Last year, an independent commission on U.S. intellectual property estimated that the annual cost to the United States economy in counterfeit goods, pirated software, and theft of trade secrets from all sources exceeds $225 billion and could be as high as $600 billion.
A trade surplus of $1,055 million was posted in January following a downwardly revised trade deficit of $1,146 million in December (previously reported as a deficit of $1,358 million).
Within imports, consumer imports fell by 6.5 per cent in January with capital goods imports down by 1.5 per cent and intermediate goods imports fell by 0.6 per cent. The news suggested that Trump trade policies aimed at eradicating the deficit will likely fail.
Under the most severe scenario being weighed, the U.S. could impose tariffs on a wide range of Chinese imports, from shoes and clothing to consumer electronics.
In coming weeks, the Trump administration plans to issue a report on China's intellectual property practices expected to hammer China and possibly bring about further tariffs on a wider range of Chinese imports.
President Donald Trump is expected to set tariffs of 25 percent on imported steel and 10 percent on imported aluminum this week.
"Outside of the USA the sense that I have at the moment is that people are re-embracing free trade after a bit of a wobble - partly driven by the result of several elections", he said. "The outcome will only be harmful", Wang said.
Separately, he tweeted a signal that his administration is also ready to clamp down on nations that flout the World Trade Organization's global agreement on protecting patents and other intellectual property, like commercial brands and computer technology innovations.
Wang's comments come as two South Korean envoys left for Washington to brief United States officials on the North's offer, after their landmark visit to meet Kim in Pyongyang.
"This conclusion is fundamentally wrong", Wang said adding on trade frictions between the two countries, war is never the right solution, as it will harm both the initiator as well as the target country in a globalized world.
Touted as Chinese President Xi Jinping's ambitious project, the BRI focuses on improving connectivity and cooperation among Asian countries, Africa, China and Europe.
Wang said China "fully commends and supports" the steps taken by the two countries and calls on the USA and North Korea "to engage in dialogue sooner rather than later" and move to set up a peace-establishing mechanism.
With China being such a key trading partner to the USA, it's no surprise that the dollar fell against the yen as foreign exchange traders calculated the additional cost of purchasing raw materials for American firms.
The February surplus with the United States was $20.9 billion.
"China has been asked to develop a plan for the year of a One Billion Dollar reduction in their massive Trade Deficit with the United States".
Net exports contributed 9.1 percent of China's GDP growth previous year. U.S. imports from China of steel and aluminium make up a small proportion of its total imports from the world's second largest economy. Due to the limited production of soybeans and sorghum in Australia, it will not significantly benefit from a trade dispute between China and the US. Seasonal swings-related to the shutdown of factories and office over the Chinese New Year holiday often make interpretation complicated, and this year a low base comparison from the previous year may have inflated the data.