China says Xi pledges unrelated to trade spat

China’s President Xi Jinping and US President Donald Trump at a dinner in the Great Hall of the People in Beijing last November

China’s President Xi Jinping and US President Donald Trump at a dinner in the Great Hall of the People in Beijing last November

However, reason does not always prevail in politics, and there may have to be tit-for-tat tariffs and trade conflict, if not all-out war, before the two sides can come back and negotiate something that would probably look a lot like what is on offer now.

He said "Cold War mentality" and arrogance had become obsolete and would be repudiated.

According to an initial estimate, declines of exports up to 50 billion dollars would drag China's GDP growth rate down by less than 0.1 percentage point, Wang said.

While much of his pledges were reiterations of previously announced reforms that foreign businesses say are long overdue, Xi's comments sent stock markets and the USA dollar higher on hopes of a compromise that could avert a trade war.

Trump responded in a tweet saying he was "thankful" for Xi's remarks on tariffs and access for US automakers, and said both countries would "make great progress together".

Trump's proposed tariff hike was a response to complaints Beijing steals or pressures foreign companies to hand over technology.

Duterte attended the Boao Forum for Asia Annual Conference in Hainan province in China on April 9 and 10.

Xi was merely outlining China's strategy to open up further, which had nothing to do with its trade friction with the United States, Gao said.

Chinese investment in the United States fell more than a third a year ago to $29 billion from a record $46 billion in 2016, the first major correction in a decade, a report by the Rhodium Group and the National Committee on U.S. "Xi's bland and generic commitments on IP protection fell short of what would have been a true gamechanger".

The auto tariffs were the target of a Trump tweet Monday, saying China charges much higher levies than the United States, "Does that sound like free or fair trade".

WALL STREET: U.S. stocks finished higher Thursday led by tech and bank stocks.

The United States has accused China of unfairly subsidizing targeted sectors and forcing foreign companies to transfer technology in areas like robotics, aerospace and artificial intelligence.

China was open to talks with the USA, but wouldn't initiate them under the current conditions, the person said, citing Liu. Trump is demanding Beijing take steps to narrow its trade deficit with the US, which Washington says stood at a record $375.2 billion past year.

The meeting was held before Trump instructed officials to consider tariffs on an additional $100 billion in Chinese imports, bringing the value of the nation's products set for higher duties to about $150 billion.

However, Gao said the measures are proactive and have nothing to do with the trade frictions between China and the US.

The trade surplus with the United States contracted 13 percent from a year earlier, while China's global trade balance swung to a $5 billion deficit. In that speech he framed China as the world's new champion of free trade in an implicit rebuke to Trump. "I think the time is gradually coming for China and the U.S. to negotiate".

Latest News