USA having tremendous success with China on trade

12 January, 2019, 13:16 | Author: Eric Barnett
  • China optimistic as trade negotiations with US kick off

After U.S. -China trade talks ended in Beijing on January 9, the Chinese regime expressed optimism for a breakthrough-and indirectly, willingness to make concessions.

USA stocks opened higher on hopes of progress toward a deal to avert an all-out trade war between the world's two largest economies, but pared gains slightly after the USTR statement was released.

If the two sides are unable to reach a deal by March, President Trump has threatened to raise tariffs on $200 billion in Chinese goods to 25 percent and to possibly levy additional tariffs that would extend to all imports from China.

They were the first face-to-face meetings since Chinese President Xi Jinping and US President Donald Trump brokered a 90-day truce on trade last month.

While Chinese goods going to the USA initially held up in the face of higher tariffs due to so-called front-loading, their value slumped in the final quarter of 2018, according to the latest available data.

The two governments have announced no details, but Asian stock markets rose on news the negotiations that originally were planned for two days were extended. He has demanded "structural changes", including the further opening up of the Chinese economy to American corporations, and an end to the "theft" of U.S. intellectual property.

Trump's aggressive trade war measures are just one component of a wider strategy, including a military build-up in Asia, to undermine China and subordinate it to United States interests.

US officials have said the talks are going well, a point Commerce Ministry spokesman Gao Feng echoed on Thursday at a regular briefing.

As per the Chinese Commerce Ministry statement, both countries "conducted extensive, in-depth and meticulous exchanges on trade issues and structural issues of common concern, which enhanced mutual understanding and laid the foundation for resolving mutual concerns". He has publicly said he's eager to make a deal that benefits both sides while also stressing that China's slowing economy and falling stock market signal the country is more desperate than the U.S. for a speedy outcome.

The U.S. team in Beijing was led by Deputy U.S. Trade Representative Jeffrey Gerrish, and included under secretaries from the U.S. Departments of Agriculture, Commerce, Energy and Treasury, as well as senior officials from the White House.

However, the USTR statement emphasized American insistence on "structural changes" in Chinese technology policy, market access, protection of foreign patents and copyrights and cyber theft of trade secrets.

This week's talks went ahead despite tension over the arrest of a Chinese tech executive in Canada on United States charges related to possible violations of trade sanctions against Iran.

Other strategists have said the US economy could even enter a technical recession if Trump does not fix the ongoing impasse on trade with China.

A reduction in Chinese imports of USA goods came quickly after the retaliatory imposition of tariffs, the data show. In recent weeks, China has showed some signs of flexibility or acceding to the American demands.

"If the results of the talks are positive, it would be beneficial for both China and the U.S. and also a good news for the global economy", he added.

China also proposed clear bans on forced technology transfer in new draft foreign investment legislation.

Mike Bell, a global market strategist at J.P. Morgan Asset Management, said it was clear that US growth will fade in 2019, while presenting the bank's "Guide to Markets" at an event in London on Wednesday.

USA exports to China have also been hit by retaliatory tariffs, slumping by 42 percent in October on the goods affected, according to the US-based consultancy, The Trade Partnership.

Russia is reportedly ranked as China's tenth biggest trade partner, while China remains a major importer of Russian produce, accounting for 15 percent of the country's worldwide trade as of 2017. Services exports were Dollars 57.6 billion; services imports were USD 17.4 billion. USA government data shows the Asian nation scooped up more than 2.6 million metric tons of beans in December and at least another 1.3 million were sold this year, according to people familiar with the matter.



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