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TRADE WARS
Trump says China 'theft' of US jobs and wealth must end
by Staff Writers
Washington (AFP) Feb 6, 2019

US, China committed to reaching trade deal by deadline: Mnuchin
Washington (AFP) Feb 6, 2019 - Both sides in the US-China trade negotiations are making a "big commitment" to reach an agreement by the March 1 deadline, US Treasury Secretary Steven Mnuchin said Wednesday.

President Donald Trump and Chinese leader Xi Jinping agreed to a 90-day truce in the ongoing trade war, but US tariffs on $200 billion in Chinese imports are due to more than double to 25 percent if no deal is reached.

Mnuchin told CNBC US and Chinese officials are working "around the clock" but there remains "a lot of work left to do," and he stressed that any agreement must be enforceable.

"If we can't get to the deadline, it's not because we haven't worked around the clock," Mnuchin said. "I think there's a big commitment on both sides to try to meet this deadline."

He is due to travel to Beijing next week for the third round of talks aimed at resolving the dispute, which has imposed steep punitive tariffs on $360 billion in two-way trade, weighing on the manufacturing sectors in both countries.

However, Mnuchin said the US economy is "still very strong," with no signs of slowing.

"The US economy continues to perform extremely well" amid signs of "a slowdown in Europe and other parts of the world," he said.

China's economy has slowed sharply and the impact has been felt in the US as well, and most forecasters expect US growth to slow this year.

Mnuchin also said he is "highly confident" the Congress will approve the US-Mexico-Canada trade deal that updated the 1994 North American Free Trade Agreement.

The leaders of the three nations agreed to the revised pact November 30, but their legislatures must approve the deal for it to enter into force.

"It's an enormous step forward on a whole range of issues so I really don't see why this wouldn't be approved," Mnuchin said. "As long as the Democrats bring this to the floor, I think we're highly confident this will be passed."

President Donald Trump on Tuesday told Congress that Washington's aggressive trade negotiations with Beijing would mean an end to China's alleged "theft" of US jobs and wealth.

In his annual State of the Union address, Trump also called on China to make the kind of far-reaching "structural" changes to industrial policy that analysts say Beijing is likely to resist.

The world's two largest economies have 24 days left in a three-month truce in their trade war before US duty rates are due to rise sharply -- an escalation that economists say could be a powerful negative shock to the global economy.

"We are now making it clear to China that after years of targeting our industries, and stealing our intellectual property, the theft of American jobs and wealth has come to an end," Trump said in his annual State of the Union address.

Any agreement with Beijing "must include real, structural change to end unfair trade practices," Trump said.

Last week, top US and Chinese officials proclaimed progress and comity after two days of talks in Washington, but they disclosed few details.

Washington and Beijing have slapped punishing tariffs on more than $360 billion in two-way trade, which has weighed on the two countries' manufacturing sectors and sent jitters through global markets.

The US trade deficit has swelled more than 18 percent since Trump took office, rising far faster than economic growth, and has hit record heights with China in particular.

The president also renewed his often-repeated falsehood that China was paying the US import duties on its exports.

"Our Treasury is receiving billions of dollars a month from a country that never gave us a dime," Trump said.

In fact, such duties are paid by US importers, with costs in many cases passed on to consumers.

Trump also lauded signs of US economic strength, including robust job creation and falling unemployment.

"We are considered far and away the hottest economy anywhere in the world," Trump said.

"Unemployment has reached the lowest rate in over half a century."

The non-partisan Congressional Budget Office predicts the US economy will slow this year and the year after that as the effects of 2017's sweeping tax overhaul fade.


Related Links
Global Trade News


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TRADE WARS
UN says EU could win big in US-China trade war
Geneva (AFP) Feb 4, 2019
Neither protagonist in the US-China trade war stands to benefit from their stand-off, the UN said Monday, suggesting others could cash in instead, with the EU possibly winning big. In a report, the UN Conference on Trade and Development (UNCTAD) examined the repercussions of the tariff tit-for-tat already under way between the two trade giants, as well as the expected impact of a significant tariff hike scheduled to take effect on March 1. The report, titled "The Trade Wars: The Pain and the Gai ... read more

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