Trump says China will take down trade barriers, deal on IP

Lucy Bush
April 10, 2018

"President Xi and I will always be friends, no matter what happens with our dispute on trade", Trump said in a tweet in which he also predicted that the US would prevail and reach agreements with China on trade issues.

The US, the world's largest economy, has a trade deficit of nearly United States dollars 500 billion with China, the world's second largest economy.

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.

Mr Xi tried to position China as a defender of free trade and cooperation in response to Mr Trump's "America first" calls for import restrictions and an overhaul of trade deals to make them more favourable to the United States.

He referred to his personal relationship with Chinese President Xi Jinping and said the two men would always be friends, adding, 'Great future for both countries!'

Trump says China will take down trade barriers, deal on IP

U.S stock futures rallied, Asian equities bounced and the safe haven yen fell on Tuesday as Chinese President Xi Jinping promised to lower import tariffs on products including cars, helping soothe investor jitters over an escalating U.S.

"We hope developed countries will stop imposing restrictions on normal and reasonable trade of hi-tech products and relax export controls on such trade with China", he said. "When a vehicle is sent to China from the United States, there is a tariff to be paid of 25%".

Zhang Yuyan, a researcher at the Chinese Academy of Social Sciences, a government think-tank, said China was unlikely to sell off its holdings of U.S. Treasury bonds as a tactic in its trade dispute with the United States.

In a separate interview on "Fox News Sunday", Kudlow acknowledged "jitters" but insisted "we're not gonna to end up in a trade war".

The China trade issues should be handled in "a much more calculated way", Crowley said.

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The Commerce Ministry said the higher US tariffs "seriously undermine" the global trading system.

Trump and Chinese President Xi Jinping enjoyed an amiable summit almost a year ago at Trump's Mar-a-Lago resort in Florida.

"Ultimately, U.S. industry will be looking for implementation of long-stalled economic reforms, but actions to date have greatly undermined the optimism of the U.S. business community", said Parker in an email.

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.

Bad timing for trade warThis year USA farm income is forecast by USDA to be half of what it was in 2013. "Today's message from Xi contained nothing really new but it seemed like a conciliatory tone and so the market is just grabbing at that", said Peter Garnry, head of equity strategy at Saxo Bank in Copenhagen. China reported a global trade surplus of $423 billion previous year - about two-thirds of that with the United States. "They want to continue doing business", Shipley says.

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"This speech did not represent a major shift in Chinese policy and it is likely the US-China trade dispute will require more negotiation", said JP Morgan's Zhu. U.S. intelligence officials say that North Korea could be just a few months away from successfully mounting a warhead on a missile that could reach the American mainland.

In response, China is ushering that the "anxiety disorder" of the Trump administration is based on not facing up to the changing global economy, whereby China is a power mechanism for economic growth.

"He made soothing sounds about trade, offering to lower tariffs".

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Other reports by Info About Network

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