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giftedviz.com September 23, 2018


Trump says U.S. under 'no pressure' for China trade deal

14 September 2018, 03:27 | Austin Hogan

US reached out to China for new trade talks, sources say

U.S. President Donald Trump holds an Oval Office meeting on preparations for hurricane Florence at the White House in Washington

The United States and China have imposed tariffs on $50-billion of each other's goods since July as trade frictions between the world's two biggest economies worsened, despite several rounds of negotiations. "That's fine, but he's doing nothing to expand exports", he said.

The Trump administration's $200 billion tariff list would hit a broad array of internet technology products and consumer goods from handbags to vacuum cleaners and bicycles to furniture.

Beijing has pledged to hit back with five to 25 per cent tariffs on $60 billion in United States imports in retaliation for any measures from the US.

Gutierrez, who served under former President George W. Bush, said he worries that the US will push China "over the cliff" and eventually drag down the global economy.

Businesses remained optimistic about near-term prospects, but worries about trade prompted some to scale back or postpone capital investment plans, according to the Fed's survey, known as the Beige Book, released Wednesday.

Almost half of respondents - who work in retail, food and manufacturing - say production costs have climbed, and 42 percent said they've noticed a decreased demand for their products. "If nearly a half of American companies anticipate a strong negative impact from the next round of US tariffs, then the USA administration will be hurting the companies it should be helping".

The U.S. has enjoyed near-record low joblessness and faster economic growth in 2018, while Beijing's economy faces growing long-term concerns, including a sharp decline in the value of its currency.

It resulted, however, in Americans for decades missing out on innovations from European truck makers and paying higher prices for US pickups and sport utility vehicles, said Mark J. Perry, an economist at the American Enterprise Institute.

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A US Treasury spokesman did not respond to requests for comment. The White House has accused China of forcing US companies to partner with local firms and then stealing their intellectual property, among other grievances.

The Trump administration this month introduced $12 billion in programs to bail out farmers caught in the trade war and help them find new markets. In the months after the duty, imports plummeted and prices soared.

A broad coalition of USA businesses, from farmers to retailers, have, however, been fighting back against Trump's tariffs, warning that they are hurting the us economy.

Such a meeting could take place in Washington or Beijing, though the timing is unclear, according to informed sources.

The Trump administration has invited Chinese officials to restart trade talks, the White House's top economic adviser said on Wednesday, as Washington prepares to further escalate the U.S.

The invitation was first reported by the Wall Street Journal. Mr. Trump said the newspaper got it wrong about which side is under pressure to deal. Our markets are surging, theirs are collapsing.

So far, the United States and China have hit $50 billion worth of each others' goods with tariffs in a dispute over USA demands that China make sweeping economic policy changes, including ending joint venture and technology transfer policies, rolling back industrial subsidy programs and better protecting American intellectual property.



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