China's Xi renews pledges to open economy

10 April, 2018, 19:43 | Author: Terri Saunders
  • U.S.  China Trade War or Tit for Tat

According to Xi, Chinese authorities will also take a number of steps to facilitate access of foreign investors to the market of the country, particularly in such spheres as service sector, banking sector, insurance, shipbuilding and aircraft industry among others.

As the volley of retaliatory measures between the world's two largest economies continued last week, markets fell as a trade war between the U.S. and China became increasingly likely.

Trump tweeted on Sunday that him and China President Xi Jinping "will always be friends, no matter what happens with our dispute on trade".

China said it was not afraid of a trade war, even though it did not seek one, and accused the United States of provoking the conflict.

If the Trump administration wins some concessions from China in the latest trade dispute, it could be a boost to USA -based multinationals.

USA stocks also were affected this past Monday by Trump's new verbal attack on giant online retailer Amazon.

At the same time, Chinas' foreign ministry spokesman Geng Shuang told reporters Washington was not engaging with a view to avoid an outright trade war. "We are fairly close on Nafta and if we don't make the right deal we'll terminate Nafta and we'll make the right deal after that", the president said. In announcing a plan earlier this month to slap new levies on $50 billion of Chinese goods, the White House singled out items in biomedicine, aerospace, new-energy vehicles and others, mainly key components in a government initiative known as "Made in China 2025". However, Trump said he was not anxious about the markets because he believes the United States will benefit in the long term.

Earlier in the day, Trump tweeted about the "STUPID TRADE" with China, saying that when a Chinese-made vehicle is sent to the us, the tariff is only 2.5 percent, while American cars exported to China are slapped with a 25 percent tariff.

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A Chinese-made robot lifts goods during the World Robot Conference in Beijing in August 2017.

USA companies invested $14 billion in China past year, an increase of about $200,000 from 2016, bringing cumulative investment in the country to $256 billion, according to one of two studies released Tuesday by the National Committee on U.S.

Chinese state researchers and media talked down the likely impact of USA trade measures on the world´s second largest economy and described the Trump administration´s posturing on trade as the product of an "anxiety disorder".

On Thursday night, Trump called for another $100 billion in tariffs, which prompted the Chinese to vow to "fight back at any cost", a sign that the trade disputes will continue to hang over markets, unless either party balks in this high-stakes game of chicken.

"There's nothing in trade law or trade customs to suggest that countries should have the same size tariff for each other's exports of the same good", Deardorff said.

Overtures by the administration of U.S. President Donald Trump towards strengthening ties with the island have ratcheted up the tension.

"We're cautiously bullish here", said Dan Hussey, a market strategist at RJO Futures in Chicago. Canada, Mexico and Japan were the top exporters of cars to the U.S. He argued that the situation could be a "win-win" for China and the U.S. if Beijing opens up its economy.

China's media, which is strictly controlled by the government, has come out in defence of the country, painting it as a victim of a too aggressive United States bent on taking illegitimate unilateral action.

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