Donald Trump Calls For New "Structure" For US - China Trade Deal
24 May, 2018, 03:51 | Author: Gregg Anderson
The ZTE talks occur after the USA and China over the weekend suspended plans to impose tariffs on as much as $200 billion in each other's goods, pulling back from the brink of a trade war.
So, say these titans of the global business press, current White House trade policy really means the United States is willing to trade its sovereignty and dignity to China, a nation who sells intellectual property stolen from us to our enemies, in order to "dodge tariff retaliation on the U.S. Farm Belt" that our Tweeter-in-Chief begged for - and got - with his earlier, "misguided" steel tariffs. The president did not make clear what a "different structure" would look like.
The ministry's statement gave no details of possible new initiatives but promised to "conscientiously implement" the joint statement by China and the USA issued on Saturday in which Beijing agreed to "substantially reduce" America's trade deficit with China.
China did not commit to cut the gap by any specific amount.
"What I envision is a very large fine of more than $1 billion".
While Trump said on Twitter that China had agreed to purchase "MASSIVE" amounts of American farm goods to reduce its yawning trade surplus with the US, the two sides didn't agree on a specific dollar figure.
And on Monday, Mr Trump had hailed the cease-fire as a big victory for U.S. farmers.
In the face of congressional criticism, Treasury Secretary Steven Mnuchin on Tuesday denied that the U.S.is offering relief for ZTE in exchange for trade concessions.
"The president asked me to look into it, and I am doing that", Trump said.
The two countries are now in negotiations and, as we recently reported, they are close to coming to an agreement.
"It's hard to tell if this is the result of strategy or just a reaction to the latest criticism he's felt", said Scott Kennedy, director of the Project on Chinese Business and Political Economy at the Centre for Strategic and International Studies.
US Commerce Secretary Wilbur Ross plans to visit Beijing in early June to work out the details of a broad commitment from China to increase its purchases of American goods - particularly of energy and farming goods, his office said on Tuesday.
Last month, the administration proposed tariffs on $US50 billion ($66 billion) on Chinese imports to protest the forced technology transfers.
China responded by targeting $US50 billion in U.S. products, including soybeans, which would deal a blow to Mr Trump supporters in America's heartland.
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