Xi Jinping promises to cut auto import tariff, open China's markets

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Trump has threatened to raise tariffs on Chinese goods worth $50 billion in response to complaints Beijing pressures foreign companies to hand over technology in violation of its World Trade Organization market-opening commitments.

"We look forward to seeing these strategies elaborated, implemented and bearing fruit", said Lee, according to a transcript issued by his office.

The US leader said he was faced with a choice: either cut a deal with China to back away from his plan for punitive tariffs on US$150 billion worth of imports or come up with measures that will offset losses tied to retaliatory import taxes Beijing has put on US agricultural products.

"As China's economy is stable and improving ... the China-U.S. trade friction will impact our economy, but the impact will be limited", Wang Changlin, a researcher at the National Development and Reform Commission, wrote in a post on the commission's official microblog account.

China's growing list of tariffs aimed at US exports could be enough to sink farmers in Iowa and other states, as they struggle to survive a five-year decline in the farm economy, mainly due to big crops and low prices.

Meanwhile, Chinese diplomats filed a request at WTO headquarters in Geneva for consultations with Washington over Trump's tariff hike on steel and aluminum.

The move against China comes just as the United States prepares to impose tariffs of 25 percent on imported steel and 10 percent on aluminum - sanctions that are meant to hit China for flooding the world with cheap steel and aluminum. "The new trade barriers create additional hurdles to farmer profitability that has already been in decline for the last four years", Naig says. China later announced an increase in tariff on $50 billion worth of American goods as the U.S. announced to raise tariffs on Chinese goods.

It was the boldest example to date of Trump's "America first" agenda, the culmination of his longstanding view that weak US trade policies and enforcement have hollowed out the nation's workforce and ballooned the federal deficit.

Further escalation could be in the offing.

While the announced tariff on USA soybeans hasn't been imposed yet, it is a target.

For Trump, the dispute runs the risk of blunting the economic benefits of his tax overhaul, which is at the center of congressional Republicans' case for voters to keep them in power in the 2018 elections.

Kansas Sen. Pat Roberts, Republican chairman of the Senate Agriculture Committee, suggested lawmakers may need to consider what he called a "Trump Tariff Payment" to compensate farmers if their crops face retaliation. Beijing responded that it would fight "unilateral USA protectionism at any cost".

The author, writing under the pen name You Bin, hoped that trade tensions will force the Chinese regime to open up its economy, especially in the area of pharmaceuticals.

"This is a time in the world where the temptation to embark on unilateralism and protectionism is unfortunately rising", Balakrishnan said. "Not isolation or protectionism, but more worldwide cooperation", Guterres said.

Xi didn't mention Trump or the United States by name in his speech.

Facing the media before he left for Boao, China Monday (April 9), Duterte said he remains grateful to China for helping the Philippines.

Chinese President Xi Jinping's speech at the Boao Forum appears to have gone down well with investors across Asia.

"This way, we will make economic globalization, more open, inclusive, balanced and beneficial to all", he added.