Administration preparing to drop charges as the two superpowers move closer to a trade dealThe Trump administration is preparing to drop charges that China has been unfairly manipulating its currency as the two economic superpowers move closer to a trade deal.The decision to drop the designation, first reported by Fox Business News, comes ahead of the announcement of a trade deal between the two sides, expected on Wednesday. The trade dispute has rocked US manufacturing and caused an economic slowdown in China. Continue reading...
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President signs first phase of new agreement with China, hours after Democrats named team that will...President signs first phase of new agreement with China, hours after Democrats named team that will prosecute him in SenateDonald Trump has signed the first phase of a new trade agreement with China after two years of tension between the two superpowers that have rattled economies around the world. Related: Trump vaunts his China trade pact – but some say it’s too little, too late Continue reading...
China says the 'trade war is not over yet' ahead of phase-one deal signing with US | Markets Insider
Chinese state media reiterated Monday that an interim trade agreement wouldn't mark the end of its...Chinese state media reiterated Monday that an interim trade agreement wouldn't mark the end of its tit-for-tat economic dispute with the US. The comment underscored key issues that remain unresolved between the two sides, even as they prepare to sign the phase-one deal. Unresolved issues include the subsidies and cheap loans China awards to its businesses, which American officials and executives argue distort the global market. Visit Business Insider's homepage here. Chinese state media reiterated Monday that an interim trade agreement wouldn't mark the end of its tit-for-tat economic dispute with the US, underscoring key issues that have been left unresolved between the two sides. "We must bear in mind that the trade war is not over yet – the US hasn't revoked all its tariffs on China and China is still implementing its retaliatory measures," Taoran Notes, an influential social media account affiliated with China's state-run Economic Daily, said. "There are still many uncertainties down the road." The US and China are set to sign a so-called phase-one agreement in Washington on Wednesday, a de-escalation that has been widely sought after around the globe for more than a year. It was announced in October but the final 86-page text, which was subject to legal checks and translation processes, has not yet been revealed. As part of that deal, the US will lower a portion of tariffs against China in exchange for increased market access for international finance firms and stricter rules around intellectual property and currency movements. President Donald Trump has also touted a $50 billion agricultural purchase quota that has not yet been confirmed by China. The phase-one agreement has been widely cheered by companies and investors who have increasingly complained that the dispute has raised costs and cast uncertainty on business plans. But it left out some of the most complex issues the Trump administration cited in the Section 301 investigation that initially led to escalations in early 2018, including the large-scale subsidies and cheap loans awarded to Chinese businesses by the government. American officials and executives have long argued that practice has put domestic companies at a disadvantage in the global market. That issue could be targeted in a second stage of negotiations, but critics have cast doubt on the prospect that China would follow through with moves that would significantly loosen its grip on the state-run economy. Administration officials including Treasury Secretary Steven Mnuchin have said that the two sides would immediately head into another round of negotiations after Wednesday. But Trump has said that he might prefer that a phase-two deal be completed following his bid for re-election in November. SEE ALSO: Trump campaigned on promises to revive US manufacturing. But factories lost 12,000 jobs in December. Join the conversation about this story » NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption
Trade adviser Peter Navarro says little more than translation of text is neededThe White House has...Trade adviser Peter Navarro says little more than translation of text is neededThe White House has signalled that a trade agreement with China could come within the next week, amid speculation that a delegation from Beijing will travel to the US this weekend to sign a deal.Peter Navarro, the White House’s trade adviser, said he expected a deal could be signed “within the next week or so”. Speaking on Fox News, he also indicated that little more than translation of the final text stood in the way of a breakthrough in the bitter dispute. Continue reading...