Monday, 16 September, 2019

China mum on Trump-Xi meeting as Huawei sales slow

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"I think that's one of the reasons that GDP was so high in the first quarter, because of the tariffs that we've taken in from China", he said.

Speaking to reporters on the sidelines of a meeting of G20 finance ministers and central bank chiefs, Washington's top finance official warned that Washington would press on with tariffs if a deal could not be reached.

US President Donald Trump has threatened to slap tariffs on another $300 billion of Chinese exports to the United States if China's leader Xi Jinping doesn't meet him at the G20 in Japan.

The two sides were "about 90 percent home" on a "great deal" when the talks fell apart a month ago, Kudlow said. Those agreements, however, are only papering over the cracks - China is facing monumental economic challenges, and is utterly unable to compete with the booming USA economy or cope with 25 percent tariffs on $250 billion worth of their exports into the vast consumer markets of America.

"China does not want to fight a trade war, but we are not afraid of fighting a trade war", Foreign Ministry spokesperson Geng Shuang said on Tuesday, echoingformer statements that Beijing would not shy away from a fight with the U.S.

Companies manufacturing products in China, he predicted, would soon begin moving to the USA - including automaker General Motors.

Trump has repeatedly claimed that tariffs are a key tool of negotiations, pointing to his most recent trade scuffle with Mexico.

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Trump has alleged that Chinese companies steal USA technology and objected to technology transfers that stem from from rules requiring many foreign companies to create a joint venture with Chinese businesses if they want to operate in the country.

"I think he will go and I think we're scheduled to have a meeting".

"China will subsidise their product because they want to keep people working".

White House economic adviser Larry Kudlow told CNBC on yesterday that Trump is hoping to "pick up where we left off" in the talks with Xi. "The prospects for even a temporary and limited ceasefire have dissipated and a prolonged period of trade and broader economic tensions between the two countries seems on the cards".

Those collapsed last month after Trump accused China of reneging on parts of the agreement, leading to an increase in tariffs and stronger actions against Huawei.

Xi and Trump met past year in Buenos Aires and broke a prior impasse in trade talks.

For More on U.S. The president has pushed for greater protection of intellectual property, and although China fast-tracked a new law to protect foreign investors in March, the changes have not placated Trump. Japanese and South Korean tech giants have also joined the Americans in black listing Huawei and other Chinese companies in an all out war against China. We want to get along with China, but we had no choice. And China ate our country alive during Obama and Biden.