Monday, 17 December, 2018

Trump says to 'stay tuned' as trade negotiations continue between US, China

Donald Trump in Miami Florida campaigning ahead of the US presidential election Mr Trump’s words could help to ease tensions as the world’s two largest economies resume talks after months of tariff threats
Gerardo Duncan | 15 May, 2018, 22:35

"U.S. tariffs, together with certain Chinese retaliation, will disrupt global trade and supply chains, further damaging American businesses, workers, farmers, ranchers, and investors", the U.S. Chamber of Commerce warned, adding "unilateral tariff strategies have no record of historical success and have always led to unintended consequences".

Bill Evanina, the director of the National Security and Counterintelligence Center, a federal counterspy agency, said in a Senate hearing Tuesday he would not recommend that anyone in government or the private sector use ZTE phones over electronic spying concerns.

But he offered an olive branch in calling on US officials to revisit penalties for Chinese company ZTE Corp. for flouting USA sanctions on trade with Iran and North Korea.

President Trump has directed the Commerce Department to look into easing USA economic sanctions against China's major telecommunication company linked to illicit trade with rogue states.

This week's meetings follow U.S.

China's government has pressed the Trump administration in recent trade talks to lift the sanctions and the president voiced sympathy for ZTE in a tweet Sunday. Given his past vows to stop the flow of U.S.jobs to China and crack down on what he says are unfair trade practices, Trump's tweet of concern about Chinese jobs was something of a backflip.

China said Monday it is sending an envoy to the United States this week for talks aimed at cooling a trade dispute that threatens to upend markets from soybeans to steel, and welcomed comments by President Donald Trump hinting at a possible easing of sanctions on embattled Chinese telecoms firm ZTE.

ZTE should not be operating in the United States and should not have easy access to American technology, Rubio said. In retaliation, Beijing is threatening tariffs on $50 billion in US products.

It relies on U.S. microchips and other components for 25-30% of the equipment it produces.

The first round of trade talks between China and the USA took place in Beijing on May 3 to 4.

Ross went on to praise President Trump for fulfilling his campaign promises and making trade more fair with China. Trump appears willing to negotiate, and just over the weekend announced his intention to help Chinese electronics maker ZTE, which was on the brink of collapse after USA imposed penalties on it last month for breaking sanctions against Iran and North Korea.

As part of this, they also entered into an agreement with the USA government.

Commerce Secretary Wilbur Ross last month accused ZTE of misleading the department and warned, "This egregious behavior can not be ignored".

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