No Agreement On Trade In Latest Round Of US-China Talks

The latest round of talks between trade representatives of China and the United States ended in Washington without any breakthrough even as the Trump administration announced increase of the already existing tariffs on $200 billion of Chinese goods imported into the US.

According to reports, optimism in the administrations of the two countries about a roll back of the tariffs would be possible after the talks on Friday was very low.

On the contrary, US president Donald Trump posted in favor of the increased tariffs on Twitter saying that they would ultimately be beneficial for the country.

“Tariffs will make our Country MUCH STRONGER, not weaker. Just sit back and watch!” he wrote. “In the meantime, China should not renegotiate deals with the U.S. at the last minute.”

That tweet signified that Trump was not paying attention to concerns expressed by businesses and Republican allies about the potential threat to the US economic growth because of additional tariffs. It should be noted that economic growth is one of the key poll issues that Trump would be relying upon when he goes to people for the forthcoming reelection bid next year.

The process of adding tariffs on “essentially all remaining imports from China” had been initiated, said US officials on Friday which amounted to additional tariffs on another $300 billion worth of imported Chinese products which would include consumer items that were not included in the first round such as electronics and toys.

iPhones, toys and shoes would be made more expensive because of the new tariffs from Trump.

A day before, Trump said that he was willing to go even further while talking about the increased tariffs and threatened to bring al Chinese imported goods under the new tariff regimen. And pursuing his hard line stance in the trade negotiations with China, trump tweeted on Friday that any of his potential Democratic rivals would have crumpled in a similar situation.

The last Beijing round of talks proved to be an impediment to the progress that was being made in the trade negotiations between the US and China. After returning to Washington with reported assurances and promised from their Chinese counterparts, the trade representative who went to Bei9jing for the talks were surprised when later China reportedly backtracked on the commitments that it had made to them.

Such promises included an agreement by China to the codification into law certain changes in its economic practices which has been a sticking point and a major demand of eth US and which the US negotiators had believed were settled between them

He’d received a letter from his counterpart advocating for continued talks. Said Trump on Thursday referring to the Chinese president Xi Jinping. “Let’s work together, let’s see if we can get something done,” Trump said of Xi’s message.

US expects that China would respond to the increased tariffs which went into effect at midnight in the coming days.

“In the meantime we will continue to negotiate with China in the hopes that they do not again try to redo deal!” Trump tweeted Friday morning. He however also noted that the talks had been “congenial.” He added that there is “absolutely no need to rush.”

(Adapted from CNN.com)

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Categories: Economy & Finance, Geopolitics, Regulations & Legal, Strategy, Sustainability, Uncategorized

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