PHL will gain much from China-US trade row

07 February, 2019, 13:13 | Author: Billie Castillo
  • President Trump meets with Chinese Vice Premier Liu He at the White House on Jan. 31

Trump said he would be willing to meet with Xi to try seal a comprehensive trade deal, but Lighthizer said Trump would decide on the meeting based on progress in the talks.

The speech comes ahead of last-minute talks between the two countries aimed at reaching a deal on trade.

A new study by UNCTAD looks at the repercussions of existing tariff hikes by the United States and China, and the effects of the increase scheduled for 1 March.

Unctad said in a statement that the ongoing trade tensions initially came to a head in early 2018 when China and the U.S. imposed tariffs on about $50 billion of each other's goods.

That summit will take place February 27 and 28 in Vietnam, Trump said on Tuesday.

Trump has been alleging that many countries all over the world have taken advantage of the US.

"But it must include real, structural change to end unfair trade practices, reduce our chronic trade deficit, and protect American jobs", Trump said in his State of the Union address delivered Tuesday Washington D.C. time.

German automakers Daimler (DDAIF) and BMW (BAMXF), which export high-end vehicles to China from their U.S. plants, said a year ago that Chinese tariffs on American-made cars were hurting their profits.

Beijing hit back with tariffs on $110bn of United States goods.

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"There'll be currency wars and devaluation, stagflation leading to job losses and higher unemployment and more importantly, the possibility of a contagion effect - or what we call a reactionary effect - leading to a cascade of other trade distortionary measures".

Instead, European, Japanese, Canadian and Mexican firms are likely to reap the greatest benefits, the research found.

The American president has suggested he would be willing to accept a handshake deal that could extend the negotiations beyond the self-imposed deadline at the end of the month, but the White House has insisted March 1 would be a "hard deadline".

"We are now working on a new trade deal with China".

US President Donald Trump has placed tariffs on almost half of all goods that are imported from China as he tries to force Beijing to change what he claims are unfair trade practices, including the forced sharing of technology.

The higher cost of US-China trade would prompt companies to shift away from current east Asian supply chains, but report suggests it's unlikely that US firms would pick up that business.

The US and China are locked in a trade war since President Donald Trump imposed heavy tariffs on imported steel and aluminium items in March previous year, a move that sparked fears of a global trade war.

The Ministry said China firmly opposes unilateralism and protectionism and is committed to the development of economic globalisation. He has used those to impose tariffs on steel and aluminum imports. "But because the magnitude and duration of tariffs is unclear, Brazilian producers have been reluctant to make investment decisions that may turn out to be unprofitable if the tariffs are revoked", the United Nations agency said.

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