Monday, 15 October, 2018

China's Xi renews pledges to open economy, cut tariffs this year

Soybeans are harvested on a farm on the outskirts of San Jose Uruguay Trump Proposes $100 Billion in New Tariffs In a Potentially Serious Escalation of the Trade War With China
Elsie Buchanan | 10 April, 2018, 19:46

The U.S. has asked the country to reduce its trade surplus by $100 billion, cut tariffs on cars and stop forced technology transfers by foreign corporations, among other things.

Trump tweeted on Sunday that him and China President Xi Jinping "will always be friends, no matter what happens with our dispute on trade".

The Trump administration is cracking down on Chinese theft of United States intellectual property with threats of tariffs on $150bn of Chinese imports, including automobiles.

And what better time to do that than now, against the backdrop of the ongoing US-China trade row.

Although Trump administration officials have said back-channel communications were continuing, no formal meetings have been scheduled between top United States and Chinese officials.

Those factors also left the speech falling short of its billing by Chinese officials, who had said Mr. Xi would offer up important policy changes in suitable commemoration of the launch of China's market-oriented reforms 40 years ago by former leader Deng Xiaoping.

The latest annual survey from the American Chamber of Commerce in China found that its members "continue to feel foreign business are less welcome in China than they once were".

But Trump's newly-installed economic adviser Larry Kudlow tried to downplay those concerns, saying the usa is "not running a trade war".

But Trump on Monday railed against Chinese tariffs on vehicle imports and the Chinese foreign ministry warned that trade talks with the United States were "impossible" under current conditions.

It is still cheap, trading at a price-earnings ratios of 13.9, which is far lower than that for markets in India, the Philippines and even the United States.

"China's door of opening up will not be closed and will only open wider", said Xi at the Boao Forum for Asia on the southern island of Hainan.

Dog credited with alerting family to house fire
The body appears to be that of an African American female, but the age and identity could not immediately be determined, said Lt. A couple vacationing reportedly saw the body and pulled it from the surf before calling authorities.


On Tuesday, Trump announced another $50 billion in tariffs against Chinese products, which the Chinese matched that night with $50 billion in tariffs against US products, including automobiles, airplanes, whiskey and a slew of agricultural products including beef, pork, corn, sorghum, cotton and soybeans.

Xi also said China would raise the foreign ownership limit in the automobile sector as soon as possible and push previously announced measures to open the financial sector.

Herb Karst, head of Karag farms in Billings, Montana, was disappointed with Trump's comments Monday.

Chinese officials deny such charges, and responded within hours of Mr Trump's announcement of tariffs with their own proposed commensurate duties.

Washington called for its initial $50 billion in extra duties after it said an investigation had determined Chinese government policies are created to transfer USA intellectual property to Chinese companies and allow them to seize leadership in key high-technology industries of the future.

USA agriculture secretary Sonny Perdue said on Monday that the United States would protect farmers from the "the brunt of Chinese retaliation as we defend our own interests". "They have a tremendous amount of skin in the game", Rosen said.

Mr Trump added that USA farmers, many in states that voted for him in 2016, "are great patriots". "They understand that they're doing this for the country".

It seems that China will match whatever move the United States administration makes and is unlikely to buckle under any pressure.

If the Trump administration wins some concessions from China in the latest trade dispute, it could be a boost to US -based multinationals.

President Xi says a cold war and zero sum mentality are out of place and that dialogue is the way to resolve disputes. His says, "No, it sounds like STUPID TRADE".

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