China blames United States 'anxiety disorder' for trade battle, says negotiations impossible
- Author: Rogelio Becker Apr 10, 2018,
Apr 10, 2018, 19:16
Amid global fears of an escalating trade dispute between the US and China, President Donald Trump suggested that Beijing will ease trade barriers "because it is the right thing to do" and that the economic superpowers can settle the conflict that has rattled financial markets, consumers and businesses.
As the economic saber-rattling shakes global markets, Trump said Monday he had a good relationship with China and with President Xi Jinping, but repeated his claim that China has been "taking advantage of the United States for many years".
"China's door of opening up will not be closed and will only open even wider", he said.
The other measures he promised China would take include improving access to its financial sector and easing restrictions as soon as possible on foreign ownership of companies operating in China's auto, aerospace and shipbuilding industries.
On April 3, the USA released a list of Chinese exports - semiconductors, cars, machine tools, etc. - worth about $50 billion, that would be hit with a 25% tariff. The U.S. sold about $130 billion in goods to China in 2017 and faces a potentially devastating hit if China responds in kind.
The Chinese leader didn't refer directly to that dispute but promised to encourage "normal technological exchange" and to "protect the lawful ownership rights of foreign enterprises". They understand that they're doing this for the country.
Xi gave no details on how those conditions might change, leaving it unclear whether that might mollify Washington.
West Africa's crude oil loadings for Asia are set to fall to a five-month low in April, dragged down by a backlog of cargoes outside China and strong Brent prices that hindered new bookings, a Reuters survey of shipping fixtures and traders showed on Friday.
Chinese Vice Premier Liu promised at the World Economic Forum in January that China would roll out fresh market openings this year, and that it would lower vehicle import tariffs in an "orderly way".
"Xi threw the ball into the US court but it appears China is laying the groundwork to achieve an agreement with the U.S".
The author, writing under the pen name You Bin, hoped that trade tensions will force the Chinese regime to open up its economy, especially in the area of pharmaceuticals.
Analysts expressed surprise this morning after President Xi used a speech to defuse an escalating trade dispute between China and the United States. "We have a genuine desire to increase imports and achieve a greater balance of worldwide payments". That can make a significant difference in developing countries, where the government often accounts for most sales of computer software, medical equipment and other high-value goods.
The bulk of Xi's 40-minute speech was devoted to China's vision for economic development and its global role following a ruling party congress in October that installed him for a second five-year term as leader.
"We will not bully our neighbors", the president said. He cautioned against using a "Cold War" mentality, which he predicted obsolete, based to Bloomberg.
USA businesses, and farm states most vulnerable to Chinese retaliation, have called for restraint.
In the war of words, America declares that China is in a "Great Wall of denial", while China is counteracting by stating the Trump administration is beset by an "anxiety disorder".