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China protests over US warship sighting as trade talks start

China protests over US warship sighting as trade talks start”

The visiting delegation, led by Deputy US Trade Representative Jeffrey Gerrish, left its hotel in Beijing without speaking to reporters.

Earlier in the day, US Pacific Fleet spokeswoman Rachel McMarr said as quoted by Reuters that the operation was not about any one country or to make a political statement.

In March, when the tariff tit-for-tat was in its infancy, President Trump suggested the USA might impose up to $60 billion worth of tariffs on Chinese goods.

China has controlled the islands since seizing control of them from Vietnamese forces in 1974, but Vietnam and Taiwan still lay claim to them.

Mr Trump has imposed tariffs to pressure Beijing to change its practices on issues ranging from corporate espionage to market access and industrial subsidies.

On Friday, Beijing cut bank reserve requirements amid slowing growth at home and pressure from the USA tariffs.

China's major state-owned grain firm has since said it has resumed buying USA soybeans, and Beijing suspended extra tariffs on US-made cars and auto parts on January 1.

If there is no deal by March 1, Washington has said it will go ahead with a sharp hike in tariffs on Chinese goods originally set for January 1.

But analysts say the 90-day postponement of additional tariff increases is too little time to settle all the disputes that bedevil the two sides' relations, arguing that they face potentially lengthy wrangling over technology and the future of their economic relationship. "And something more fundamental has broken in the relationship between Washington and Beijing that can't be put back together, regardless of what happens to their economic ties".

Adding to the worries, China's stock market became the world's worst performer previous year, ending with a loss of 28 %. They complain China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

China's leaders have tried to defuse complaints by emphasizing the country's potential as an export market.

The US economy grew at an annual rate of 3.4 percent in the third quarter, and unemployment is at a five-decade low. They criticise his tactics but echo USA complaints about Chinese industrial policy and market barriers.

Some manufacturers that serve the United States have shifted production to other countries to avoid Trump's tariffs.

American companies like Apple and FedEx have already attributed lowered revenue estimates to the trade war with China. The threat of US tariff hikes was the "dominating factor" for almost half, while others moved because of higher costs or tighter environmental regulation.

So far demand for Australian commodities has held up (and will benefit from a fresh bout of stimulus-inspired infrastructure investment) but a full-scale trade war would have much more severe impacts on a global economy which is over-leveraged and already slowing and an Australian economy which (at the household level at least) is over-leveraged and also appears to be slowing.



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