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Trump welcomes Xi's signal of open markets

14 April, 2018, 20:14 | Author: Kristen Ingram
  • The German share price index DAX board is seen at the stock exchange in Frankfurt

"The industries targeted by the proposed USA tariff increases are not labor intensive, which means that export declines in these sectors will not cause large-scale layoffs", said Wang.

World markets rallied after Xi pledged at an economic forum to lower vehicle tariffs, protect intellectual property and take other steps to open China's economy "wider and wider".

In his address, Xi told an economic forum on the southern island of Hainan that China "does not seek a trade surplus".

The ongoing trade frictions with the United States will have limited negative influence on the Chinese macro economy, experts said. They now are limited to a 50 percent stake in joint ventures and can not establish their own wholly owned factories.

"This is a very important action by China".

Xi pledged specific measures to address concerns on IP protection.

"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. The Eurasia Group agreed the speech was "not a game-changer" and said it "underdelivers after all the hype from Beijing".

"China is opening sectors where they already have a distinct advantage, or a stranglehold over the sector", Short said, citing its banking industry, which is dominated by domestic players.

"China's door of opening up will not be closed and will only open wider", Xi said.

Countries around the world should shoulder their responsibilities for global development, and expand cooperation to promote the building of a community with a shared future for humanity, Chinese President Xi Jinping said Wednesday.

The threatened tariff war was spurred by a US Trade Representative investigation into China's intellectual property practices, which alleged wide-scale theft and forced technology transfers.

China's trade surplus with the United States surged almost 20 percent in the first quarter, with some analysts speculating exporters were rushing out shipments to get ahead of threatened tariffs that are spurring fears of a full-blown trade war.

On Friday, Trump had warned of tariffs on an additional $100-billion (R1.2-billion) worth of Chinese imports, to which Beijing responded by saying it would stand firm. None of the announced duties have been implemented yet, offering room for negotiation. Still, the White House also admonished China to take concrete action on United States complaints about unfair trade practices. In that speech he framed China as the world's new champion of free trade in an implicit rebuke to Trump.

He tweeted on Monday that "when a auto is sent to the United States from China, there is a tariff to be paid of 2-and-a-half percent and when a vehicle is sent to China from the USA, the tariff is 25 percent".

"I think it's so clearly in the interest of both countries that we have a constructive trading relationship and that we have substantive talks to redress these issues".

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