American officials due in Beijing for talks on trade battle
Jan 06 2019
White House economic adviser Kevin Hassett said Thursday that "it's not going to be just Apple" that faces revenue shortfalls as a result of the trade tensions initiated by President Donald Trump between the United States and China. The measures have disrupted trade, hurt manufacturing, roiled worldwide markets and slowed the global economy.
The U.S. team will include Deputy U.S. Trade Rep. Jeffrey Gerrish; the top U.S. trade negotiator on agricultural issues, Gregg Doud; Treasury Under Secretary for International Affairs David Malpass; Commerce Under Secretary for International Trade Gilbert Kaplan; the U.S. Agriculture Department's undersecretary for trade and foreign affairs, Ted McKinney; the U.S. Department of Energy's assistant secretary for fossil energy, Steven Winberg; and other senior officials.
The Dow dropped 660 points, or 2.8%, on Thursday after Apple (APPL ) warned it will badly miss its quarterly sales forecast because of weaker growth in China and the trade war.
In a hard jab, Romney highlights the 68-point plummet in trust America's closest allies have that the USA president will do the right thing between former President Barack Obama's last year in office and Trump's first year.
The US economy, the world's biggest, is expected to slow from a very robust 2018 but should remain strong until about mid-2020 when economists polled by Reuters expect it to settle at 1.8 per cent.
The investment bank UBS said Friday that 37 percent of 200 manufacturers surveyed said they have shifted out of China over the past 12 months.
The U.S. economy remains strong, with the country's 3.7 percent jobless rate at a almost five-decade low.
After the discussions between USA and China at Buenos Aires to remove the stalemate surrounding trade tariffs, China has expressed willingness to work with its beleaguered trade partner.
Chinese economic growth fell to a post-global crisis of 6.5 percent in the quarter ending in September. Since then, the two countries have exchanged several rounds of trade tariffs, levying duties on hundreds of billions of dollars worth of goods. "Apple is a great company", Trump said, adding he had told Apple Chief Executive Officer Tim Cook to build his company's products at home in the United States, something he has harped on previously.
"That puts a lot of pressure on China to make a deal", he said.
Officials from the Trump administration will travel to Beijing for discussions to be held on Monday and Tuesday, with the ambition that both sides will be able to build on the agreement made in Buenos Aires. Some U.S. demands would require structural reform that may be unpalatable for Chinese leaders.
"We know what sort of changes we need", White House economic adviser Larry Kudlow said in an interview with Fox Business on Friday.