to commitments made in 2001 when it joined the World Trade Organization and that tougher tactics are needed to change the system, even if it means deviating from World Trade Organization rules.
    Asked if China was concerned about a trade war launched by the US after Lighthizer's return, Foreign Ministry spokesman Geng Shuang said both sides had mutual trade interests should cooperate to benefit each other.
    "After years of development, China and the United States have actually formed a pattern of interests interwoven with each other. In terms of problems that exist in the China-US economic and trade relationship, both sides should seek proper solutions on the basis of mutual respect and equal treatment. I think China and the US should work together to maintain the healthy and stable development of economy and trade between the two countries. This is in line with the common interests of the two countries and their people," he told media at a daily briefing in Beijing.
    Lighthizer's return to the agency follows nearly three decades as a lawyer representing U.S. steelmakers and other companies in anti-dumping and anti-subsidy cases.
    He is regarded as an experienced tactician with an intimate knowledge of trade tools that were widely used before the WTO was created in 1995, including "Section 301" tariffs used to stem a tide of imports of Japanese steel and vehicles in the 1980s.
    During his tenure, Reagan struck the 1985 Plaza Accord currency deal with Japan, Germany and other major trading partners that brought down the dollar's value and encouraged more foreign companies to set up U.S. manufacturing plants.
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