Monday, 12 November, 2018

United States plans more China tariffs if Trump-Xi meeting fails

Donald Trump Xi Jinping Report Trump Planning to Hit Remaining $267 Billion of Chinese Imports with Tariffs if Xi Talks Fail The Associated Press 29 Oct 2018
Lloyd Bates | 01 November, 2018, 23:41

"I think it's a reflection of the lack of conviction that we have in the market right now", Fehr said in an interview.

President Trump is scheduled to meet with Chinese President Xi Jinping at the G20 meeting in Argentina, but those talks are not likely to propel any major shift toward reaching an agreement on the future of trade between the two nations.

So far the US has so far placed $250 billion in taxes on imported Chinese goods, about half of all imports from China, and the taxes on most of those goods are set to rise on January 1. Besides, Washington accuses Beijing of using unfair trade practices, and forcing US firms to export technology to China, stealing intellectual property.

US officials are preparing for such a scenario in case a planned Trump-Xi meeting yields no progress on the sidelines of a Group of 20 summit in Buenos Aires in November, according to two of the people, who declined to be identified to discuss internal deliberations. The MSCI All-Country World Index has dropped more than 8 percent in October, poised to post the worst monthly performance since May 2012.

Amazon.com dropped another 6.3 percent to $1,538.88. "People have to sit down together", he said. Since then, the two sides seem to have drifted farther apart.

China is seeking assurances from the United States that if it does offer a list of concessions, then the USA will respond with offers to reduce tariffs.

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On September 24, Trump's fresh tariffs on $200 billion worth of Chinese goods and services entered force, with Washington warning that it could slap similar tariffs on another $267 billion of Chinese goods and services in the future.

In other words, the US is insisting that China must not pursue the path of economic development that has been taken by other capitalist economies, including the US, Japan and South Korea, in the past. So China probably has good reason to feel wary.

A spokeswoman for the US Trade Representative's office referred Reuters to Sanders' statement, while US Commerce Department officials did not immediately respond to requests for comment.

But far more is involved.

Recall that the growth rate of China's economy in the third quarter of this year fell to the lowest since 2009, increased 6.5%. This means it must press ahead with technological and industrial development, a course that has now brought about a direct collision with the US.

Cui, who has served as China's representative to the U.S. since 2013, told NPR (National Public Radio) in the United States earlier this month that resolution of the trade war was being thwarted by the ever-changing position of USA negotiators.

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