Wednesday , March 3 2021

White House collects doubt about the G20 agreement to resolve China's trade war



The highest economic adviser of the White House puts doubt about the possibility of resting in the rising trading war with China, saying that discussions in the earlier period to a very high conference this week have made any progress and a new round of tariffs is likely .

Larry Kudlow, director of the US National Economic Council, said she was up to Chinese President Xi Jinping to "step up and find new ideas" to break the game at the Friday G20 conference in Argentina , where he is supposed to meet US President Donald Trump.

"We can not find a lot of change in their approach," said Mr Kudlow to reporters. "Presiding Officer Xi may have much more to say in the two sides [with Mr Trump], I hope he's doing the way, I think we all hope it. . . but at the moment we do not see it. "

Mr Kudlow's warning comes the day after Mr Trump hit poor towards Beijing, telling Wall Street Journal on Monday that he was ready to set prices for another $ 267bn of Chinese imports if no deal was received with Mr Xi. He also said it was "very unlikely" that the US would continue to increase the rate of tariffs currently in operation at $ 200 billion Chinese goods from 10 per cent to 25 percent , as planned on January 1.

Economists have warned that the obvious arguments in Buenos Aires will have a significant impact on the global economy, with fears that increasing trade tensions could increase the growth of dental in the world's largest economies and cause more damage to financial markets, which have Campaigns are recently wild in part on fears over the tariff brinkmanship.

However, the path to a possible bargain remains unclear. The US has been demanding Beijing to buy more American products to reduce the trade gap between the countries. It has also been demanding Beijing ties down alleged intellectual property robbery and the transfer of compulsory technology, issues of increasing concern among US business officers as well as economic and security officers.

Chinese officials see many US requests unrealistic, and based on the assumption that Beijing should give its ultimate ambition for a stronger, higher economy. They also insist that they are moving towards further opening their economy.

Liu He, influential Chinese sub-government, reaffirmed Beijing's claim that he had moved to open into foreign investment, saying that there were restrictions on market access for foreign banks, cutting asset managers and insurers have been mitigated and that measures Similarly available for specific manufacturing sectors such as autos, shipping and aircraft.

Speaking in Hamburg, Mr Liu said that Chinese leaders also "accelerated" the opening of the telecommunications, education, medical services and culture sectors.

"The development of a Chinese economy in the future can only be guaranteed on an even more open basis," said Mr Liu. "The opening of the door of China will be open even more widely."

But Mr Kudlow, who is considered a US official who is most open to a compromise with Beijing, said that a little Chinese nature had appeared in the trade negotiations.

"[The Chinese] they have to do more, they have to do more, I think the president is right to show a strong backbone. . .[to]breaking through these Chinese walls, "said Mr. Kudlow." They are so resistant to change: we have to protect our country, that's all. We have to protect our technology, our ingenuity, our innovation, "he added.

Mr Liu, who has been a major part of Beijing's efforts to solve US-China trade differences, has promised improvements to protect the intellectual property rights of overseas companies in China – a key demand in the United States.

"In strengthening the IPR defense, we understand that this is an area of ​​special interest for foreign friends," he says, listing several measures as the law of reformed patents and more stringent penalties for offenders expected to "improve IPR protection is great ".


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