China outlines potential concessions to USA to cool trade tensions

16 November, 2018, 02:38 | Author: Sheila Harris
  • The meeting in Washington comes weeks before US President Donald Trump is expected to meet his Chinese counterpart Xi Jinping on the sidelines of the G20 summit | File

The two countries resumed talks after the call between the two leaders, ending a three month hiatus that saw relations deteriorate as the United States accused China of interfering in USA domestic politics and seeking to undermine Trump. At a briefing in Beijing Thursday, a spokesman for China's Ministry of Commerce didn't respond to journalists' questions on whether China had sent a list of concessions.

The fresh momentum comes after months of widening stalemate between the world's two largest economies over trade, a key issue for Trump. Kudlow added that he won't make a prediction on the outcome of discussions. The conversation didn't yield any concrete results, the people said.

The United States was demanding that the Chinese come up with a clear offer before negotiations on a trade deal could start, while Beijing had been reluctant, seeking talks ahead of making any firm proposals. Even Commerce Secretary Wilbur Ross raised doubts earlier this week over whether the governments could reach a deal anytime soon. "If it was just tariffs, I think we could work it out very, very, very quickly". "We can't tolerate abuses of that sort", he said.

US-China business Council President Craig Allen told Reuters last week that he thought it was likely China would withdraw from any process set at the G20 if the Trump administration went forward with raising the tariff rate. The Trump administration has been divided between free traders - including those with Wall Street backgrounds like Mnuchin and White House economic adviser Larry Kudlow - and hardliners like US Trade Representative Robert Lighthizer and White House trade adviser Peter Navarro. "Then so be it", Pence said when asked what would happen if Beijing did not agree to act so that it could avoid a cold war with Washington.

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The US-China trade war, after upsetting the demand and supply forces and wasting billions on taxes, is finally headed towards a dialogue. Speaking to reporters on the White House lawn Tuesday, Kudlow said that Navarro "misspoke" and "wasn't authorized" to speak on the matter.

Last week, US Secretary of State Mike Pompeo emphasized that despite the fact that the US is still "concerned" over China's military policies and religious freedom in the country, Washington does not seek a new "cold war" with Beijing.

The US president has repeatedly railed against Beijing over intellectual property theft, industrial subsidies, Chinese entry barriers to American businesses and the US trade deficit with China. The biggest of, which is levied on Chinese imports worth $200 billion, due to increase to 25 percent in January, in case no agreement is signed before that time.

In our copyright material "Impact on the world economy: a trade war United States and China", noted that the deterioration in trade relations between the superpowers US and China is on the rise. Many American manufacturers, farmers and lawmakers from both sides of the aisle say they appreciate the administration's efforts to change China's economic policies. "It will be a good thing for both if the tariffs can be reduced or scrapped".

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