China's Xi Promises To Open Up Economy And Lower Auto Tariffs

Posted April 10, 2018

"President Xi and I will always be friends, no matter what happens with our dispute on trade", Trump wrote.

US stocks plunged more than 2 percent Friday after Trump threatened to impose tariffs on an additional $100 billion worth of Chinese goods beyond the $50 billion worth of products he had already said would be affected.

Private sector analysts saw Mr Xi's speech as an overture to help end the biggest global trade dispute since the Second World War.

Oil markets stabilised on Monday after having lost around 2 per cent last Friday as concerns grew over the impact on global growth from an intensifying trade dispute between the United States and China, as well as increased U.S. drilling activity.

"We hope developed countries will stop imposing restrictions on normal and reasonable trade of hi-tech products and relax export controls on such trade with China", he said.

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In addition to threatening penalties on American goods, China has also asked the business community in the United States and elsewhere to protest the planned Trump tariffs. The official said that the USA was expecting China to put concrete proposals forward.

It said that "linking China's strategic choice to the current China-US trade frictions" was a "baseless interpretation".

Trump and Chinese President Xi Jinping enjoyed an amiable summit almost a year ago at Trump's Mar-a-Lago resort in Florida.

Vishnu Varathan, head of economics and plan to Mizuho lender at Singapore, told Reuters, "By and large it seems the language is much more conciliatory as it really is pugilistic depending on how the way into the U.S.is".

Treasury Secretary Steven Mnuchin said on CBS' Face the Nation that he didn't expect the tariffs to have a "meaningful impact on the economy" even as he left the door open for disruption.

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Trump is facing mid-term elections in November, while Xi has just begun his second term as president with an option to rule for life and probably wants to expand his clout overseas.

It's hoped Xi will say something "specific enough and tangible enough to give us confidence that the market access reforms that have been on the table for some time are being pushed", said Myron Brilliant, executive vice president and head of worldwide affairs at the U.S. Chamber of Commerce, a business-oriented lobbying group. "Growing trade disputes have placed farmers and ranchers in a precarious position", Zippy Duvall, a Georgia farmer and president of the American Farm Bureau Federation, said in a statement Friday.

The administration's threats toward China have made markets apprehensive.

Geng Shuang, a spokesperson for the Foreign Ministry of China, strongly said, "The United States with one hand wields the threat of sanctions, and at the same time says they are willing to talk. They understand that they're doing this for the country and we'll make it up to them". "I'm not sure who the United States is putting on this act for", Geng said. "We're moving forward in a measured way", he said on NBC's Meet the Press.

After remarks from his Chinese counterpart, Singaporean Foreign Minister Vivian Balakrishnan vowed to "double down" on free trade and economic liberalization in tandem with China.

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Two rounds of high-level talks between Chinese and United States officials aimed at defusing bilateral trade tensions earlier this year failed to produce any result.