Published: Fri, September 14, 2018
Money | By Ralph Mccoy

China says world trade system not flawless, needs reform

China says world trade system not flawless, needs reform

The United States and China have so far slapped tariffs of 25% on more than $50 billion worth of each other's exports and more are in the pipeline.

"The Wall Street Journal has it wrong, we are under no pressure to make a deal with China, they are under pressure to make a deal with us".

"There's some discussions and information that we received that the Chinese government - the top of the Chinese government wished to pursue talks", Mr Kudlow said.

"The White House has threatened to fire the next barrage of tariffs at $200 billion more Chinese goods, expecting with this onslaught, or subsequent ones, China will wave a white flag", he said.

The current world trade system is not flawless and China supports reforms to it, including to the World Trade Organization, to make it fairer and more effective, Beijing's top diplomat said.

Two-thirds of American companies that responded to a survey said they have suffered lost sales or lower profits due to that increase, two chambers of commerce reported Thursday.

"Secretary Mnuchin who is the team leader with China has apparently issued an invitation", Kudlow told Fox Business Network.

The trade war has already contributed to sell-offs in China's stock markets and currency.

Farmers felt the pain when China targeted them with retaliatory tariffs, cutting off a major market for USA agriculture exports.

"The aim of reform should be to allow countries to enjoy the development fruits of globalization more fairly, not to further widen the differences between south and north", Wang said.

Roughly three-in-four firms surveyed said duties on an additional $200-billion worth of Chinese goods would hurt business further, and close to 70 per cent said additional retaliatory Chinese tariffs would be bad for business.

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So far, the United States and China have hit $50 billion worth of each other's goods with tariffs in a dispute over USA demands that China make sweeping economic policy changes, including ending joint venture and technology transfer policies, rolling back industrial subsidy programs and better protecting American intellectual property.

"I think most of us think it's better to talk than not to talk, and I think the Chinese government is willing to talk", Kudlow said. The business lobby urged Washington to reconsider its approach.

But Kudlow was non-committal over the chances of a breakthrough, adding: "I guarantee nothing".

"We have indeed received an invitation from the USA side".

U.S. President Donald Trump last week said that in addition to preparing tariffs on another $200 billion worth of goods, he had tariffs on another $267 billion worth of goods "ready to on short notice if I want".

In recent meetings with cabinet-level Chinese officials, USCBC representatives were told that licensing won't resume "until the trajectory of the U.S".

Such a meeting could take place in Washington or Beijing, though the timing is unclear, according to informed sources.

The Journal reported that the USA reached out because of political pressure on Trump to ease up on trade fights ahead of November's midterm elections.

AmCham's survey results come a day after more than 60 USA industry groups launched a coalition called Americans For Free Trade, which aims to halt the White House's proposed tariffs.

Some 63.6 percent of more than 430 companies that responded to the American chambers' survey said profits and customer demand have fallen due to the US tariffs and 62.5 percent said the same about retaliatory Chinese tariffs. "By doing so, they can both ease the anxiety of American society and gradually collapse the will of the Chinese side", the newspaper said in an editorial on Thursday.

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