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China's Xi promises to lower tariffs

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US / China Trade War or Tit for Tat?

Pledges on autos and IP were accompanied by a promise to push through reforms in the financial services industry, which would open up to more foreign participation - reforms first announced past year.

"President Xi and I will always be friends, no matter what happens with our dispute on trade", Trump tweeted Sunday. "No, it sounds like STUPID TRADE - going on for years!"

"In a world aspiring for peace and development, the Cold War and zero-sum mentality look even more out of place".

During an eagerly awaited speech at a development conference on the tropical Chinese island of Hainan, Xi billed the planned cut in vehicle tariffs and a series of other measures as "a new phase of opening up."But numerous steps he outlined are ones Beijing has already proposed in some form". -China trade tariffs, and many have come to an unexpected conclusion: the United States' tariffs might end up being beneficial to the Chinese economy.

Russian assets extended Monday's slide as investors digested the new round of US sanctions targeting the country's tycoons. It also announced extra tariffs on 106 USA products last week, although no start date was given for those measures. The expert stresses that some sectors of the USA economy could benefit from the battle of tariffs, even if the majority lose.

Those factors also left the speech falling short of its billing by Chinese officials, who had said Mr. Xi would offer up important policy changes in suitable commemoration of the launch of China's market-oriented reforms 40 years ago by former leader Deng Xiaoping.

Trump, in light of what he called China's "unfair retaliation" against earlier United States trade actions, had upped the ante on Thursday by ordering U.S. officials to identify extra tariffs, escalating a tit-for-tat confrontation with potentially damaging consequences for the world's two biggest economies. "But from an economic and financial perspective, the iPhone is a USA product, and the United States benefits the most from it", the report said.

Federal Reserve Bank of Dallas President Robert Kaplan said Tuesday that trade issues between the US and China won't get resolved soon and warned of potential damage if the dispute is prolonged.

But will President Trump see President Xi's conciliatory speech as a sign that he's won some concessions for the USA side?

Later, in Monday's (Apr. 9) White House press briefing, press secretary Sarah Sanders was challenged with having to explain what the POTUS meant in his response about farmers and making it up to them. These are the people who feed the USA and many countries beyond.

Navarro alleged that China's reaction to Trump's "legitimate" defence of the American homeland had been "a Great Wall of denial" - despite incontrovertible evidence of Beijing's "illicit and protectionist" behaviour.

The two countries have threatened each other with tens of billions of dollars' worth of tariffs in recent days and Chinese officials have said this is not the time for negotiations.

Mr Xi made no specific references to the ongoing spat with the Washington which has seen both sides announce tit-for-tat plans to slap tariffs on imports.

The week started with China imposing $3 billion of tariffs on United States fruits, nuts, wine and pork, and rapidly escalated to threats that could seriously curtail hundreds of billions of dollars in trade between the world's two largest economies.

"This is a very important action by China". Mr. Xi is an unabashed nationalist, who believes in the Communist Party's right to rule and resents the West's lecturing on democracy, according to Chinese officials and analysts.

Xi sounded a conciliatory note toward neighbors with which Beijing has territorial disputes, saying China wants to pursue peaceful cooperative development.

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