Tuesday, 23 April, 2019

In Standoff With China, Trump Opts for Platitudes Over Policy

Tentative agreement between China-US got rejected overnight says Cui China Tells the U.S. to Stop Criticizing Beijing's Policies
Ginger Lawrence | 11 October, 2018, 13:18

In response, Beijing announced it would impose tariffs of 5 to 10 per cent on an additional US$60 billion of United States goods, including meat and liquefied natural gas, and cancelled a planned delegation visit to Washington.

US Secretary of State Mike Pompeo faced a testy exchange with his Chinese counterpart in Beijing on Monday (Oct 8), days after a blistering US denunciation of the Asian power's global and domestic policies.

US President Donald Trump has said that China is not ready for a trade deal with the US and reiterated he was prepared to levy further tariffs against Beijing. But Cui said the U.S. needed to clarify what it wanted.

Separately, US Treasury secretary Steven Mnuchin said that his department continues to monitor China's actions with regards to its currency, the renminbi.

"The US should not underestimate China's resolve and will".

"We can't have a one-way street". It's been a one-way street for 25 years. "We've got to benefit also, OK?" said the president during his farewell meeting with Nikki Haley, the United States ambassador to the UN who announced her resignation yesterday.

"These actions have affected the mutual trust between both sides, and has cast a shadow over the prospect of China-US relations, which completely go against the interest of our two peoples", Wang said.

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Recently, as the U.S. side has been constantly escalating trade friction towards China, it has also adopted a series of actions on issues like Taiwan that harm China's rights, and has made groundless criticism of China's domestic and foreign policies. We've got to make it a two-way street. We demand that the United States side stop this kind of misguided action.

Alongside increasing tariffs, communications between the two sides have become more and more strained in recent weeks.

I know it's considered bad manners to bring data into an economic debate, but after seeing numerous stories telling us how bad China's economy has been hit by Trump's tariffs (e.g. this NYT piece), I thought it was worth looking at the numbers.

"We have grave concerns about the actions that China has taken, and I look forward to having the opportunity to discuss each of those today because this is an incredibly important relationship", he added.

"We are going to absolutely want to make sure that as part of any trade understanding we come to that currency has to be part of that".

Wang and Pompeo met after US Vice President Mike Pence delivered a searing speech on Thursday accusing China of military aggression, commercial theft and rising human rights violations as he cast the Communist regime as a villain bent on interfering in upcoming US elections.

In August, he claimed that Beijing is a "currency manipulator."