US Stocks Jump as Fears of Trade War Ebb

25 May, 2018, 00:46 | Author: Juana Mckenzie
  • President Donald Trump's about-face on the ban on Chinese company ZTE adds to his allies concerns

"The United States can not let China continue to steal America's lifeblood, our intellectual property and flout global trade laws". Lighthizer issued a statement earlier this week on the trade deal, saying that while getting more exports to China was important, the more important issues were around technology. He downplayed expectations of a potential deal by calling it "too hard to get done", and bringing attention to the difficulty of verifying results of a deal after one has been made.

In its statement announcing the inquiry, the Commerce Department cited figures showing that U.S. employment in automobile manufacturing had dropped by 22 percent from 1990 to 2017.

After the sorghum tariff was imposed, several cargoes of the commodity bound for Chinese ports became stranded because grain handlers would have been forced to pay the hefty tariffs. Japan is the only major US ally that was not granted a temporary exemption from the tariffs. The president spared Canada, Mexico and the European Union from the tariffs.

As for Trump, while he has pressed China to change its trade policies, he has given Xi a pass on the South China Sea, taking only symbolic steps - such as freedom of navigation operations - against Chinese expansionism. In an interview with Bloomberg, Dan DiMicco, the former chief executive of the steel company, Nucor, said it did not "make sense" to have the treasury secretary negotiating trade policy, as this was the U.S. trade representative's job.

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US$50 billion in tariffs on Chinese goods are ready to be enacted at Trump's command
AP US$50 billion in tariffs on Chinese goods are ready to be enacted at Trump's command

These remarks reflect concern among administration critics that Mnuchin is too prepared to secure a deal to reduce the USA trade deficit at the expense of the more fundamental issue of Beijing's "Made in China 2025" program to boost its high-tech industries-a process regarded as an existential threat to United States economic and military dominance.

A second round of trade talks between Chinese and USA trade officials in Washington, DC varied which US trade officials from the Beijing trip were included in the D.C. -based meetings.

Any firm deal is likely to take a long time, according to most observers, and United States officials have threatened to return to tariffs, which prompted the current standoff, if needed.

US officials were focused going in to the D.C. talks on rebalancing the bilateral economic relationship between the two nations.

He's obsessed with one economic issue above all others: the $375 billion USA trade deficit with China, which appears to be distracting him from goals that include halting Chinese intellectual property theft, which represents a far more serious threat to the American economy.

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Observers argue that Beijing had won the Sino-American trade war before it had even begun, referring to the US-China joint statement released by the White House on May 19, 2018.

Last weekend, Trump shelved his threat of waging a trade war with China - perhaps after concluding, at least for now, that it would not be so easy to win as he predicted. The thawing trade tensions between the world's two biggest economies, which included increased Chinese imports of American agricultural and energy products, got a further boost with the U.S. working on a reprieve for telecommunications group ZTE and China reducing tariffs on auto imports.

President Donald Trump's tweet Wednesday on China is a sign of progress, according to the president of a group that focuses on USA ties with the Asian giant. Soybeans account for $14 billion of US exports to China.

Trump said he wanted this the deal to be a great deal for both the USA as well as China.

Schumer earlier said that if the administration allowed ZTE to survive it would be a "signal to President Xi that we are weak negotiators".

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The letter said the administration should not "compromise lawful U.S. enforcement actions against serial and premeditated violators of USA law, such as ZTE" and "export control and sanctions laws should not be negotiable".

Critics fear other countries will retaliate with trade sanctions of their own and question whether the move would ever be effective given the lengthy review required and legal challenges ahead.

In a separate statement, President Donald Trump said: "Core industries such as automobiles and automotive parts are critical to our strength as a Nation".

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