China's President Xi Jinping offers U.S. possible trade concessions
Apr 10, 2018, 19:44
As the economic saber-rattling shakes global markets, Trump said Monday he had a good relationship with China and with President Xi Jinping, but repeated his claim that China has been "taking advantage of the United States for many years".
The world's second-largest economy also aims to create a more attractive investment environment and strengthen intellectual property rights - the grounds on which the United States has proposed punitive tariffs on Chinese imports.
The stakes are high for both the U.S. and China, as the result of a potential trade war has massive ramifications for both Trump and Xi domestically.
China, U.S. trade issues aren't newChina's proposed 25% tariff on U.S. soybean imports was anticipated by the industry, says Kirk Leeds, chief executive of the Iowa Soybean Association.
President Xi Jinping set the stage Tuesday for a possible effort to resolve a worsening clash with Washington over technology and trade by promising to cut auto import taxes, improve intellectual property protection and boost imports. "Great future for both countries!"
Last week, the US vowed to target Chinese-made medical devices, aircraft parts and flat-screen televisions with up to $50 billion in tariffs; China responded with a $50 billion threat on American products that include soybeans, small aircraft, and orange juice, a list that seemed created to target states that supported Trump in the 2016 presidential election and would be important in a 2020 re-election bid.
China has pledged to "counter-attack with great energy" when Trump makes the decision to follow on his most recent hazard to impose tariffs on yet another £ 100 billion in Chinese merchandise - following an earlier announcement that climbed $50 billion. This is in addition to the proposed 25 per cent import tariffs worth Dollars 50 billion on some 1,300 Chinese products being imported into the US.
Zhou Wenzhong, a Baoao Forum official, said at the weekend that "protectionism will lead nowhere" and the Trump administration gave "the wrong prescription" for the USA economy's problems, according to China's state-run Xinhua news agency.
"There is no way for us to address China without absorbing some pain here", the SC senator told ABC News Chief Global Affairs Correspondent and "This Week" co-anchor Martha Raddatz.
In turn, the Chinese Commerce Ministry imposed new import tariffs on 128 U.S. products.
"President Xi's speech appears to have struck a relatively positive tone and opens the door to potential negotiations with the U.S.in our view".
Russian assets extended Monday's slide as investors digested the new round of US sanctions targeting the country's tycoons. "I personally believe this possibility is very small", Zhang said on Sunday in Boao.
Trump is facing mid-term elections in November, while Xi has just begun his second term as president with an option to rule for life and probably wants to expand his clout overseas. "That's a possibility", Trump said.
"Xi has succeeded in batting the ball back into the U.S. court, so we now watch and wait for a response", said IG analyst Christ Beauchamp.
"Chinese cheating has cost American jobs and I applaud the administration for standing firm in its commitment to crack down on China's continued violations", said Sen. But even as Trump cozied up to Xi and pressed China for help with derailing North Korea's nuclear ambitions, he has ratcheted up the economic pressure and threatened tariffs, a move opposed by many fellow Republicans.
Two rounds of high-level talks between Chinese and USA officials aimed at defusing bilateral trade tensions earlier this year failed to produce any result.
"In today's world, the trend of peace and cooperation is moving forward and a Cold War mentality and zero-sum game thinking are outdated", Xi said at the opening of the Boao Forum for Asia.
"We will not bully our neighbors", the president said.
"He made soothing sounds about trade, offering to lower tariffs".
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Tom Keegan said last week that the request would be "promptly reviewed to determine how best we can assist our federal partners". The Texas National Guard has also deployed 150 members for the border security mission announced by Trump earlier last week.
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A possible meeting between the nations was originally the product of South Korea's efforts in February during the Winter Olympics. The neighbors are technically still at war after a 1950-53 conflict ended with a ceasefire, not a truce.
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