Ross on CNBC: U.S., China could settle immediate trade issues

08 January, 2019, 01:33 | Author: Brooke Harris
  • President Donald Trump speaks in the Rose Garden of the White

With plenty of evidence that the coincidence of the trade conflict with the U.S. and its own attempt to reduce the leverage in its economy has combined to hurt its manufacturing sector and slow its economic growth rate, the authorities' resort to large-scale fiscal and monetary stimulus is a clear signal of concern. President Donald Trump said the state of the country's economy is giving China an incentive to negotiate.

"From the beginning we have believed that China U.S. trade friction is not a positive situation for either country or the world economy", Lu said. I think that things are going to happen.

Liu's participation in the meeting, held at the ministry's premises, signals that China is attaching high importance to the talks, even if the main participants this time are mid-level officials.

On Friday, Beijing cut bank reserve requirements amid slowing growth at home and pressure from the US tariffs.

Meanwhile, the South China Morning Post reported that Chinese Vice Chairman Wang Qishan may meet with Trump at the sidelines of the upcoming World Economic Forum in Davos, Switzerland, citing an anonymous source.

Trump and Xi agreed to a 90-day postponement of additional tariff increases to take effect January 1.

The move comes amid the first round of trade talks between the USA and China since both countries agreed to a 90-day ceasefire in the on-going trade war that saw both sides slapping tariffs on each other's imports.

He also said he had no further information on this week's trade talks. Key issues to be discussed include us demands over trade imbalances, market access, and protection of intellectual property.

China has appeared to take steps since the Xi-Trump dinner meeting in Argentina to address trade tensions, including resuming imports of USA soybeans and rolling back further tariffs on U.S. auto imports. "We are doing very well". The Chinese government expects growth to have eased to around 6.5 percent in 2018, down from 6.9 percent in 2017, meaning Beijing may be ready to make a deal.

Lakers' Kyle Kuzma suffers lower back contusion
That group includes Minnesota (18-21), which needs to beat teams like the Lakers as often as possible just to stay in the race. Of course, LaVar has no problem telling anyone who will listen that he could go toe-to-toe with Michael Jordan.

Washington has imposed punitive tariffs of up to 25 percent on $250 billion of Chinese goods. President Xi Jinping responded by imposing penalties on $110 billion of American goods, slowing customs clearance for US companies and suspending issuing licenses in finance and other businesses.

Adding to the worries, China's stock market became the world's worst performer a year ago, ending with a loss of 28 percent.

Ministry spokesman Lu said Monday during a routine briefing that Chinese military aircraft and naval vessels were dispatched to identify the US vessel and warn it to leave the area near disputed islands in the South China Sea.

The sell-off dropped Apple to fourth place in terms of United States companies by market capitalization.

Freedom Partners Executive Vice President Nathan Nascimento said the solution "does not have to be hard".

The US-China trade imbalance will be a major theme during this week's bilateral trade talks. "If China really wants to open markets, it should end problematic practices such as forced technology transfers and [intellectual property] theft".

But he said agreement on structural trade issues would be harder to reach.

For their part, Chinese officials are unhappy with USA curbs on exports of "dual use" technology with possible military applications. They complain China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged. In exchange, Trump agreed to put on hold a planned increase in tariffs on $200 billion (€175 billion) in imports from China. But that was due partly to exporters rushing to beat new duties - a trend that is fading. "China is willing to resolve the dispute based on mutual respect and equal footing", he said. "We have lodged stern representations with the USA side".

The manufacturing sectors in both countries have been hit by the trade dispute, with China's contracting last month for the first time in over two years, according to official data.


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