Published: Fri, November 16, 2018
Worldwide | By Myra Stephens

Trump on Trade: 'China Wants to Make a Deal'

Trump on Trade: 'China Wants to Make a Deal'

Xi and Trump are set to meet this month at a gathering of the Group of 20 major economies in Argentina.

U.S. Vice President Mike Pence spoke at this week's ASEAN Summit in Singapore and stated that the United States maintain its stable relations with Taiwan and will continue to abide by the "One China Policy" of the United States moving forward. "We're convinced China knows where we stand".

U.S. share markets jumped in response to the comments.

When asked about a report that China this week had presented a list of possible concessions ahead of the talks, Mr Ross said in an interview on Thursday (Nov 15) that everything leading up to the meeting is just "preparatory".

China has repeatedly said that it has "indisputable sovereignty over the South China Sea islands and its adjacent waters", but Vietnam, Taiwan and the Philippines, Malaysia and Brunei also have overlapping claims in the waterway, which includes vital sea lanes through which about $3 trillion in global trade passes each year and where the U.S., Chinese, Japanese and some Southeast Asian navies also routinely operate.

A US team led by Treasury Under Secretary David Malpass discussed trade issues with a Chinese team via videoconference on Tuesday, a US Treasury spokesperson said on Wednesday.

Washington had said it would not start formal negotiations on trade until it saw concrete proposals from China to address its concerns.

Duty rates on a $200 billion in imports are due to rise to 25 percent from the current 10 percent, and Trump also is threatening to impose tariffs on another $267 billion of additional Chinese goods. "We are at $250 billion [in tariffs] now; we can more than double that", the vice president warned.

Washington expects Beijing to undertake a dramatic change in all of its policies to accommodate USA demands and is prepared for prolonged hostilities if it does not, Vice President Mike Pence reportedly said.

Earlier talks between the two countries failed to resolve the issues.

The Trump administration has been increasingly vocal in its criticisms of Beijing since the US midterm elections.

Responding to Pence's remarks, Chinese Foreign Ministry spokeswoman Hua Chunying said China had always been a "model student" when it came to respecting worldwide rules and norms. "We can't have trade that's meant for stupid people".

In comments made before the Chinese response, Wu Baiyi, the director of the Institute of American Studies at the state-run Chinese Academy of Social Sciences, said that a Jan 1 tariff increase would imperil efforts to reverse trade tensions.

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