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U.S. trade officials to visit China soon, Trump says

U.S. trade officials to visit China soon, Trump says

Treasury Steven Mnuchin urged the International Monetary Fund to do more to address what the Trump administration says are unfair trade practices and called on the World Bank to steer cheap loans away from China and toward poorer countries.

The Trump administration has recently threatened to impose tariffs on up to US$150 billion of Chinese imports, while China has vowed to retaliate against U.S. exports if the Trump administration moves forward with the tariffs.

Addressing the panel held on the university campus, Lewis called the tariffs "clearly dangerous". Mnuchin met recently with finance officials from Japan, China, and Europe to discuss a series of punitive tariffs the Trump Administration unveiled recently against China and other trading partners.

In a speech earlier this month, Chinese president Xi Jinping said his country would open itself wider to foreign companies.

Many have used the finance meetings to protest President Donald Trump's protectionist trade policies, which mark a reversal of seven decades of US support for ever-freer global commerce. To some extent, Trump's reaction to China reflects Washington's concern at Beijing's possible technological lead. China countered by targeting $50 billion in USA exports.

The initiative seeks to upgrade 10 key hi-tech sectors that range from artificial intelligence, chips, automotives and information technology to advanced biology technology.




French Finance Minister Bruno Le Maire said the steel and aluminum tariffs could lead to retaliation by other countries and 'a significant risk that the situation could escalate.' He said 'tensions between the USA and China have taken a worrying turn'.

"I want to stress that China-US economic ties are mutually beneficial in nature and have always been delivering tangible benefits to the business communities and consumers of the two countries", Lu said.

"So we're going to have a delegation, at their request, go to China".

One of the most dramatic changes in the last 30 years has been China becoming the largest consumer in the world from the largest exporter, he said. -China trade war would result in a loss of more than 2.1 million jobs in 2,700 USA counties.

Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer will travel to China "in a few days" to talk trade, Trump said on Tuesday, adding he thinks there is a "very good chance of making a deal" of sorts with Beijing.

In response, Beijing announced tariffs on major USA exports to China worth 50 billion dollars.


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