#1 China says problem is Trump demanding trade deal be in writing by algernonpj 08.05.2019 22:23


China says problem is Trump demanding trade deal be in writing
by Sean Higgins
May 08, 2019 08:09 PM

A top adviser to China said Wednesday that the obstacle to a trade deal with the U.S. is President Trump's demand that all of Beijing's promises be put in writing.

The U.S. and China have until midnight Thursday to reach an accommodation or the U.S. will place 25% tariffs on virtually all Chinese imports.

"The US demands that every single item China has agreed to in principle should be included in the trade deal, and China does not agree with that," Shi Yinhong, an adviser to China’s State Council and a U.S. affairs professor at Renmin University, told the South China Morning Post.

Shin said that Beijing offered "some smaller concessions, hoping the US would accept. But Trump will not allow it."

The Post quoted a second top China adviser, anonymously, saying that agreeing to Trump's terms "means that China has to give up its development pattern … and this would be suicidal. Considering the pros and cons, China would rather accept the US raising the tariffs to 25%."

In an official statement Wednesday, Beijing said, "China deeply regrets this, and will be forced to take necessary countermeasures if the U.S. side puts the tariff measures into effect."

Trump and his advisers have accused China in recent days of trying to walk back concessions it had agreed to previously in trade negotiations. The president has threatened to raise the existing tariffs on $250 billion worth of Chinese good to 25% across the board, up from 10% in most cases and add 25% tariffs to an additional $325 billion in additional goods, if China doesn't stick to the earlier agreement.

Chinese Vice Premier Liu He is scheduled to arrive in the U.S. Thursday to continue discussions. That gives the U.S. and Beijing fewer than 24 hours following Liu's arrival in the U.S. to reach an accommodation.

Trump tweeted Wednesday that he believed a deal could be still reached. But if not, he was happy to leave the tariffs in place. "China has just informed us that they (Vice-Premier) are now coming to the U.S. to make a deal. We’ll see, but I am very happy with over $100 Billion a year in Tariffs filling U.S. coffers...great for U.S., not good for China!"


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