China's president vows to cut vehicle import tariffs

China's president vows to cut vehicle import tariffs

China has proved itself to be still a major player in matters regarding the Korean Peninsula after North Korean leader Kim met Chinese President Xi Jinping in Beijing.

Business groups mostly agree that something needs to be done about China's aggressive push in technology, but they worry that China will retaliate by targeting USA exports of aircraft, soybeans and other products and start a tit-for-tat trade war of escalating sanctions between the world's two biggest economies.

Private sector analysts saw Xi's speech as an overture to help end the biggest trade dispute since World War II.

China is still watching for any impact to soybean supplies, after the government warned it would levy a 25 percent tariff on imports of the crop from the United States, the agriculture ministry said on Tuesday, the first official comment on the issue. Taxes will become Reciprocal & a deal will be made on Intellectual Property. "Any time you (do) anything that disrupts the global trade, that we happen to be living in right now, it just hurts both us in the United States, and it hurts the countries that we're trading with".

Global stock markets were spurred higher Tuesday by Chinese President Xi Jinping, whose remarks have soothed worries over a United States trade conflict, dealers said.

Earlier, China imposed levies on $3 billion worth of U.S. fruits, nuts, pork and wine to protest the Trump administration's move to impose tariffs on steel and aluminium imported from China last month. The U.S. bought more than $500 billion in goods from China a year ago and now is planning or considering penalties on some $150 billion of those imports.

On April 4, China retaliated by expanding its list, saying it will place a 25% tariff on US soybeans, beef and 100 other products.

Trump's tying of trade issues with North Korea was a warning to South Korea that it should closely coordinate with the USA and stay on the same page in achieving North Korea's denuclearisation, said Kim Hyun-wook, a professor at the Korea National Diplomatic Academy.

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"Under the current circumstances, both sides even more can not have talks on these issues", Chinese Foreign Ministry spokesman Geng Shuang told reporters at a regular news briefing. "President Xi has ignited a rally in risk assets that might have some legs if the USA can keep a lid on the protectionist rhetoric for a while", said Sean Callow, FX strategist for Westpac in Sydney. Rather than waiting weeks for the US tariffs to be implemented, Trump backed a plan by Lighthizer to seek the enhanced tariffs.

Treasury Secretary Steve Mnuchin said on CBS' "Face the Nation" that he didn't expect the tariffs to have a "meaningful impact on the economy" even as he left the door open for disruption. The president has long talked up his friendship with Xi, whom he has praised for consolidating power in China despite its limits on democratic reforms.

"Chinese cheating has cost American jobs and I applaud the administration for standing firm in its commitment to crack down on China's continued violations", said Sen.

"Xi has succeeded in batting the ball back into the United States court, so we now watch and wait for a response", said IG analyst Christ Beauchamp.

The administration's threats toward China have made markets apprehensive.

"Our farming community is on the front lines, but we've got to stick with it", the senator said. The U.S.is losing $500 Billion a year and has been losing Billions of Dollars for decades. His speech did not specifically mention the United States or its trade policies, which have been assailed by Chinese state media in recent days.

"We will not bully our neighbors", the president said.

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