Xi Set for Landmark Economic Speech as Trump Trade Fight Simmers

Xi Set for Landmark Economic Speech as Trump Trade Fight Simmers

Xi Set for Landmark Economic Speech as Trump Trade Fight Simmers

"Chinese President Xi Jinping unveiled a new set of economic reforms, including Trump-friendly plans to reduce tariffs in a speech at the Boao Froum".

More broadly, Xi repeated official promises to expand imports and to narrow China's trade surplus, which reached $423 billion previous year - about two-thirds of that with the United States.

Fan Gang, an influential economist and adviser to China's central bank, on Sunday flagged the possibility of a US trade war as the USA economy faces pressure from China's rapid development.

Xi tried to position China as a defender of free trade and cooperation, despite its status as the most-closed major economy, in response to Trump's "America first" calls for import restrictions and trade deals that are more favorable to the United States. Then, in an effort to punish China over its alleged theft of intellectual property, Trump on Tuesday proposed a 25 percent tariff on $50 billion of imported Chinese goods. "Xi's apparent desire to balance out his country's global payments is clearly great news for countries and companies selling goods to China".

The U.S. leader said, without offering any direct information, that "China will take down its Trade Barriers because it is the right thing to do".

Earlier this month, Beijing imposed tariffs on 128 American products worth around $3 billion in response to the USA imposing duties on steel and aluminium imports from China as part of Trump's "America First" policy. The U.S. bought more than $500 billion in goods from China previous year and now is planning or considering penalties on some $150 billion of those imports.

The 25 percent tariffs imposed by Beijing in response to Trump have hit USA agriculture hard, especially as they include items like pork and soybeans.

"It's a long process", Kudlow told Fox News Sunday.

China's ambassador to the United States Cui Tiankai said in an interview in China's Securities Daily newspaper that the United States should "adopt a more responsible attitude" on trade or it would harm itself with its own policies.

He mentioned dropping out of the Trans-Pacific Partnership and renegotiating NAFTA before saying, "It's pretty frustrating, as a farmer, because so much of the ag products that we raise in the United States go into the export market".

He predicted that China will likely end up buying soybeans from the United States anyways-via other countries that will import US soybeans to meet China's high demand.

Chinese netizens are hotly debating the U.S. "The tariffs will affect my bottom line and the companies I do business with like Sukup Manufacturing and John Deere, due to higher manufacturing costs", Shipley says. "I wouldn't say that's nice, but I tell you our farmers are great patriots", Trump said. Rather than waiting weeks for the USA tariffs to be implemented, Trump backed a plan by Robert Lighthizer, his trade representative, to seek the enhanced tariffs. China has pledged to "counterattack with great strength" if Trump decides to follow through on that threat.

The Chinese leader was "backing down", Sean Yokota, head of Asia strategy at SEB, said.

"We will not bully our neighbors", the president said.

"China is opening sectors where they already have a distinct advantage, or a stranglehold over the sector", Short said, citing China's banking industry, which is dominated by domestic players. -China tariffs will explode into a full-scale trade war in a blow to global growth. They must end unfair trade, take down barriers and charge only Reciprocal Tariffs.

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