Chinese President Xi Jinping pledged Tuesday to cut China’s hefty tariff’s on foreign cars and improve his nation’s “intellectual property” protections. The announcement is a positive sign that Beijing is willing to comply with President Trump’s tough talk on international trade deals.
President Xi was speaking at a business and industry conference when he commented on Trump’s decision to slam China with billions of dollars in new taxes.
“China’s door of opening up will not be closed and will only open wider,” said Xi.
He went on to say he was willing to negotiate on key topics most important to the Trump administration and White House; including reducing Chinese tariffs on American goods.
“President Xi’s speech could create a very good platform to launch U.S.-China dialogue at the WTO to find a deal on intellectual property rights,” one economist told the Associated Press and other journalists. “This would be a victory for the world trading system and an important step away from the abyss of rising global protectionism.”
The announcement comes days after China threatened the United States with stiff tariffs and taxes -some exceeding 25%- on American products and goods; including meat, vegetables, and cars.
AMERICA FIRST: Trump SLAMS China with $60 Billion in Trade Tariffs
The Trump administration announced crippling new trade tariffs against China this week, targeting one of America’s major trading partners with over $60 billion on foreign-produced goods.
According to CNBC, President Trump signed the executive order in the White House Thursday afternoon, saying the new tariffs were “the first of many” as America struggles to shrink its massive trade deficit.
US Trade Representative Robert Lighthizer is set to publish a highly-anticipated report in two weeks; detailing over 1,300 product lines impacted by the new import tax.
“The challenge for every president is how to do it in a way that doesn’t punish Americans for China’s misbehavior,” said Chairman of the House Ways and Means Committee. “So, you’ve really got to narrow these and target these.”
The new tariff’s come as the Trump administration announced a massive tariff on steel and aluminum; charging foreign-producers a 25% import fee for access to American markets.
BEIJING BETRAYAL: China CAUGHT SNEAKING Oil Supplies to North Korea
South Korean authorities announced Friday it had detained a Chinese-based ship and its staff over reports the tanker was sneaking oil supplies to Kim’s regime; a violation of recent UN sanctions that barred such shipments to the communist nation.
According to UPI, officials in Seoul confirmed they had seized the Lighthouse Winmore, a ship registered in Hong Kong that allegedly smuggled over 600 tons of refined oil into North Korea last November; well after the United Nations adopted Resolution 2375 which banned the hermit kingdom from importing fuel.
President Trump weighed-in on the revelation on social media, saying he was “very disappointed” that Beijing refused to comply with the UN mandate, adding that no “friendly solution” to the North Korean crisis would be possible “if this continues.”
“Caught RED HANDED – very disappointed that China is allowing oil to go into North Korea. There will never be a friendly solution to the North Korea problem if this continues to happen!” Trump tweeted.
Caught RED HANDED – very disappointed that China is allowing oil to go into North Korea. There will never be a friendly solution to the North Korea problem if this continues to happen!
— Donald J. Trump (@realDonaldTrump) December 28, 2017
South Korea’s seizure of a Chinese ship escalates already heightened tensions in the region; with dictator Kim Jong Un vowing to continue to test his rapidly expanding nuclear and missile programs.