US President Donald Trump hailed his "America First" economic policies on Thursday, claiming credit in Wisconsin for a massive plant opening with foreign investment.

"Moments ago we broke ground on a plant that will provide jobs for much more than 13,000 Wisconsin workers," he said at a ceremony celebrating the inauguration of Taiwan electronics giant Foxconn's new factory.

"This is just the beginning. This is one of the largest plants in the world."

Trump said his policies to lower taxes and reduce regulatory red tape have made the US economy more attractive to business investment.

"Today we see the results of the pro-American agenda, America first," Trump said of the multi-billion dollar Foxconn investment.

The company will build large television displays at the factory in Mount Pleasant, Wisconsin, a state Trump won in the presidential election in November 2016.

Trump has used the project, which has benefited from huge tax incentives, as a symbol of US industrial renewal.

But that message is undercut by the recent announcement by Harley-Davidson, an iconic American brand headquartered a few miles (kilometers) away, also in Wisconsin.

The motorcycle manufacturer this week announced plans to shift some production overseas to get around European tariffs imposed in retaliation for US duties on steel and aluminum.

Trump has lambasted the company since the announcement.

"Harley-Davidson should stay 100% in America, with the people that got you your success," Trump tweeted on Wednesday. "We won't forget, and neither will your customers or your now very HAPPY competitors!"

China defends its post-WTO business record
Beijing (AFP) June 28, 2018 - China on Thursday insisted it has "carried out every promise" made in joining the World Trade Organization as Washington and Brussels push Beijing to do away with protectionist policies.

Hitting back at critics like US President Donald Trump, China published a white paper titled "China and the World Trade Organization" outlining reforms Beijing has undertaken since joining the agreement in 2001.

"There is not one WTO member that has economically suffered or lost out because China joined the WTO, this situation doesn't exist," said China's vice commerce minister Wang Shouwen, at a press conference introducing the report.

The Trump administration has said the US erred in supporting China's entry and has accused Beijing of not living up to pledges to carry out market-oriented reforms.

"China has steadfastly carried out every promise made upon entering the World Trade Organization," Wang said, noting if some countries don't agree "you can sue us at the WTO".

China has only faced 41 suits at the supreme court of trade, Wang noted.

But critics say China has done a good job of intimidating firms and countries into not suing.

"You could say in the absolute most technical sense, they have fulfilled their obligation, but in reality no," Christopher Balding, an economics professor at Shenzhen's HSBC Business School.

Wang's defence of Beijing's business practices come amid mounting threats of a trade war with the United States.

US and EU officials often complain about Beijing's intervention in markets, the large role of state-owned companies in the economy and protectionist industrial policies.

European Commission Vice President Jyrki Katainen said on a visit to Beijing this week that the issues should be tackled in an updated WTO agreement.

Katainen said the EU and China would establish a working group to handle reforming the trade organisation, but Brussels may find officials in Beijing less than welcoming.

"The level of government intervention in China's economy is already extremely, extremely low," Wang told reporters.

Balding called the claim "laughable" and China's official state council transcript of the event ended up dropping the remarks.

Washington and Brussels have focused their concern on China's lacking protection of intellectual property and the forced transfer of technology which some foreign firms say is required for market access.

"Accusing China of stealing intellectual property rights, and forcing technology transfer, this is fabrication, there is no factual basis to it," Wang said.

Related Links
Global Trade News

Tweet

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

Trump favors tougher foreign investment oversight but stops short of targeting China
Washington (AFP) June 27, 2018
US President Donald Trump on Wednesday said he supported tougher restrictions on foreign investment in sensitive technology, as well as export controls on those goods, but he stopped short of imposing specific restrictions on China. Following a report that raised "very serious issues" on China's trade and investment practices, Trump decided a plan in Congress to enhance the powers of the so-called Committee on Foreign Investment in the United States (CFIUS) was "the best approach to protect critical ... read more