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giftedviz.com December 14, 2018


Beijing Makes ‘Specific Commitments’ on US-China Trade Deal

06 December 2018, 09:02 | Austin Hogan

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Beijing tried to boost optimism over the world's two largest economies yesterday, after days of interventions from Mr Trump and his advisers.

In a series of tweets on December 4, he recalled their "wonderful and very warm dinner" where the two discussed trade, and affirmed that both leaders "want this deal to happen". Mr Trump said Chinese officials had been sending "strong signals" since they "returned from their long trip [to the G20 in Buenos Aires]".

Trump agreed he will leave the tariffs on $200 billion worth of Chinese products at 10 percent, and not raise it to 25 percent as he has threatened to do January 1, according to a White House statement.

China could be preparing to spring a global compact to drive tariffs to zero, and approach Trans-Pacific Partnership (TPP) members including Australia for access to the grouping, positioning Beijing as a champion for free trade.

China's President Xi Jinping and US President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on 9 November 2017.

White House National Security Adviser John Bolton told the Wall Street Journal event on Tuesday that Chinese theft of U.S. intellectual property was among the administration's top concerns.

A Chinese official told Reuters officials were "waiting for the leaders to return" before publicizing details.

Hannah Anderson, Global Market Strategist at JPMorgan Asset Management, said there was a lot of uncertainty over the U.S.

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'When it comes to the trade policies that have been proposed so far specifically, I think we can all expect that there will be further tariff increases on USA imports of Chinese goods, whether that's within the 90-day window that we are now operating under a pause or outside that window, ' Anderson told a small group of reporters in Beijing on Thursday.

On Wednesday, the Global Times tabloid, which is run by the Chinese Communist Party's main newspaper, said the Trump administration's statements about the deal - including the agreement that China would buy $1.2 trillion in additional US goods - were created to highlight or even exaggerate facets of the deal that benefited the United States. "Narrow agreements and modest concessions in their ongoing trade dispute will not bridge the wide gulf in their respective economic, political and strategic interests".

"We should also not rule out the possibility in 2019 of China pitching any tariff reforms that it is prepared to implement to resolve the U.S. China trade war to the wider global community as well", Rudd said.

At the Group of 20 summit on Friday, Abe again turned on the charm, congratulating Trump on his "historic victory" in the USA midterm elections. Mnuchin said Monday morning on CNBC that China had offered to buy up to US$1.2 trillion of additional USA goods, even while the "details of that still need to be negotiated".

The United States also expects China to promptly address structural issues, including intellectual property theft and forced technology transfers.

"China is full of confidence in reaching an agreement within the next 90 days", the spokesman said.

Furthermore, Kudlow seemed to downplay Trump's assertion following the meeting that China agreed to reduce or eliminate its tariffs on American automobiles, telling reporters that there was no "specific" agreement reached.

Meanwhile, according to Stephen Nagy, senior associate professor at the International Christian University in Tokyo, "after the 90 day truce, trade tensions will continue and likely even deepen". "Chinese society should maintain a calm attitude", it said.



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