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Trump sees China trade deal

10 April 2018

Xi promised to cut auto import taxes, open China's markets further and improve conditions for foreign companies in a speech Tuesday that called for global cooperation against a backdrop of a spiraling dispute with Washington over trade and technology. "Taxes will become Reciprocal & a deal will be made on Intellectual Property".

China has denied American accusations of unfair trade practices and vowed to retaliate if the USA follows through on plans to put tariffs on Chinese goods, claims that have roiled global markets over fears that prices will rise and demand will slow worldwide.

Trump said at a cabinet meeting that he hopes to work out a trade deal with China and that if Chinese leaders push for policies that hurt American farmers, he will "make it up to" the farmers.

Speaking to Chinese and foreign businesspeople, Xi didn't mention Trump or their dispute.

He added that he and China's President Xi Jinping "will always be friends, no matter what happens with our dispute on trade".

Mr Trump has threatened to raise tariffs on Chinese goods worth $50bn (€40bn) in response to complaints Beijing pressures foreign companies to hand over technology in violation of its market-opening pledges.

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Trump told advisers last week that he was unhappy with China's decision to tax $50 billion in American products, including soybeans and small aircraft, in response to a US move to impose tariffs on $50 billion in Chinese goods.

Trump said in a tweet on Sunday that China will remove trade barriers as that was the "right thing to do". The speech was free of the nationalist bluster that increasingly marks Chinese official statements and repeatedly called for global cooperation. Mr. Xi has sought to bulk up state-run companies and kept China's internet isolated behind its Great Firewall.

Of note, Xi told the forum that globalisation is an irreversible trend, adding that China will do its part by taking major measures to open up its economy as soon as possible and widen market access to foreign-funded firms.

"We encourage normal technological exchanges and cooperation between Chinese and foreign enterprise and protect the lawful [intellectual property] owned by foreign enterprises in China", he said. The U.S.is losing $500 Billion a year, and has been losing Billions of Dollars for decades. "We want 'em to guard intellectual property, not take it from us".

The dispute is likely to end "with a concession from China", said Larry Hu of Macquarie Group in a report.

"We'll open up the economy according to our own pace", he said. The U.S. hasn't said when the duties will take effect.

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If that fails, Beijing can ask for a ruling from a WTO panel of experts. The U.S. bought more than $500 billion in goods from China previous year and now is planning or considering penalties on some $150 billion of those imports.

But he said the White House is willing to negotiate and is in regular contact with Chinese officials.

Xi gave no details on how those conditions might change, leaving it unclear whether that might mollify Washington.

Commerce Secretary Wilbur Ross on Monday said the USA will no longer tolerate trade practices that it considers unfair.

The United States and China have long criticized each other over trade, but the stakes have grown over the past month.

The move prompted Trump last week to threaten tariffs on an additional $100 billion in Chinese goods, which have yet to be identified. Then answered, "No, it sounds like STUPID TRADE".

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Trump sees China trade deal