undergroundnewsroom.com April 25, 2018

Xi's pledge to open market unrelated to trade spat: Beijing

14 April 2018, 08:14 | Damon Campbell

The University of Hong Kong Professor Emeritus John Burns weighs in on Xi’s speech at the Boao Forum in Hainan

The University of Hong Kong Professor Emeritus John Burns weighs in on Xi’s speech at the Boao Forum in Hainan

The announcement was seen as a conciliatory gesture to temper fears of a trade war with the US.

Beijing responded with a $50-billion tariff package of its own.

He pledged to further open up China's financial services sector, lower tariffs on vehicle imports, encourage other imports and better protect intellectual property - the latter issue being one of the key grievances of Donald Trump's White House.

China was open to talks with the US, but wouldn't initiate them under the current conditions, the person said, citing Liu.

"Economic globalisation is an irreversible trend of the time", Xi told the Boao Forum for Asia. In recent days, Chinese officials have expressed increased frustration with the US, with the foreign ministry on Monday calling talks "impossible" under current conditions.

China has curbed outbound investment due to worries that its biggest conglomerates could be over-extending themselves.

US Treasury Secretary Steven Mnuchin said the White House hoped to negotiate but acknowledged a trade war was a possibility.

Washington has announced the new tariffs in response to accusations that Chinese firms are stealing the trade secrets of United States companies and forcing them into joint ventures to acquire their technology.

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ASIA'S DAY: Japan's Nikkei 225 stock index lost 0.5 percent to 21,687.10 and the Kospi in South Korea declined 0.3 percent to 2,444.22.

China said yesterday trade talks with the United States were impossible under current conditions after President Donald Trump tweeted that he saw an end to the dispute. "Also, his enlightenment on intellectual property and technology transfers. We will make great progress together!" Trump predicted, hailing the speech in which Xi renewed a commitment to lower auto import tariffs. The Trump administration has made a decision to expand sanctions on China for allegedly infringing intellectual property rights.

Whenever Trump or his officials talk tough on China, the US stock market falls.

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.

Chinese President Xi Jinping announced market-opening measures including a cut in import taxes on autos and an easing of controls on foreign ownership in China's auto industry.

The move prompted Trump last week to threaten tariffs on an additional $100 billion in Chinese goods, which have yet to be identified. "No, it sounds like STUPID TRADE - going on for years!" Dow futures rose 0.4 percent and the broader S&P 500 futures were up 0.5 percent.

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. Tariff increases will make USA soybeans uncompetitive, causing them to be replaced by products from Brazil and Argentina, according to Chen Yang, a researcher with the Chinese Academy of Agricultural Sciences. Trump's administration past year labeled both China and Russian Federation "rival powers".

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