China renews pledge to 'fight back' in trade row with the US

MONEY & MARKETS: China's President Xi moved to ease concerns about global trade — and financial markets love it

China's Xi promises to cut auto import tariff, warns against 'Cold War' mentality

China has already slapped tariffs on 128 USA products, including wine and pork, totalling to Dollars 3 billion in retaliation to Trump's move to impose tariffs on steel and aluminium. He made some indirect swipes at the USA when he said that we should put aside "Cold War mentality" and not view trade as a "zero-sum game".

A commentary in the official People's Daily after the speech said Beijing would never open at the expense of its interests - a signal that it would continue supporting "Made in China 2025". China also reportedly offered to open up financial services more rapidly and to give US firms access to the rapidly growing e-commerce market in China.

The dust-up suggests that the trade dispute won't be resolved quickly, despite Trump's optimistic tweets and Xi's conciliatory address to a regional economic forum Tuesday.

Trump tweeted on Tuesday that he is "very thankful for President Xi of China's kind words on tariffs and automobile barriers".

Washington charges that Chinese companies steal the trade secrets of American companies and force them into joint ventures to get hold of their technology, an issue that is at the center of Trump's current tariff threats.

Trump has signed off on duties on $50 billion of Chinese imports which are due to take effect later this year, and he threatened to retaliate with tariffs on another $100 billion in Chinese goods, after Beijing said it would target U.S. agricultural goods among other items. "It is about the US not showing sincerity at all", Gao said. "Xi's bland and generic commitments on IP protection fell short of what would have been a true gamechanger".

Global stock markets recovered their poise Thursday and the price of oil came off three-year highs as investors digested U.S. President Donald Trump's defiant comments on the Middle East conflict.

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Analysts have cautioned that any Chinese concessions on autos, while welcome, would be a relatively easy win for China to offer the United States, as plans for opening that sector had been under way well before Trump took office.

Countries around the world should shoulder their responsibilities for global development, and expand cooperation to promote the building of a community with a shared future for humanity, Chinese President Xi Jinping said Wednesday. Trump is demanding Beijing take steps to narrow its trade deficit with the USA, which Washington says stood at a record $375.2 billion a year ago.

Chinese officials deny such charges, and responded within hours of Trump's announcement of tariffs with their own proposed commensurate duties.

But the sudden spike in trade tensions with the United States is clouding the outlook for both China's "old economy" heavy industries and "new economy" tech firms alike.

Trump is critical of what he sees as unfair automobile trade.

In 2017, the value of announced foreign direct investment deals from China into the United States plummeted by more than 90 percent from the year before, while much of the money that continued to flow into America was carryover from 2016 deals, the report said. "I think the time is gradually coming for China and the United States to negotiate".

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