Published: Wed, February 06, 2019
Money | By Ralph Mccoy

Trump avoids tech in State of the Union address

Trump avoids tech in State of the Union address

"I don't think it would be productive to speculate on the outcome because we have a lot of work left to do".

The Chinese side agreed last week at a meeting with representatives of the United States in Washington to include issues related to hacker attacks on U.S. companies in the list of topics for discussion at the trade negotiations, The Wall Street Journal reported citing a source at the USA presidential administration. But if no deal is reached by March 1, US duty rates on $200 billion in Chinese goods are due to rise to 25 percent from 10 percent.

Dow Jones also said that China has agreed to widen the trade discussions to include cyber hacking and that U.S. President Donald Trump had not yet decided whether to meet with Chinese President Xi Jinping on the trade dispute. -China trade war stands to benefit from their stand-off the United Nations said on Monday, suggesting others could cash in instead, with the European Union possibly winning big. But the trade war will also have a number of negative effects on global trade, especially within certain markets.

"Therefore, we recently imposed tariffs on USD 250 billion of Chinese goods - and now our treasury is receiving billions of dollars a month from a country that never gave us a dime". The 10 percent tariffs are set to climb to 25 percent unless there is significant headway on a trade deal by March 1. But the Obama administration and others before it, Sheets said, declined the offers of state-directed purchases in favor of urging China needed to move "away from central planning".

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In a new study, economists at the Institute of International Finance found 25 percent tariffs imposed last summer on a $50 billion list of more than 1,000 products ranging from electric cars to industrial seals and medical imaging machines reduced both the value and volume of those products imported from China.

The UN Conference on Trade and Development (Unctad) has warned that there will be huge costs if the trade war escalates. "China trade. Japan, Mexico and Canada will capture over $20 billion each".

Although these figures don't represent a large slice of global trade - which was worth about $17 trillion in 2017 - for many countries they make up a substantial share of exports.

The talks have centred on addressing USA demands for deep structural changes to China's economic and trade policies, including new protections for US intellectual property, ending forced technology transfers, reining in China's subsidies for state industries and increasing Chinese purchases of USA farm, energy and manufactured products. "One major concern is the risk that trade tensions could spiral into currency wars, making dollar-denominated debt more hard to service", the report added. Tariffs on American soybeans prompted Chinese importers to switch to Brazilian suppliers past year.

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