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China to reduce tariffs, expand imports: Xi

10 April, 2018, 19:44 | Author: Melinda Barton
  • This chart shows the countries most at risk from Trump's trade war with China

After repeated pledges by Beijing to open up sectors such as financial services have yielded little substantial progress, Mr Trump has said the United States will no longer let China take advantage of it on trade.

"This year we are planning to significantly reduce the import tariffs for vehicles, as well as for other goods", Xi said delivering a speech during the Boao Forum for Asia (BFA).

US stock indexes also fell on trade war jitters, which weighed on oil prices.

The rising trade tension between the world's two largest economies follows a United States finding that China was engaging in unfair trade practices in connection with intellectual property protection.

"The domestic demand is the main driving force of China's economic development and is necessary for addressing the nation's growing need in a better life", Xi said delivering a speech at the BFA.

"What we need China to do at this junction is not to open up whole new sectors but just to allow USA companies to own their companies", he said.

China stepped up its attacks on the Trump administration on Monday over billions of dollars worth of threatened tariffs, saying Washington is to blame for trade frictions and repeating it was impossible to negotiate under "current circumstances".

The growing battle of tit-for-tat exchanges of tariffs between the USA and China has raised fears of a possible trade war that could have a damaging economic impact globally. Meanwhile, as Shepp notes, China could "go for the "nuclear option' of dumping its sizable hoard of U.S. Treasury bills and messing with the U.S. bond market, thereby causing a spike in interest rates".

Missouri's rural economy could see real harm from the brewing trade war with China. This announcement came a day after Beijing announced plans to impose $50 billion of tariffs on American products.

Trump says: "It's not nice when they hit the farmers specifically because they think that hits me". While most countries feel somewhat threatened by Chinese trade and business practices, it has been the unfortunate accomplishment of USA trade policy in recent months to cause most of the world to rally to China's side because of our disregard for the WTO and the global system.

China would "fight back immediately and without hesitation", state media said. When ties between Beijing and Seoul chilled, Chinese tourism to South Korea plummeted and Chinese consumers shunned Made-in-South-Korea products. "President Xi was trying to strike a balance today", said Myron Brilliant, executive vice president of the U.S. Chamber of Commerce.

The yuan was quoted at 6.297 per USA dollar, 0.25 percent firmer than the previous close of 6.3126. "Now it's $500 billion in deficits and a theft of $300 billion in intellectual property".

However it added a full-blown trade war "would have a more pronounced effect".

With no news due out on Monday, traders are keeping a close eye on the trade war and anxiously awaiting Washington's response to China's latest comments.

"We'll open up the economy according to our own pace", he said.

Jonas Short, head of Beijing office at Everbright Sun Hung Kai said the market reacted positively to Xi's speech because it saw it as an easing of trade tensions, but voiced caution about the likely extent of such reforms.

Also Tuesday, China filed a WTO challenge against Trump's earlier tariff hike on steel and aluminum in a separate dispute. In a double whammy to U.S. industry, our own government is threatening to impose 25 percent tariffs on a range of industrial goods and machinery imported from China. He promised progress on areas that are USA priorities including opening China's banking industry and boosting imports but didn't address key irritants for Washington such as a requirement for foreign companies to work through joint ventures that require them to give technology to potential local competitors.



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