Trump suggesting China will 'take down' its trade barriers

Trump suggesting China will 'take down' its trade barriers

Xi said Beijing will "considerably decrease" tariffs on automobile imports annually and also facilitate restrictions on foreign ownership at the automobile industry when possible.

Primed for economic combat, President Donald Trump set in motion tariffs on as much as $60 billion in Chinese imports to the US on Thursday and accused the Chinese of high-tech thievery, picking a fight that could push the global heavyweights into a trade war. Beijing threatened to retaliate.

The Chinese leader did not refer directly to that dispute but promised to encourage "normal technological exchange" and to "protect the lawful ownership rights of foreign enterprises".

"This is a problem caused by China, not a problem caused by President Trump", Kudlow said on Fox News Sunday.

Peter Navarro, a trade advisor at the White House, said, "China's reaction to Mr. Trump's legitimate defense of the American homeland has been a Great Wall of denial - despite incontrovertible evidence of Beijing's illicit and protectionist behaviors".

"This is a time in the world where the temptation to embark on unilateralism and protectionism is unfortunately rising", Balakrishnan said.

Singapore Prime Minister Lee Hsien Loong, also speaking in Boao, welcomed Xi's promises.

A researcher with China's state planning agency said China's economy will see little impact from the trade dispute, as the country's vast domestic market can compensate for any external impact.

"We hope that the USA side, with sense and long-term picture in mind, refrain from going further down the wrong path". If that fails, the Chinese government can ask for a ruling from a WTO panel of experts.

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Foreign companies complain Beijing is squeezing them out of promising parts of the state-dominated economy to promote the ruling Communist Party's plans to create Chinese global competitors in fields including robotics, electric cars and pharmaceuticals.

Xi gave no details on how those conditions might change, leaving it unclear whether that might mollify Washington.

The Asian markets surged on Monday after Trump's optimistic tweet. 'If the US says that it will pay any price, it must be firmly attacked, ' China's official Xinhua news agency said on Saturday.

The 25 percent tariffs imposed by Beijing in response to Trump have hit USA agriculture hard, especially as they include items like pork and soybeans.

Xi's long-planned speech - marking 40 years after the first economic reforms transformed China - was being closely watched after Trump's plan to hit hundreds of Chinese products with duties. China has pledged to "counterattack with great strength" if Trump decides to follow through on that threat.

China's President Xi Jinping did actually strike a conciliatory tone in a speech Tuesday at which he promised to cut China's auto import tariffs and facilitate restrictions on foreign ownership in its vehicle industry as anxieties play out with Washington in excess of tariffs.

China is evaluating the potential impact of a gradual yuan depreciation as a tool in the trade dispute, Bloomberg News reported on Monday, citing people familiar with the matter, though it said the analysis doesn't mean officials will carry out the move.

Liu He, director of China's Office of the Central Leading Group for Financial and Economic Affairs, left Washington last month after meeting with US Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn, who has since resigned.

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