China denies Xi comments aimed at settling trade dispute with US
14 April, 2018, 20:13 | Author: Chad Mckenzie
While U.S. officials, including Trump, have recently expressed optimism that the two sides would hammer out a trade deal, Chinese officials in recent days have said negotiations would be impossible under "current circumstances".
China in a retaliatory measure, made a decision to impose additional tariff of 25 per cent on 106 products under 14 categories worth United States dollars 50 billion. "Up to now, Chinese and United States officials have not held any negotiations on the trade dispute", foreign ministry spokesman Geng Shuang said.
The dust-up suggests that the trade dispute won't be resolved quickly, despite Trump's optimistic tweets and Xi's conciliatory address to a regional economic forum Tuesday. Xi did say that China would liberalize restrictions on investment in the auto sector by the end of the year, and the deadline was new.
"The biggest risk going forward is clearly that the current trade tensions escalate to the point where meaningful tariff barriers are erected", said Evans-Pritchard. Xi's speech Tuesday lifted stocks in Asia and US equity futures.
Xi will fly to the Philippines after attending the Asia-Pacific Economic Cooperation Leaders' Meeting, according the spokesman of President Rodrigo Duterte. "Also, his enlightenment on intellectual property and technology transfers". On Tuesday, Chinese leader Xi Jinping warned United States against "arrogance", issuing a veiled warning to Trump with a promise to lower levies. Trump predicted, hailing the speech in which Xi renewed a commitment to lower vehicle import tariffs.
President Rodrigo Duterte is accompanied by People's Republic of China President Xi Jinping during a dinner in Boao, China.
"Ultimately U.S. industry will be looking for implementation of long-stalled economic reforms, but actions to date have greatly undermined the optimism of the U.S. business community", said Jacob Parker, vice president of China operations at the U.S.
Some U.S. officials and analysts have said they believe the dispute could eventually be resolved via dialogue, but Beijing reiterated on Thursday that no formal talks have taken place.
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"The U.S. side will likely want to see deeds, not just words, before it considers softening its protectionist stance", Bloomberg Economics Chief Asia Economist Tom Orlik wrote in a note. The overt message was that China will continue to gradually open up on its own terms, and the implicit message was that American firms may lose out on the benefits if President Trump pursues the trade war.
Gao repeated complaints that Trump acted improperly when he responded to Beijing's protest over his plan to raise tariffs on $50 billion of Chinese goods by saying he might add another $100 billion of imports to the list.
China's trade surplus with the United States grew 13 percent year on year to 1.87 trillion yuan last year, data showed. The future for the Dow Jones industrial average sank 0.7 percent to 24,185.00 and the future for the S&P 500 lost 0.3 percent to 2,633.70, auguring early losses on Wall Street.
That helped narrow its surplus with the U.S.in March alone to $15.43 billion from $20.96 billion in February, but that was still almost 18 percent higher than March 2017.
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