Wednesday, 23 October, 2019

Trump defends tariffs after advisor says 'both sides' suffer

US-China relations Tense future for US-China ties, with or without trade deal
Russell Knight | 13 May, 2019, 16:16

Continuing his Twitter thought on Saturday, Trump said "the only problem" with China's approach to trade talks "is that they know I am going to win (best economy & employment numbers in U.S. history, & much more), and the deal will become far worse for them if it has to be negotiated in my second term".

China's envoy to the trade talks, Vice Premier Liu He said before leaving Washington that Beijing would not compromise on matters of principle and that tariffs on Chinese exports to the US should be lifted as a condition for striking a deal.

Last week it appeared a deal between the two countries was close to being made but China tried to renegotiate at the last minute, forcing President Trump to raise tariffs from 10 to 25 percent on $200 billion worth of Chinese goods.

"Yes, I don't disagree with that, ' said Kudlow, while insisting that 'both sides will pay" - and Beijing more than Washington as Trump's prediction comes true and companies relocate from China to other nations with free or freer US trade arrangements.

Kudlow added, "Both sides will pay", but he stipulated that China "will suffer (economic) losses" from reduced exports to the United States, not from paying the tariffs. "But news flow today suggests this could take more time and is unlikely to be concluded until late June", said John Woods, Hong Kong-based chief investment officer of APAC at Credit Suisse AG.

It said Beijing was open to talks but would not yield on important issues of principle. But he added that "both sides will suffer on this". Importers of another $50 billion of Chinese goods already were paying 25%.

U.S. Trade Representative Robert Lighthizer rejected that, telling Liu that the United States was insisting on restoration of the previous text.

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China strongly opposes the latest USA tariff hike, and must respond to that, Liu told reporters on Saturday.

"Yes, I don't disagree with that", Kudlow said. "China felt they were being beaten so badly in the recent negotiation that they may as well wait around for the next election, 2020, to see if they could get lucky [and] have a Democrat win", he said.

Mr. Trump started raising tariffs last July over complaints China steals or pressures companies to hand over technology. China will never surrender to external pressure.

"If they weren't being seriously provoked, the Chinese people would not favor any trade war".

Paid for mostly by China, by the way.

The jewel in the crown of the US aviation market, Boeing, was expected to be a beneficiary of a US-China trade deal. "For many years, China trade was unfair, non-reciprocal, unbalanced in many cases, unlawful".

Biden has said in the past that he believes China is "not competition for us". President Trump said Beijing "broke the deal" by backtracking on earlier commitments to change its policies.

Losing some U.S.jobs and taking a hit to growth was a reasonable risk to take to correct "decades" of unfair trade practices by Beijing, especially because the US economy is strong, Kudlow said.

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