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>> China has warned the US would take a necessary response in a possible trade war. White House official say President Donald Trump is likely to set up import taxes on steel and aluminum this week.>> Trade works aren't so bad.>> That move aims to tackle cheap imports specially from China, that Trump says hurt US industry and jobs.
Until now Beijing has mostly kept quiet but on Thursday the foreign minister said the US and China don't have to be rivals.>>
The tariffs are expected to start in two months.
However economists don't actually see much immediate impact on China. Analysts estimate its exports of steel and aluminum to the US are less than 0.1% of it's GDP. And it ships far more to the US than it brings in as for targets of any trade retaliation from China, US soybeans airplanes and cars are all widely seen as in the cross hairs.
>> Is to focus on what is clearly a legitimate problem.>> At home Trump faces growing opposition to the terrorists, both from within his own party and businesses worried about how they may impact the economy. On Wednesday, the president tweeted about Chinese trade. He demanded that it lay out plans to reduce its trade deficit with the US by $1 billion, that appeared to be a mistake.
China actually runs a surplus not a deficit. It's also unclear if he actually meant $1 billion, that would be very small, less than 1% of the record 375 billion goods trade surplus China had with America last year.