Donald Trump on Trade 'Squabble' with China: 'We Always Win'
Donald Trump on Trade 'Squabble' with China: 'We Always Win'
U.S. President Donald Trump says a deal with China will
16 May, 2019, 10:40
China and the United States have agreed to keep talking about their trade dispute, the Chinese government said on Tuesday, as US President Donald Trump said he thought recent discussions in Beijing would be successful.
"The US arbitrarily raised its asking price", said a spokesperson for the foreign ministry. The survey-based unemployment stood at 5 per cent, versus 5.2 per cent the previous month.
China's finance ministry released a statement: "China's adjustment on additional tariffs is a response to US unilateralism and protectionism".
The announcement comes as trade tensions between the economic superpowers are rising after the U.S. hiked tariffs on $200 billion of Chinese goods last week, to which Beijing retaliated. This list covers essentially all imports from China that are not now covered on a previous Section 301 list. The USTR noted it excludes pharmaceuticals and rare earths minerals used in electronics and batteries. He may be right - new numbers on consumer spending and industrial production show the Chinese economy continuing to slow, in part because of the ongoing trade war between the world's two largest economies. President Xi Jinping does not want to appear to have backed down.
The United States is "sucking the blood of the Chinese", said a comment left on the "Strong Country" blog of the ruling Communist Party's newspaper People's Daily.
"The United States has legitimate grounds to be upset with the Chinese", said Mark Zandi, chief economist at Moody's Analytics. "Because our hearts are too soft!"
But Mr Geng told a news briefing in Beijing that China would "never surrender to external pressure".
Soybeans, the most valuable US crop, bounced off a decade low on Tuesday as the market's focus shifted to planting delays due to poor weather, which could reduce crop size. "Many companies are leaving China so that they will be more competitive for U.S. buyers... we are the "piggy bank" that everyone wants to raid and take advantage of".
Asian stock markets fell Tuesday for a second day amid investor anxiety about the impact of trade tensions on global economic growth.
In the cash market in Asia at 07:01 GMT, Japan's Nikkei 225 Index is trading 21067.23, down 124.05 or -0.59 percent. Details of what the duties were before the increases were unclear.
"Tariffs are not in and of themselves a good thing".
Max Baucus, a former U.S. ambassador to China told CNN: "China feels it does not have to give in".
According to Trump's negotiators, Beijing began walking back commitments it had already made. After months of trade negotiations with the Chinese government, the agreement, he told reporters at the White House, "was 95 percent" done. Trump has said that he expects to meet Xi in late June at the G-20 summit in Osaka, Japan.
The time before then will be "highly volatile" for financial markets, said Macquarie Bank analysts in a report.
"Both sides have the incentive to act half-crazy and unpredictable before that in order to cut a better deal", they said.
"Tariffs are taxes. Now the president doesn't often like to admit it, they're taxes on Americans", he said.
Chinese tariffs announced Monday don't take effect until June 1, over two weeks from now. Meanwhile, the USA imported $18 billion in services from China in 2018, while exporting nearly $59 billion, though services are not directly affected by tariffs.
An employee works in a Chinese wheel factory.
U.S. Trade Representative Robert Lighthizer met with Canadian Foreign Minister Chrystia Freeland in Washington on Wednesday to discuss those tariffs, which have aggravated Ottawa and Mexico City, and other issues related to the U.S. -Mexico Canada Agreement (USMCA), the replacement for NAFTA. American businesses and consumers are paying.
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