Economy

US, China Mull Deal to Ease Tariffs in Exchange for Trade Talks

US, China Mull Deal to Ease Tariffs in Exchange for Trade Talks

CEO Tim Cook has said he has told US officials that tariffs hurt people and economic growth by raising prices on goods.

US Trade Representative Robert Lighthizer on Wednesday slammed Beijing for failing to offer "meaningful reform" on aggressive trade policies that harm US workers and industry, and threatened tariffs on Chinese autos. He'll be meeting with Chinese President Xi Jinping this week, but if the talks don't net the results he wants, Trump has indicated that new tariffs are on the way for all other Chinese products. "I am open to making a deal but frankly I like the deal that we have right now", the president said. A 10 per cent tariff on US$200b of those goods is due to rise to 25 per cent on January 1. But based on the tenor of the previous remarks, that comment seemed more geared to an eventual, hypothetical future, not a prediction pegged to the G-20 meeting.

Stock rallies across Asia spread to European indexes and United States futures on Wednesday as investors took comfort from some reassuring words about trade by one of President Donald Trump's closest advisors.

The monthly goods deficit grew by $1 billion in October, according to a US Census report released Wednesday. "We're creating tremendous numbers of jobs".

Xi said he was "very happy" to talk to Trump again.

WA steer stands at nearly 2 metres and weighs 1.4 tonnes
At 194 centimetres high, WA-born steer Knickers is believed to be the tallest in Australia - and one of the tallest in the world. Standing 194cm tall and weighing 1.4 tonnes, the seven-year-old Holstein Friesian is unofficially Australia's biggest steer .

Trump wants the European Union and Japan to buy more American-made vehicles.

"Xi Jinping is under extreme pressure to get a deal with Trump, so I think the Chinese will make some concessions", Dr. Willy Wo-lap Lam, an adjunct professor at the Chinese University of Hong Kong and a leading expert on Chinese elite politics, told ABC News, referring to the weight placed on Xi by senior party officials.

"They have to open up China to the United States".

"I will highlight the need for reformed multilateralism which reflects the contemporary realities and can effectively strengthen collective action for global good", he said. "And if it's not made, we will be taking in billions and billions of dollars".

Trump has used particularly strong language to describe US-China relations."We can't continue to allow China to rape our country, and that's what they're doing".

Signs with nooses refer to Mississippi lynchings
President Donald Trump said he had spoken to Hyde-Smith about the lynching comment and said she felt "very badly". Other than the blond hair, when I was growing up they said I looked like Elvis. "Please vote tomorrow", he said.

A Reuters poll on Wednesday showed China's factories likely struggled to grow for a second straight month in November as cooling demand at home and the threat of higher USA tariffs stifled new orders.

"The Trump administration's view of multilateralism and of these sorts of institutions ... from the start has been a very skeptical view", he said. For one thing, China is not keen to upend its entire government-centered development strategy simply to please Trump. And in the renegotiated North American Free Trade Agreement, now called the U.S. -Mexico-Canada Agreement, countries drew up what's called a side-letter on autos to address the issue separately.

"It would be hard to argue that (China) has behaved fairly in its trade practices", said Florida Democratic Rep. Stephanie Murphy this week at an S&P Global event in NY.

Markets are hoping a deal can be reached before the end of the year, when USA duty rates are due to increase significantly.

President Donald Trump is suggesting he may cancel his planned sit-down this weekend with Russian President Vladimir Putin over Russia's seizure of three Ukrainian naval ships Sunday.

Browns' Offense Erupts for 35 Points in Commanding Victory Over Bengals
That's just somebody that's in our locker room asking for us to play for him and then goes to a different team we play twice a year".

The Chinese leader has made similar promises before with little follow-through, drawing the ire of foreign businesses located in China.


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