Trump defends administration's trade strategy with China
- Author: Stacy Allen May 23, 2018,
May 23, 2018, 0:10
The statement didn't please the critics who felt Trump was giving up his country's position and Marco Rubio, the Republican Senator from Florida said in a tweet that the Chinese did not lose much since "in exchange they get no tariffs, can keep stealing intellectual property & can keep blocking our companies while they invest in the us without limits". "If it doesn't work, the tariffs will go into effect".
He added: "Fair Trade, plus, with China will happen!"
No specific timetable was set for the next stage of negotiations or when the U.S. delegation would go to China to discuss the expansion of American exports.
In the short run, a truce in the trade conflict between the United States and China has lightened tensions, halted the immediate threat of US tariffs on China's goods and cheered stock markets.
"More false promises and delaying tactics", tweeted Dan DiMicco, a former steel executive who served as a trade adviser to Trump during the presidential race. Kudlow said that Ross would soon be heading back to China to work out details of an agreement to boost US agricultural exports. Both countries have agreed to suspend new tariffs while the talks proceed. After China responded with its own tariffs on US agriculture, Trump threatened to impose duties on an additional $100 billion of Chinese goods, a move that hit global stock markets hard due to fears of rising protectionism.
"Given the increasing interaction between the two countries, we can not assure you they will not encounter more frictions or disputes in the future", said spokesman Lu Kang.
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Since the meetings concluded, the Trump administration has appeared to offer mixed messages about the status of the discussions and whether China had actually agreed to buy an additional $200 billion of US products to reduce the trade deficit, as administration officials had previously indicated.
Mnuchin pushed back against the suggestion that the economic team was not aligned, saying that he, Ross and Robert Lighthizer, the US trade representative, are on the same page. Ross said in an interview on the Fox Business Network that the United States was ready to unleash the tariffs if need be. "It's ready to be fired whenever it needs to be fired". Trade experts cautioned that this suspension of tariffs could hurt the president's leverage in ongoing talks with China. "It emboldens foreign companies to play fast and loose with USA sanctions when we should be putting the fear of God into these companies, especially one that was as brazen as ZTE". Such talks in previous administrations have been slowed by lengthy negotiations.
As part of the deal, China reportedly offered to remove tariffs that impact billions of dollars in USA farm products, though one of the WSJ's sources said "the White House was meticulous in affirming that the case is a law enforcement matter and not a bargaining chip in negotiations".
"China must continue to be strong & tight on the Border of North Korea until a deal is made", he tweeted.
Threatened U.S. restrictions on Chinese investments in the United States also appeared to be put on the back burner. In a series of tweets last week Trump suggested he was open to easing up on ZTE. Treasury Security Steven Mnuchin said Monday those issues "are part of our framework". President Donald Trump is threatening the tariff hike over complaints Beijing steals or pressures foreign companies to hand over technology.