Daily Management Review

No Breakthrough In U.S.-China Trade Talks Even As New Tariffs Are Imposed


08/25/2018




No Breakthrough In U.S.-China Trade Talks Even As New Tariffs Are Imposed
The talks on trade between the US and China did not yield any results even as the trade war escalated with each country implementing new tariffs on each other’s goods worth $16 billion.
 
“We concluded two days of discussions with counterparts from China and exchanged views on how to achieve fairness, balance, and reciprocity in the economic relationship,” White House spokeswoman Lindsay Walters said in a brief emailed statement.
 
Walters said that the talks included “addressing structural issues in China,” which included that Chinese policies on intellectual property and technology transfer. She added that the heads of their agencies would be briefed about the discussions by the mid-level Trump administration officials who were in the talks.
 
The talks were not derailed by the implementation of the latest 25 percent tariffs on Thursday. The talks were led by Chinese Commerce Vice Minister Wang Shouwen and U.S. Treasury Under Secretary David Malpass. This meeting was the first face-to-face U.S.-China meetings since early June. The aim of the meeting was to find out a path to stop the escalating trade ware between the two countries.  
 
A lot is still left to be done by China to address the US concerns related to the theft of U.S. intellectual property and industrial subsidies and therefore not much could be expecte3d of the talks, a senior Trump administration official said earlier.
 
“In order for us to get a positive result out of these engagements, it’s really critical that they (China) address the fundamental concerns that we have raised,” the official said on a press call on the new U.S. security review law for foreign acquisitions. “We haven’t seen that yet, but we are going to continue to encourage them to address problems that we have raised.”
 
Both sides had a “constructive” and “candid” exchange ion the issue of trade disputes and the two parties would stay in touch on the next steps, said the Chinese commerce ministry in a brief statement on Friday.
 
A complaint with the World Trade Organization has been filed by China against the latest round of US tariffs, said China’s Commerce Ministry said in Beijing. With the latest round of tariffs by the two countries, the total worth of goods that are now tariffed by each other is $50 billion. Both the countries have also threatened to impose tariffs on the rest of the products in their bilateral trade. This has raised concerns that global economic growth could be dented. 
 
There is division among the various officials of the Trump administration about the best way to pressure Beijing but White House apparently believes that it now has an upper hand in the trade war with China because of the slowing of the Chinese economy and the tumbling of its stock market.
 
According to estimates of economists, there can be a drop of about 0.5 per cent in global trade for tariffs on every import worth $100 billion,
 
(Source:www.reuters.com)






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