Global trade tensions are escalating, especially the trade relations between the US and China, that it might be expected to experience a turbulent year in 2018. 

During a press conference at the ongoing Two Sessions, China’s Foreign Minister Wang Yi talked about the country's stance on trade tensions with the US and cross-border business opportunities.

“Despite elements of competition, China-US ties are defined more by partnership, not rivalry. Trade war is not the right solution. In a globalized world, it harms the initiator as well as the target country. Dialogue and cooperation are right things to do. China will make the necessary response in the event of a trade war with the United States,” said Wang.

However, there's no sign of the US pulling back from its current standpoint, with US President Donald Trump expected to sign the tariffs on steel and aluminum this week. The duties are intended to counter so-called cheap imports, especially from China.

A senior fellow of China Finance 40 Forum, Ha Jiming said it is not a good deal. He states that this kind of “unfriendly” policy is a confusing signal to the market. The impact affected not only the Asian market but also the European market.

“Staying put is probably one option, but at the same time, China needs to be vigilant to possible further sanctions. There could be more policies coming in the next few weeks or months, imposing even higher tariffs on Chinese products, and also restricting China’s investment into the United States. The most important thing is China should press ahead with its opening policy, it is a very sensible policy,” Ha said. 

Meanwhile, China has other major trade and investment projects on the table as part of its new era of continuing to open up -- such as improving ties with ASEAN countries and the Belt and Road Initiative -- that other countries would not want to miss.