USA and China to hold trade talks in Beijing next week

07 January, 2019, 07:39 | Author: Sue Mclaughlin
  • US manufacturers say Trump tariffs will bring higher prices, not more jobs

They range from President Donald Trump's insistence that China buy more USA products to widespread assertions that Beijing steals trade secrets from foreign companies operating in China.

Apple on Wednesday significantly lowered its sales forecast for the recent quarter. An escalating trade war would make the situation even worse. Instead of seeing this as a healthy sign that US consumers are flush enough to purchase goods from the country, Trump looked at the figures as though they were on the scoreboard at a stadium and took them to be a sign that the USA was losing to China in some sort of contest. A report in March by the U.S. Trade Representative accused China of hacking into U.S. companies' computer networks to steal secrets and coercing American companies to hand over technology as the price of admission to the Chinese market.

A team led by Deputy US Trade Representative Jeffrey Gerrish will come to China to have "positive and constructive discussions" with Chinese counterparts.

"There is an inconsistency between the USA acting as a locomotive for the world and the objective of the Trump administration's policy to reduce the trade deficit". In practice, it raises the price that US consumers will pay for certain goods.

"We know what sort of changes we need", White House economic adviser Larry Kudlow said in an interview with Fox Business on Friday. Growth is expected by the government to have eased to around 6.5 percent in 2018, down from 6.9 percent in 2017.

Third-quarter US growth was 3.4 percent and unemployment is at a five-decade low.

Chinese manufacturers are also getting squeezed by the trade war.

China's economy has lost momentum in the previous year as the governmenthas tried to curb risky lending. That news that helped boost global markets.

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On top of concerns about collateral damage from the U.S. It has also helped spark severe volatility in the US stock market and a months-long selloff that analysts said signaled worries over a pending recession.

Shares of Apple rebounded on Friday after a 10 percent nosedive on Thursday on the revenue warning.

Asian markets rebounded Friday on hopes that upcoming trade talks between the USA and China will calm a trade dispute that has rattled global markets.

The talks add to signs that the world's two largest economies are looking for a way to cool trade tensions.

Last year, China and the USA imposed tariffs on more than $300bn (£237bn) worth of each other's goods.

"It's not going to be just Apple", Hassett, the chairman of the Council of Economic Advisers, said.

Factory activity weakened across much of Europe and Asia in December as the U.S.

China's economy is slowing.

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