Economy

Trump accuses China of foot-dragging on farm purchases

Trump accuses China of foot-dragging on farm purchases”

The minister who was speaking at an Italy-China financial dialogue in Milan, Italy, said that the act of protectionism - which is the shielding of a country's domestic industries from foreign competition by taxing imports - could meanwhile harm global growth. He said that Beijing is causing a disappointment.

The United States and China are sparring over the Trump administration's allegations that Beijing is using predatory tactics - including stealing sensitive technology and forcing US firms to hand over trade secrets - to try to supplant American technological supremacy.

Donald Trump complained that China hasn't increased its purchases of American farm products, a promise he said he had secured at a meeting with the country's president, Xi Jinping, at the Group of 20 summit last month. Talks had broken down in May over United States accusations that Beijing had reneged on its commitments, and the dispute escalated with the two sides exchanging steep increases in punitive tariffs. Trump said at last month's G-20 meeting in Osaka, Japan, that Chinese President Xi Jinping had agreed to order large new purchases of USA agricultural goods "almost immediately". The truce suspended USA plans to impose tariffs on an additional $300 billion in Chinese goods - action that would have extended the taxes to everything China ships to America. He also announced that the blockade of the Chinese telecom giant Huawei will be lifted for the time being.

Earlier on Thursday, Chinese Ministry of Commerce Spokesman Gao Feng said the agricultural trade is "an important issue that the two sides need to talk about" but didn't confirm whether China agreed to buy American agricultural products as part of the agreement reached in Osaka.

Since January this year, China had already lowered the expectations for its annual growth forecast from last year's rough target of 6.5%, to a range between 6.0% and 6.5%.

China's second quarter GDP results, which is due soon, is predicted to come in at 6.2%, a recent Nikkei survey showed.



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