. Earth Science News .
TRADE WARS
China's top trade negotiator to visit US despite tariffs
By Ryan McMorrow, with Heather Scott in Washington
Beijing (AFP) May 7, 2019

China said Tuesday its top trade negotiator will visit the United States for talks with American counterparts this week even as Washington stepped up pressure with plans to hike tariffs and complaints that Beijing was backtracking on its commitments.

The commerce ministry confirmed in a brief statement that Vice Premier Liu He, President Xi Jinping's trade pointman, would visit the US on Thursday and Friday.

The trip is taking place a day later than expected after President Donald Trump jolted global markets by announcing that tariffs on $200 billion in Chinese merchandise will more than double to 25 percent on Friday.

"China always believes that mutual respect, equality and mutual benefit are the premise and the basis for reaching an agreement. Adding tariffs will not solve any problem," Chinese foreign ministry spokesman Geng Shuang said at a regular press briefing.

Confirmation of Liu's travel plans lifted Asian stock markets as his presence could raise hopes that a deal is still possible.

The tariffs announcement tanked stock markets worldwide on Monday and worried US farmers and businesses who have been banking on a resolution to the year-long conflict that has engulfed $360 billion in two-way trade.

US officials had said the world's two largest economies were close to an agreement but Beijing reversed course in recent days.

"Over the course of the last week or so, we've seen an erosion in commitments by China, I would say retreating from commitments that have already been made in our judgement," US Trade Representative Robert Lighthizer was quoted as saying in media reports on Monday.

He said the tariffs would increase at 12:01 am (0401 GMT) on Friday.

Treasury Secretary Steven Mnuchin described the negotiations as 90 percent complete but told reporters that in recent days the talks went "substantially backward", according to the media reports.

Complaining that talks were moving too slowly because China was trying to "renegotiate" the terms, Trump vowed Sunday to ratchet up existing tariffs this week and extend the 25 percent punitive duties to the remaining $350 billion in Chinese goods imported into the country each year.

Speaking in Paris, International Monetary Fund chief Christine Lagarde said "tensions between the United States and China are the threat for the world economy", and recent "rumours and tweets" made an agreement between the countries less likely.

- 'Precarious' position -

Comments from officials in recent weeks indicated the sides were making progress towards an agreement aimed at addressing longstanding concerns about the forced transfer or outright theft of American technology, as well as reducing the US trade deficit with China.

"It is normal for the two sides to have divergences. China does not evade problems and is sincere in continuing consultations," Geng said.

But William Reinsch, trade policy expert at the Center for Strategic and International Studies, said China will never meet all the US demands.

"At some point, the president is going to figure out that they're not going to give him everything he wants," he told AFP.

That will put Trump in "a precarious political position", whether "to accept an agreement that will be criticised as weak, or not to have an agreement and be criticised for failing".

"And I can imagine that he is unhappy about that."

Freya Beamish of Pantheon Macroeconomics warned that Trump's aggressive tactics could backfire.

"It is much harder for China's leaders to do that if it looks like they have signed with a gun to their heads."

- Restrained growth -

US manufacturers and farmers were becoming more optimistic amid signs of progress and comments from officials that the talks were entering their final phase, reinforced by reports Beijing was sending 100 officials to this week's negotiations.

Trump credits the tariffs with the strong first quarter growth but economists and businesses have complained that the trade conflict is in fact hurting the bottom line and the uncertainty is causing them to delay investment.

Jake Colvin of the National Foreign Trade Council, a pro-trade US business group, said the tariffs "come at the expense of American businesses and farmers and consumers as well".

And escalating the tariffs to the remaining Chinese goods, which would be expected to spark further retaliation from Beijing, would cut 0.3 percentage points off US growth, according to Oxford Economics.


Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


TRADE WARS
US-China trade dilemma: how to hold Beijing's feet to the fire
Washington (AFP) May 5, 2019
US and Chinese officials say a historic deal ending their ongoing trade war could be imminent, but a key question is how can Washington be sure Beijing will live up to its end of the bargain? With up to 100 Chinese officials reportedly expected next week in Washington, with the possibility of unveiling a grand agreement after months of tensions, that question is hanging over the talks. Beijing may make eye-popping offers to buy American energy and agriculture exports as a means of cutting the so ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
Preventing collapse after catastrophe

Ukraine says radiation levels safe after nuclear plant fire

Bad weather hampers aid delivery to Mozambique cyclone survivors

Marines participate in medical readiness training in Puerto Rico

TRADE WARS
Promising material could lead to faster, cheaper computer memory

US and Japanese scientists conduct joint composites study

Storage beyond the cloud

New polymer films conduct heat instead of trapping it

TRADE WARS
Half the Earth's oceans may have come from asteroids

Aussie scientists find antidote for deadly box jellyfish sting

Sierra Leone tackles overfishing but gets small fry

Hydroid to support production of unmanned underwater vehicles

TRADE WARS
Climate change threatens half World Heritage sites' glaciers

Alaska's indigenous people feel the heat of climate change

Ocean's 'seasonal memory' affects Arctic climate change

'Catastrophic' breeding failure at one of world's largest emperor penguin colonies

TRADE WARS
Canada ups loans to farmers after China blocks canola

Biologists warn of peril from biological invasions as White House cuts funding

Do additives help the soil?

When apple trees blossom, worker bees rock

TRADE WARS
Mozambique holiday isle left in ruins by cyclone

Mass evacuations as monster cyclone targets India

38 killed as floods worsen in Mozambique after second cyclone

10,000 evacuated in Canada floods as rescuers search for pets

TRADE WARS
Boko Haram seizes military base in NE Nigeria: sources

Idjwi, a haven of peace in DR Congo's conflict-ridden east

Benin troops use force to clear protestors, casualties reported

China's vast investment in Africa hits a snag in Congo

TRADE WARS
Middle Pleistocene human skull reveals variation and continuity in early Asian humans

Ancient human relative explains mountain gene mutation

Human ancestors were 'grounded,' new analysis shows

Isolation helps Brazil indigenous group defend way of life









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.