China Trade War: When a Concession Isn't a Concession
Apr 14, 2018, 12:07
The Dow Jones industrial average slid 0.9 per cent to 24,189.45.
Earlier in the day, Trump tweeted about the "STUPID TRADE" with China, saying that when a Chinese-made vehicle is sent to the US, the tariff is only 2.5 per cent, while American cars exported to China are slapped with a 25 per cent tariff.
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Xi also called on countries to export high-technology goods to China, which has been a point of contention with the U.S. He did not, however, address some key irritants for Washington, including a requirement that foreign companies work through joint ventures that require them to give technology to potential local competitors.
The U.S. hasn't announced a date it intends to impose tariffs on an initial list of $50 billion in Chinese goods. USA officials have long accused China of forcing United States companies to hand over technology, or stealing it outright, and of spurring massive industrial overcapacity, among other complaints.
China in a retaliatory measure made a decision to impose an additional tariff of 25 per cent on 106 products under 14 categories worth United States dollars 50 billion. Investors may have been pleased to hear that, according to a group of legislators, President Donald Trump asked advisers to explore the possibility of the US rejoining trade talks with 11 Pacific nations.
The State Council Information Office, which represents China's central government, didn't reply to faxed questions Monday on US trade talks.
When discussing U.S. -China business interest, it is misleading to only look at trade imbalances.
"But let's remember: we buy five times more goods than they buy from us. We will make great progress together!" tweeted Trump. "China's opening up is free from outside interference and the outside world can not interfere with it".
"We now have to see how Mr Trump will react, but markets will surely react positively on rising hopes that a trade war will be averted".
Chinese President Xi Jinping promised to further open up China to the world at the opening ceremony of the Boao Forum for Asia Annual Conference 2018 on Tuesday (10 April), writesPeople's Daily Online.
He said China would continue to open its markets and implement lower tariffs pledged by Xi as soon as possible.
But he also downplayed the tariff threat as "part of the process", suggesting on CNN that the impact would be "benign" and said he was hopeful that China would enter negotiations.
Skeptics pointed out that China has made promises before and then not adhered to them.
Liu He, a vice premier overseeing economics and finance, told a group of officials Thursday that Beijing had rejected a USA request to stop subsidizing industries related to its "Made in China 2025" initiative, the person said. -China dialogues. In 2010 and 2012, for instance, China declared that foreign companies were free to decide for themselves when to share technology with Chinese partners or other businesses.
"Mr Xi expressed his position today - he does not want a large-scale trade war with the United States". Since those announcements, there have been further tit-for-tat statements and the Trump administration is reportedly planning tariffs on an additional $100bn of Chinese imports. If that fails, China can ask for a ruling from a WTO panel.
As a baseline case, we continue to expect China will demonstrate restraint against aggressive retaliation against higher USA tariffs.
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