Arrogance no way leading to good business: Commentary

BEIJING - In speculation over future development of China-US trade relations after US President Donald Trump's signing of a memorandum to impose heavy tariffs on Chinese imports, the US side should be aware that arrogance is no way leading to good business.

Despite risks of harming interests of China and the United States itself, Trump on Thursday signed the executive memorandum that could result in heavy tariffs on up to $60 billion of imports from China as well as harsher restrictions on Chinese investments.

Meanwhile, Trump also announced a 25 percent tariff on steel imports and a 10 percent tariff on aluminum earlier this month, triggering global criticism on his trade bullying move.

The trade protectionist policies adopted by Washington have severely violated basic trade rules built by the international community in the past several decades, and were also ruining the international image and status of the world's biggest economy.

China and the United States are each other's key trade partners. After decades of cooperation, they are no longer able to draw a clear line between their interests.

Despite competition, the two economies are remarkably complementary to each other and their relationship has been seen as a story of mutual benefit.

China has always advocated win-win cooperation and negotiated settlement of disputes. However, it will never remain silent when its rights and interests are damaged by other countries.

China has prepared and has the strength to safeguard national interests, but it also hopes that both sides could remain rational and work together to preserve the broad picture of China-US economic and trade relations.

In recent years, China has promoted the development of its economic strength and technological advantages to a new level. With an optimized industrial structure, an enhanced economic resilience and a broader space for macroeconomic policies, China is not afraid of engaging in a trade war.

With a huge domestic market and a complete system of industry, China is capable of taking counter measures against hostilities.

Even so, China still underlines that it prefers to settle disputes through dialogue and consultation.

As the two largest economies in the world, China and the United States will never benefit from a trade war that may devastate global economic stability.

It is hardly avoidable for any two countries to have conflict of interests in doing business, compliance with trade rules and launching dialogue and exchange of opinions will be the only right way to solve disputes in trade.

Washington should take Beijing's stance seriously and do not be penny wise and pound foolish, which will hurt itself and others as well.