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m3n4.net August 20, 2018


Trump appears to raise new doubts about US-China trade deal

25 May 2018, 12:43 | Antoinette Holland

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China's first current account deficit since 2001 won't change the world

"Our trade deal with China is moving along nicely, but in the end we will probably have to use a different structure in that this will be too hard to get done and to verify results after completion", Trump wrote in his post. Initial reports late last week said China agreed cut its trade deficit with the U.S.by $200 billion, but Beijing also hasn't confirmed that figure. There can be no question that China seeks to surpass the U.S. both economically and militarily and become the world's foremost superpower, and neither the federal government nor the private USA companies should aid and abet that effort, the senators wrote in a letter to Secretary of State Mike Pompeo and Defense Secretary Jim Mattis.

China is planning to reduce import duties on consumer goods ranging from food to cosmetics, people familiar with the matter said.

Stocks on Wall Street fell, with the Dow Jones Industrial Average falling 0.7 percent, as optimism over the successful trade negotiations between the USA and China abated when President Trump said there was a "very substantial chance" he won't meet Kim Jong-Un next month.

About two hours later, he tweeted: "Under our potential deal with China, they will purchase from our Great American Farmers practically as much as our Farmers can produce".

The New Zealand dollar fell as doubts about whether US President Donald Trump will meet his North Korean counterpart Kim Jong-Un eroded earlier optimism over a thawing trade relationship between China and the US.

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"Specifically with regard to soybeans, we are hopeful for a solution where Chinese importers can buy USA soy with confidence that there will be no negative impacts from tariffs or other trade barriers".

"We believe that European exports of steel and aluminum pose no threat to either the American economy, the steel industry or to American security", said David O'Sullivan, the EU's ambassador to the United States.

"Core industries such as automobiles and automotive parts are critical to our strength as a nation", Trump's statement said. -China trade talks, Trump said the talks are "a start", but that he's not satisfied. In an interview with Bloomberg, Dan DiMicco, the former chief executive of the steel company, Nucor, said it did not "make sense" to have the treasury secretary negotiating trade policy, as this was the United States trade representative's job. Mexico is the top exporter of passenger vehicles and light trucks to the U.S followed by Japan, Canada, Germany and South Korea, according to the Department of Commerce. "We're looking at the possibility of things turning around here".

"While the administration at the bureaucratic level is trying to think and talk about long-term issues, the President himself is very focused on the short term", said Aaron Friedberg, who served in the office of Vice President Dick Cheney and is now a professor at Princeton University. Yet, "incredibly", China appeared at this point to be winning, having thus far escaped the bulk of U.S. tariffs while giving up nearly nothing in return.

Roughly one-third of all USA vehicle imports previous year were from Asia.

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But the agreement - which contained no specifics - drew fire from those who had supported Trump's campaign pledge to crack down on what they call China's abusive commercial trade practices. Europe is also a big exporter to the U.S.

It may be still early days in the US-China trade conflict.

China has apparently scored a victory in a recent tariff standoff with the US.

"China will pay close attention to the progress of the USA investigation, conduct a comprehensive assessment of the possible impact and firmly defend our legitimate rights and interests", Gao told reporters at a news conference.

It could raise the costs for overseas automakers to export vehicles and parts to the world's second-largest auto market.

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"We hope the dismissal of these cases reflects a lessening of trade tensions as our leaders continue to dialogue", National Sorghum Producers Chairman Don Bloss said in a statement.



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