Markets

China will not 'surrender' to US demands in trade talks: State paper

China will not 'surrender' to US demands in trade talks: State paper

U.S. President Donald Trump said on Thursday that the United States was under no pressure to make a trade deal with China, even as Chinese officials welcomed an invitation from Washington for a new round of talks with more U.S. tariffs looming.

"We are under no pressure to make a deal with China, they are under pressure to make a deal with us", Mr. Trump tweeted.

"The administration is faced with the fact that if they go ahead with the US$200 billion, they will hurt the U.S. economy quite badly, and things are not going so well with the midterms", he said. Mr. Trump threatened to increase that number by another $267 billion to bring the total tariffs to an amount equal to all of China's annual exports to the U.S. The administration already imposed tariffs on $50 billion of Chinese goods, slapped tariffs on aluminum (10 percent) and steel (25 percent), and raised duties on washing machines (up to 50 percent) and solar panels (up to 30 percent).

Trump said there was more pressure on China to make a deal, pointing to their shrinking economy.

According to many recent reports, Taiwanese companies are already beginning to shy away from the Chinese market because of the likelihood that their products manufactured in China will be targeted by the Trump administration.

Mr Kudlow told Fox Business News on Wednesday that US Treasury Secretary Steven Mnuchin "has apparently issued an invitation". "If you have a big decline in the stock market just before the election, it could swing it in the way of the Democrats".

So far, the United States and China have hit US$50 billion worth of each other's goods with tariffs in a dispute over U.S. demands that China make sweeping economic policy changes, including ending joint venture and technology transfer policies, rolling back industrial subsidy programs and better protecting American intellectual property.

"The aim of reform should be to allow countries to enjoy the development fruits of globalization more fairly, not to further widen the differences between south and north", Wang said.

"Our markets are surging, theirs are collapsing", he wrote.

He also made it clear he was ready to impose tariffs worth $200 billion on goods "very soon" if President Xin Jinping's government refused to back down.




Businesses are ratcheting up lobbying against tariffs that the Trump administration has imposed, or is considering.

But he cautioned: "I guarantee nothing".

"There seem to be domestic political pressures that are working against the perception of US companies receiving benefits" during trade disputes, Parker told the South China Morning Post.

So far, the United States and China have hit $50 billion worth of each other's goods with tariffs in a dispute over USA demands that China make sweeping economic policy changes, including ending joint venture and technology transfer policies, rolling back industrial subsidy programs and better protecting American intellectual property. Mid-level USA and Chinese officials held inconclusive talks on Aug 22 and 23.

China's Commerce Ministry said both sides would want to avoid escalation.

On Thursday, the US business lobbies AmCham China and AmCham Shanghai published a joint survey showing that the negative impact on USA companies in China of tit-for-tat tariffs Washington and Beijing have imposed on one another was "clear and far reaching".

A broad coalition of US businesses, from farmers to retailers, have, however, been fighting back against Trump's tariffs, warning that they are hurting the USA economy.

US business groups are escalating their fight against Trump's tariffs, with over 60 industry groups launching a coalition to put political pressure on the Trump administration to seek alternatives to tariffs.

The invitation was first reported by the Wall Street Journal.


  • Ohio Task Force 1 leaves for North Carolina for Hurricane Florence

    Ohio Task Force 1 leaves for North Carolina for Hurricane Florence

    I know that North Carolinians are a hardy bunch and we've seen nor'easters and hurricanes before, but this one is different. Glenn McNeill with the North Carolina State Highway Patrol said troopers are on standby statewide to assist where needed.
    New Apple watch could take bite out of Swiss market

    New Apple watch could take bite out of Swiss market

    Apple has already revealed what kind of price increase we're in for once the calendar hops over to 2019. It has an LCD screen instead of OLED and has a single camera instead of a dual camera.
    Mark Carney to stay on at Bank of England until 2020

    Mark Carney to stay on at Bank of England until 2020

    The announcement of Carney's appointment in 2012 came as a surprise, as Mr Carney had previously denied interest in the role. The extension was agreed in an exchange of letters between the governor and the chancellor published this morning .
  • IPhone XS, XS Max: First Impression

    IPhone XS, XS Max: First Impression

    That may be because the new iPhone XS has the same starting price, meaning Apple would have to offer the iPhone X at a discount. In Poland, someone who wants that same iPhone XS Max will have to pay $1,956 (compared to $1,449 here in the USA , of course).
    A Shot Has Been Fired At Dr DisRespect’s House Mid-Stream

    A Shot Has Been Fired At Dr DisRespect’s House Mid-Stream

    According to multiple media outlets, local authorities are investigating a shooting at a residence that reportedly belongs to him. At the time, he said it was a drive-by shooting and the second time over the past two days a similar incident had happened.
    ‘Storm of lifetime’: Hurricane Florence barrels toward Carolinas as residents flee

    ‘Storm of lifetime’: Hurricane Florence barrels toward Carolinas as residents flee

    Florence is now a Category 4 Hurricane barrelling towards the US East Coast with some experts claiming it will make a direct hit. A steady stream of vehicles filled with people and belongings is moving inland. "Everyone was sold out", she said.
  • What the Erik Karlsson trade means for Colorado

    What the Erik Karlsson trade means for Colorado

    Nine years ago on September 12, 2009, the Senators dealt winger Dany Heatley to the Sharks on the first day of camp. The 22-year old Perron was drafted 190th overall in the seventh round of the 2014 draft by the Senators.
    EU's chief Brexit negotiator says deal possible by November

    EU's chief Brexit negotiator says deal possible by November

    The rift deepened this week with Johnson comparing May's plan to a "suicide vest" on Britain's constitution. Baker said 80 or more lawmakers were prepared to vote against the plan.
    John McEnroe defends Serena Williams: 'I have said far worse'

    John McEnroe defends Serena Williams: 'I have said far worse'

    When I was talking about the outcome, I was really talking about the behavior of the audience, of the fans. For me, it blows my mind, but I'm going to continue to fight for women.
  • Air Force intercepts Russian bombers, fighter escorts near Alaska

    Air Force intercepts Russian bombers, fighter escorts near Alaska

    Terrance O'Shaughnessy says radar, satellites and fighter jets are used to identify aircraft and determine appropriate responses. The bombers were intercepted west of mainland Alaska and were accompanied by two Russian Su-35 "flanker" fighter jets.
    BMW Championship suspended Sunday, play may resume Monday

    BMW Championship suspended Sunday, play may resume Monday

    Jordan Spieth reached No. 1 in the world for the first time with a runner-up finish in the 2015 PGA Championship. Spieth also must qualify for the season finale to play the minimum 25 events this season or face a fine. ".
    Sam's Club Offers $100 Off iPhone Xs, iPhone Xs Max Buy

    Sam's Club Offers $100 Off iPhone Xs, iPhone Xs Max Buy

    The last time it discontinued an iPhone model a year after announcing it was the iPhone 5, released in 2012 and canned in 2013. However, the iPhone SE - Apple's only offering with a compact 4-inch display, also failed to make the cut to 2018 range.