The relationship between China and the U.S. has always been tense when it comes to trade and this is unlikely to change, a member of the monetary policy committee at the People's Bank of China told CNBC Friday.
"Look back 20 years ago, the relationship is always bumping. We always have the problem of trade issue," Fan Gang, chairman of the China Reform Foundation, said at the sidelines of the Ambrosetti Forum Friday.
Issues over trade have involved China's current account surplus, alleged currency manipulation and more recently, tariffs, he said. President Donald Trump has been a heavy critic of China's trade policy and reportedly told advisors in the Oval Office "I want tariffs," in a recent meeting. Fears over a potential trade war might have risen due to Trump's protectionist view, but, according to Fan Gang, both countries aren't likely to reach that stage.
"I don't think (there will be a trade war). There are going to be more trade conflicts but I don't believe there's going to be a war. Both countries are so close, so dependent on each other … In the last minute people will find ways to deal with (trade problems)," he told CNBC.