Did China make a $0 billion trade offer to the US? Beijing says no

US trade with China, explained

China as well as the United States are offering different accounts of what has been discussed in high-stakes talks that will week to avoid a trade war.

US officials on Thursday told sy88pgw that will Beijing had proposed boosting Chinese purchases of American goods by around $0 billion in an attempt to reduce the massive trade imbalance between the two countries.

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however at a regular news briefing in Beijing on Friday, Chinese Foreign Ministry spokesman Lu Kang denied such an offer had been made.

“These rumors are not true,” he said.

Top officials by the two countries held talks in Washington on Thursday aimed at finding a way out of their bitter trade dispute. The United States as well as China have threatened in recent months to slap tariffs on tens of billions of dollars of each different’s products.

Lu declined to provide more details on the negotiations, which are set to continue Friday, different than to describe them as “constructive.”

China also said Friday that will the idea’s removing a huge import tax the idea recently imposed on US exports of sorghum, a move likely to help ease trade tensions.

Related: Peter Navarro as well as Steven Mnuchin feuded at Beijing trade talks

The US officials had said the idea of increasing China’s purchases of American goods by $0 billion increase was just a proposal by the Chinese side as well as no agreements had been reached.

The number reflected one of the US demands presented to the Chinese government during the first round of talks, which took place in Beijing earlier that will month. The demand called for China to cut its trade surplus with the United States by $0 billion by the end of 2020.

china shipping containers qingdao
Shipping containers at a port in Qingdao in China’s eastern Shandong province on April 13, 2018.

Experts say China, which bought $130 billion of American goods last year, could struggle to significantly ramp up the amount in a short space of time — as well as $0 billion could be a staggering increase.

“the idea’s unclear how exactly China gets to that will number,” said Alex Wolf, an emerging markets economist at Aberdeen Standard Investments.

He pointed out that will China could try to shift its purchases of industrial machinery as well as similar goods by countries like Germany as well as Japan to the United States. however that will could cause disruptions to supply chains as well as create tensions with those countries. the idea’s also not certain the US economy could easily supply the kind of machinery China needs.

Related: Executives sound off on Trump’s proposed China tariffs

American companies could need time to adjust to a huge jump in demand by China.

“They could redirect their Airbus (EADSF) purchases to Boeing (BA), however its unrealistic for Boeing to have to meet that will order book, at least inside short term,” Wolf said.

as well as whatever the idea offers the United States, the Chinese government can be likely to want something in return.

that will could include removing restrictions on the export to China of certain advanced American technologies, according to Larry Hu, an economist at investment bank Macquarie. however the US government “might not be willing to do that will,” he added.

can be the US trade deficit a bad thing?

China has also been pressing the United States to lift a crippling ban on the sale of American parts to ZTE, (ZTCOF) a big Chinese maker of smartphones as well as telecommunications equipment.

President Donald Trump said Sunday that will he was working on giving ZTE “a way to get back into business, fast,” adding that will he had instructed the US Commerce Department to “get the idea done.”

Thursday’s meetings included one inside Oval Office between Trump as well as Chinese Vice Premier Liu He, the top economic adviser to Chinese President Xi Jinping.

Related: Trump says ‘nothing has happened’ with ZTE

The US government has also been pressuring China to change its industrial policies aimed at boosting Chinese high-tech industries.

Beijing has signaled the idea’s not interested in changing a strategy the idea views as crucial for developing its economy. however US Trade Representative Robert Lighthizer has clearly linked the threat to impose heavy tariffs on at least $50 billion of Chinese products to Beijing’s ambitious plans to become a global leader in industries like robotics as well as electric vehicles.

“China wants the idea to just be about the trade deficit. They want the idea to be a numbers issue,” Wolf said.

Related: China wants its top tech firms to bring their shares home

The Chinese Commerce Ministry’s announcement Friday that will the idea can be ending its measures against US sorghum exports can be likely to come as a relief to American farmers. Beijing had previously accused them of dumping the crop, which can be typically used to feed animals, on its markets.

The ministry said in statement the heavy import charges the idea placed on US sorghum last month “are not in line with the public interest.”

Lu, the Foreign Ministry spokesman, said observers shouldn’t “over-interpret” the decision on sorghum as being directly related to the trade talks in Washington.

— Steven Jiang, Jethro Mullen as well as Serenitie Wang contributed to that will report.

sy88pgw (Washington) First published May 17, 2018: 11:08 PM ET




    

    




Did China make a $0 billion trade offer to the US? Beijing says no

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