China urges sincerity in Sino-US trade talks | #AsiaNewsNetwork

Chinese yuan notes

Chinese yuan notes

China has invited the US delegation to Beijing after the two countries failed to reach a trade agreement in Washington DC this month.

That timeline, which is accelerated compared to previous rounds of tariffs, means the next levies could be ready around the time when Trump is expected to meet Chinese President Xi Jinping at a G20 summit in Japan June 28-29.

"The government is acting very quickly this time to support the domestic high technology industry after Huawei was targeted in the rising trade tension", Wu Kan, an investment manager in Shanghai, told the paper.

Long considered the ballast in a relationship fraught with geopolitical frictions, the US business community in China in recent years has advocated a harder line on what it sees as discriminatory Chinese trade policies.

President Trump, who once declared that trade wars were "good" and "easy to win", has embraced protectionism as part of his "America First" agenda.

Companies in the US are paying nearly all the costs from Donald Trump's tariffs on Chinese imports, International Monetary Fund researchers said in findings that contradict the president's assertions that China is footing the bill. Trump accelerated the war after earlier accusing China of reneging on its commitments in trade talks and ordering new punitive duties on $200 billion worth of Chinese imports by raising them to 25 percent from 10 percent.

"Canada and Mexico may now be able to, and be in a position to, supply the U.S. with some of the steel, aluminum, and/or other goods which tariffs on Chinese imports have made much more expensive, " the researcher explained. An escalating trade war between the us and China could mean higher prices on a broad array of products from toys to clothing.

Trump past year already promised farmers a $12 billion aid package to help mitigate the first wave of Chinese retaliatory measures after Trump slapped tariffs on Chinese imports.

Chagos Islands dispute: United Nations backs end to UK control
The facility was used as a Central Intelligence Agency interrogation centre after the September 11, 2001 attacks. The US, Hungary, Israel, Australia and the Maldives all voted with the United Kingdom against the resolution.

The report concludes what most private economists have argued for months: that China doesn't pay US tariffs, American consumers and companies do.

"This package ensures farmers will not bear the brunt" of the trade wars, Perdue said.

Lu said at a Foreign Ministry news briefing that China has reiterated that its door is always open, but negotiations must be meaningful and conducted with sincerity.

A person briefed on the matter said the United States is considering Huawei-like sanctions on Chinese video surveillance firm Hikvision Digital Technology Co Ltd over Beijing's treatment of its Uighur Muslim minority.

China is seeking to support from some of its Asian neighbors and Russian Federation in its escalating tariff fight with the U.S. Based on last year's trade, that leaves about $45 billion in imports from the U.S.

Meanwhile, China's Ambassador to the United States Cui Tiankai on Tuesday blamed the United States for the collapse of trade talks.

According to a separate report Thursday from researchers at the Federal Reserve Bank of NY, the U.S.'s 15 percentage-point increase in tariffs will result in an annual cost of $831 per American household, about double the bill on Trump's 2018 tariffs.

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