Trump Urges New 'Structure' for US-China Trade Deal

25 May, 2018, 00:44 | Author: Shannon Newton
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President Trump dented fragile confidence that the United States and China will avert a global trade war yesterday by warning that it may be too hard for the world's two largest economies to strike an agreement.

"Our Trade Deal with China is moving along nicely, but in the end we will probably have to use a different structure in that this will be too hard to get done and to verify results after completion", Trump said in the tweet.

But it appeared to convince Trump to pull back a threat to levy $150 billion in tariffs on Chinese products, after offering to buy an unspecified amount of USA agricultural products.

Over the weekend, the USA and China issued a joint statement on trade consultations that stated: "Both sides agreed on meaningful increases in United States agriculture and energy exports".

"There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China", the statement said.

U.S. stocks slipped after his comments, but ended Wednesday up after release of the minutes of the last Federal Reserve meeting, which indicated a gradual approach to interest rates hikes.

China has agreed to buy more American goods, but hasn't said how much more.

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The U.S. does have valid complaints about subsidies and other state supports in Europe, and about China's efforts to coerce intellectual property from its inward investors.

"But once they (China) have figured that out, then they start discounting the pressure and the noise and so on and they focus just on the bottom line".

"China opposes the abuse of national security clauses, which will seriously damage multilateral trade systems and disrupt normal worldwide trade order", Gao Feng, spokesman at the Ministry of Commerce, said at a regular news briefing on Thursday which focused largely on whether Beijing and Washington are making any progress in their growing trade dispute.

The world's leading democracy, the United States, is looking increasingly like the world's biggest and oldest surviving autocracy, China.

Beijing has proposed that in order to increase the flow of United States exports to China, Washington allow the sale of goods to China that are not subject to restrictions if exported to Western countries.

Since the conclusion of those talks, China has stated an intention to cut tariffs on USA auto and auto part exports to China nearly in half.

"Core industries such as automobiles and automotive parts are critical to our strength as a nation", Trump's statement said.

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Chinese online newspaper Global Times echoes Liu: "China believes that to reduce the U.S. trade deficit, the USA should further open its domestic market to Chinese buyers", the media outlet presumed.

The letter went to Commerce Secretary Wilbur Ross, Treasury Secretary Steven Mnuchin, and trade Ambassador Robert Lighthizer. Mexico is the top exporter of passenger vehicles and light trucks to the U.S followed by Japan, Canada, Germany and South Korea, according to the Department of Commerce. "On China, Barriers and Tariffs to come down for first time".

Those worries included fears that the uncertainty raised by US involvement in a trade war could cause companies to postpone their plans to boost capital spending to expand and modernize their facilities.

Roughly one-third of all USA vehicle imports previous year were from Asia.

Trump campaigned in 2016 on a pledge to get tough on China and other United States trading partners.

More recently, Trump moved the U.S. embassy in Israel from Tel Aviv to Jerusalem, despite a broad global consensus to determine the contested city's status within the context of broader negotiations on a settlement of the Israeli-Palestinian conflict.

In a separate statement released by the White House, Trump said he had "instructed" Ross to "consider" kicking off the probe. Last month, China imposed hefty dumping duties of 179 percent on imports of the grain, which tends to be a cheaper feed alternative to corn. Import tariffs on auto parts will be reduced to 6 percent from the current levels of 8-25 percent.

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The easiest way for Beijing to do this would be to ask its state-owned enterprises (SOEs) to achieve the target of buying more from the USA, which in turn could severely affect the European aircraft industry, among other sectors, she said.



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