China mum on Trump-Xi meeting as Huawei says sales slowing
Jun 12 2019
And you know what, it's not fair.
"We're in a new kind of cold war with China ... the USA can not back down", Moore said.
President Trump vowed Tuesday that, during his presidency, he will prevent China from ripping off the United States. "Because now they respect us, they didn't even respect us", Trump said.
When asked if he viewed Chinese telecom giant Huawei as a national security threat or leverage in trade negotiations with China, Trump said it could be both. Those agreements, however, are only papering over the cracks - China is facing monumental economic challenges, and is utterly unable to compete with the booming US economy or cope with 25 percent tariffs on $250 billion worth of their exports into the vast consumer markets of America. While the stimulus appears to have succeeded in temporarily arresting the freefall, China's authoritarian government has a habit of manipulating official economic data, and experts say there are signs that recent figures have been artificially inflated as companies "front-load" exports in anticipation of new tariffs.
"We're expected to meet and if we do that's fine, and if we don't - look, from our standpoint the best deal we can have is 25% on $600bn".
After calling off tariffs on Mexico, President Trump has now threatened to impose tariffs on an additional $300 billion of Chinese imports to the United States, should Chinese President Xi Jinping not meet with him at the G-20 Summit later this month.
"China is a major competitor, and right now China wants to make a great deal very badly", he said. "China wanted to go backwards on certain things". Trump believes that the US-China trade deal "is going to work out", as his tariffs are hurting the Chinese economy. US officials have accused Chinese technology companies such as Huawei of stealing trade secrets and threatening cybersecurity - possibly at the behest of the ruling Communist Party.
Twitter reactions to the possible hint at a new USA trade war target were not long in coming, with some noting the tariffs would have to be applied to the European Union bloc, while others mocked the very idea.
On Sunday, International Monetary Fund managing director Christine Lagarde said resolving the current trade tensions should be the top priority for G20 economies. Between them, these nations represent roughly 86 percent of the global economy.
"China. will never allow certain countries to use China's technology to contain China's development and suppress Chinese enterprise", the main state-run newspaper declared. Furthermore, this episode may have the negative long-term effect of strengthening China's confidence that it will prevail in future bilateral tests of will.
He responded saying his tariffs are a way of rebalancing trade with China, and the US has all the leverage to get China to make a deal.
The United States is seeking sweeping changes, including an end to forced technology transfers and theft of U.S. trade secrets.
Trump said concerns over Huawei could be dealt with in a new trade deal.