Published: Fri, November 30, 2018
Worldwide | By Angelina Lucas

Trump Hints at China Trade Pact as Truce Progress Reported

Trump Hints at China Trade Pact as Truce Progress Reported

Attention is expected to focus on issues including a trade war between the U.S. and China, a new North American trade deal and the conflict in Ukraine. The administration this summer removed hundreds of items from the list of imported goods subject to tariffs after lobbying from US companies. GM, which attributed its move this week to changing consumer tastes and declining sales, has said that the tariffs on steel and aluminum had already cost it US$1 billion in profits.

China said Thursday that tariffs on USA autos would be 15 percent if not for the trade dispute, and it called for a negotiated solution.

The South African delegation participating in the G20 Summit will use the platform to promote and strengthen the interests of the country and the African continent, the Department of International Relations and Cooperation (Dirco) said on Thursday.

Among those potentially affected would be Apple products imported from China, including iPhones and laptops, according to a transcript of the interview with The Wall Street Journal's Bob Davis.

The auto industry and its supply chain have seen significant impact from tariffs. But the Chinese say Trump's unilateral tariffs are bullying.

"Imposing a new round of tariffs would cause a shock that will reverberate across America and the globe". His focusing on the US trade deficit with China as a measure of the state of the economic relationship has been a handy slogan at his rallies, but is a false premise.

"It is deeply disappointing the president wants to undermine his opportunity to create meaningful progress before the discussions even begin", he wrote.

The prospect of tariffs of 25 percent on imported autos and parts has sent shockwaves through the auto industry, with both USA and foreign-brand producers lobbying against it and warning that national security tariffs on European Union and Japanese vehicles could dramatically raise the price of many vehicles.

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That background weakness for Apple means the company and its investors have to pay extra close attention to a tariff skirmish that could have been a blip in Apple's heady days.

Markets are hoping a deal can be reached before the end of the year, when US duty rates are due to increase significantly.

The revamped accord, called the US-Mexico-Canada Agreement (USMCA), looks a lot like the one it replaces.

The Trump administration is seeking sweeping changes to China's state-driven economic policies, including new protections for US intellectual property, an end to joint-venture requirements, more access for USA firms to China's vast market and cuts to China's industrial subsidies.

The plant closings and layoffs announced by General Motors this week are putting another spotlight on the issue of tariffs. In securities filings, Apple has said that "international trade disputes could result in tariffs and other protectionist measures that could adversely affect" its business.

"It's been such a awful one-way street with China", Trump told the Wall Street Journal in an interview Monday.

The president's remarks added to anxiety about Apple's growth prospects and demand for its smartphones, but what he said should not be shocking. "But I can't imagine having a new Nafta is going to be Pelosi's first priority when she comes in, so I'd expect it to be drawn out". "And then the next day he was there at about 7:00 in the morning".

His economic advisor Larry Kudlow told reporters on Tuesday that "the president said there is a good possibility that we can make a deal and he is open to it".

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