Publicado: Jue, Setiembre 20, 2018
Financiera | Por Marilu Caballero

China's premier appeals for free trade amid tariff battle

China's premier appeals for free trade amid tariff battle

The Trump administration will slap a 10% tariff on about $200bn in Chinese goods next week, and more than double the rate in 2019, setting up what could be a prolonged trade war between the world's two biggest economies.

"China has openly stated that they are actively trying to impact and change our election by attacking our farmers, ranchers and industrial workers due to their loyalty to me", Trump wrote.

While European markets briefly dropped, they rebounded after Wall Street opened higher, as traders took a sanguine view of the developments. "What China does not understand is that these people are great patriots".

Men work on placing a steel switch track section of a rail line connecting Sichuan and Tibet, in Shannan Prefecture, Tibet Autonomous Region, China September 16, 2018.

"We're probably talking about a world with two centers: a China-centered economic domain. and another centered on the United States", said Aaron Friedberg, a professor of politics and global affairs at Princeton University, who handled China policy as an aide to Vice President Richard Cheney in the George W. Bush administration. "They also know that I am the one that knows how to stop it", he continued.

So far, the United States has imposed tariffs on $50 billion worth of Chinese products to pressure China to make sweeping changes to its trade, technology transfer and high-tech industrial subsidy policies.

In the US, prices are bound to rise since consumers depend on Chinese imports - not just for finished goods, but as parts and constituents of things made by American companies.

Trump has threatened to "immediately pursue phase three", which could include tariffs on another $267 billion of Chinese exports.

The trade war between the United States and China deepened when President Donald Trump announced he would push ahead with tariffs on $200 billion in Chinese goods AFP/Paul J.

America's trade war with China is threatening to spiral out of control after a number of prominent Trump supporters used highly inflammatory language to dismiss China's latest attempt at reconciliation.

Trump claims China tariffs successful
Its the latest move by the administration to punish china for not complying with fair trade practices. "We've spoken to Mr. Earlier on Monday, Larry Kudlow, Trump's top economic adviser (pictured), attempted to calm investors.

"But at this time, everything the United States does does not give the impression of sincerity or goodwill", he said. They have high expectations that Trump will fail in the elections.

Asian markets are having another positive day amid the latest tit-for-tat US-China trade tariffs.

Confidence among Asian companies has slumped to the weakest in nearly three years as businesses fear collateral damage from the worsening trade war and China's slowing economy, the latest Thomson Reuters/INSEAD survey showed.

The tariffs announced by Beijing on Tuesday reflect the dwindling amount of goods on which it can impose new tariffs.

Fang told the Tianjin forum that he hopes the two sides can sit down and talk, but added that the latest US move has "poisoned" the atmosphere. "They hope to change US presidents", Xia argued.

The American Chambers of Commerce in China and in Shanghai said last week that half of more than 430 companies that responded to a survey say they have suffered from slower customs approvals and been subject to more environmental and other inspections.

As China grows and challenges the U.S., Wang says conflict was inevitable.

"We feel deeply regretful over the decision", a ministry representative said Tuesday.

Premier Li Keqiang's comments add to Beijing's effort to portray itself as a defender of global trade and multilateralism in the face of complaints by Washington and other trading partners about industry policies they say violate its market-opening commitments.

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