Trump suggesting China will 'take down' its trade barriers

Trump suggesting China will 'take down' its trade barriers

Dr Alice de Jonge, senior lecturer in Asian business law at Monash University, said the move was a recognition by China that engaging in any trade war would be "shooting itself in the foot".

The trade situation remains tense after US President Donald Trump threatened China with another $100bn (€81bn) of tariffs but also predicted Beijing will make concessions.

For a long time, China stayed on the lower end of the global value chain, resulting in limited actual gains from the trade process in spite of huge trade figures.

As seen in the chart below from Westpac Bank, China's trade surplus with the United States has ballooned over the past decade as exports to the USA grew substantially faster than imports heading in the other direction. China responded in kind last week, imposing a 25 percent tariff on 106 American products, including soybeans, airplanes and cars.

President Trump, whose plan to hit hundreds of Chinese products with duties have stoked fears of a trade war, has yet to react.

Two rounds of high-level talks between Chinese and United States officials aimed at defusing bilateral trade tensions earlier this year failed to produce any result.

He said China will take measures to liberalise automobile investment, reduce tariffs on cars this year and protect intellectual property - all areas that have been high on the list of demands by Washington.

"It's not an equal basis", Chang said. Xi said that China was eager to increase its imports and would be "significantly" lowering its tariffs on imported vehicles and other products.

At a regular press conference, Foreign Ministry spokesman Geng Shuang confirmed that negotiations over trade were not taking place amid the escalating tariff threats, and hinted that talks would not be restarted without a USA compromise. The two nations had already proposed $50 billion in tariffs on imports, but none of that has taken effect yet.

The administration appears to be betting that China will back down because it has more to lose. "It will defend its interests and the multilateral trade regime". It also included medical devices and flat-screen TVs.

On Wednesday, China unveiled a list of 106 USA goods including soybeans, whiskey, frozen beef and aircraft targeted for tariffs, just hours after the Trump administration proposed duties on some 1,300 Chinese industrial, technology, transport and medical products.

"Any attempt to stop imports into China would only hurt Chinese industry", she told The New Daily.

Agriculture is Missouri's largest industry, producing over $88 billion for Missouri's economy. Rather than waiting weeks for the USA tariffs to be implemented, Trump backed a plan by Robert Lighthizer, his trade representative, to seek the enhanced tariffs.

Jake Parker, the vice president for China of the U.S. The administration will hold a public hearing for US businesses on May 15th.

US stocks also were affected this past Monday by Trump's new verbal attack on giant online retailer Amazon. The Dow Jones industrial average rose 46.34 points, or 0.2 percent, to 23,979.10.

"And I don't blame China". If the Chinese earn fewer dollars selling into the USA market, they will have fewer dollars to buy U.S. exports; both imports and exports will then fall.

"This is a problem caused by China, not a problem caused by President Trump", Kudlow said on "Fox News Sunday". "However China will not link the North Korea issue to the trade issue".

"Farmers in countries like Australia, Brazil, Argentina, Canada and Europe would now find it hard to compete with newly subsidized US agriculture", said Chad Bown, senior fellow at the Peterson Institute for International Economics.

"We want to be a partner, to work with each other", he said.



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