‘US, China committed to reaching trade deal by deadline’
Feb 07 2019
Mnuchin said officials were focused on next week's talks and meeting the deadline. -China trade conflict is the report that the Trump administration is preparing to nominate Treasury Undersecretary for International Affairs, David Malpass, as World Bank president.
In a report, the U.N. Conference on Trade and Development (UNCTAD) examined the repercussions of the tariff tit-for-tat already under way between the two trade giants, as well as the expected impact of a significant tariff hike scheduled to take effect on March 1.
The oilseed saga is also an example of why some believe Trump's transactional approach to trade talks is unwinding years of careful USA diplomacy. "India gets 150 per cent, we get nothing", he had said.
"Therefore, we recently imposed tariffs on USD 250 billion of Chinese goods and now our Treasury is receiving billions of dollars a month from a country that never gave us a dime", the President told a joint session of the US Congress.
The impact on total USA imports from China in 2018 was "muted", the researchers wrote, largely because of the rush to get ahead of tariffs that it caused on the larger $200 billion list.
"I am also asking you to pass the United States Reciprocal Trade Act, so that if another country places an unfair tariff on an American product, we can charge them the exact same tariff on the same product that they sell to us", Trump said. Yet as he approaches a potential deal, some of the very hawks who have cheered on the president's trade war already fear he may end up falling short.
"I don't think it would be productive to speculate on the outcome because we have a lot of work left to do".
Speaking to reporters in the Oval Office, where he met with China's top negotiator at the close of two days of talks, Trump stressed that U.S. and Chinese negotiators have made "tremendous progress" on a number of tougher issues, including forced technology transfers and intellectual property theft.