Sunday, 18 August, 2019

China seeks Asian neighbors' support in trade fight with US

President Xi Jinping says International situation is increasingly complicated President Xi Jinping says International situation is increasingly complicated
Patty Aguilar | 24 May, 2019, 10:05

The Trump administration is seeking to choke off Beijing's access to key technologies by limiting the sale of vital US components to the Chinese telecommunications equipment maker over security concerns.

The U.S. has said it's prepared to hit China with new tariffs even as Trump said he'll meet his Chinese counterpart, Xi Jinping, at next month's G-20 summit in Japan, an encounter that could prove pivotal.

The assistance is created to offset the estimated impact to American farmers from Chinese tariffs on American goods levied in retaliation for tariffs against Chinese products.

Last week, the US government banned American companies from doing business with Huawei, escalating a heated trade war between the world's two largest economies. Cui Tiankai, China's ambassador to the United States, said, "It's quite clear it is the usa side that a couple of times changed its mind overnight and broke the tentative deal already reached".

"We don't want to work for the government or someone else, we want to work for ourselves and do our thing, be independent and sell our crop at a decent price", Gohlke said.

IMF researchers found "tariff revenue collected has been borne nearly entirely by US importers", according to the International Monetary Fund's blog post released Thursday.

A spokesman for China's Commerce Ministry said Washington was "using American national power to suppress Chinese companies".

"We have a need to make sure we get these trade rules right", Pompeo said. Yes, probably in specific cases.

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Speaking to reporters Thursday, Trump suggested that he might be willing to make the embattled Chinese telecommunications giant Huawei part of the trade talks with China.

However, the shoemakers and retailers say that while they have been moving their sourcing away from China: "Footwear is a very capital-intensive industry, with years of planning required to make sourcing decisions, and companies can not simply move factories to adjust to these changes".

The seeds of the current stalemate were sowed earlier this month when Chinese officials sought major changes to the text of a proposed deal that the Trump administration says had been largely accepted by both nations.

China has threatened to retaliate against USA sanctions without giving details.

The Trump administration is planning to slap tariffs up to 25 percent on the remaining list of Chinese imports, worth about $300 billion.

"They took an ad in a newspaper from Iowa, a big ad, saying lots of bad things about the administration, about the fact that we're negotiating too tough", he said.

Earlier this month the U.S. increased tariffs on $200bn worth of Chinese imports from 10% to 25% after the two sides failed to reach a deal on trade. "Importers are induced to shift to ever more expensive sources of supply as the tariffs rise", they found.

Among those bracing for higher costs if the new tariffs kick in is Jay Foreman, CEO of Basic Fun!, a Boca Raton, Florida, toy company that imports from China.

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