USA calls China’s tariffs on American autos ‘egregious’

Jeannie Matthews
December 1, 2018

The country's policies on auto tariffs are "especially egregious", taxing USA cars at more than double the rate it charges other countries. The two leaders would also agree on a "framework" for further talks, USA officials such as Commerce Secretary Wilbur Ross have said publicly.

Trump said he was waiting for a "full report" from his national security advisers later Tuesday about the alleged attack, claiming the information would be "very determinative". That tension surfaced again on Thursday.

The U.S. leader has threatened to impose tariffs on all Chinese imports if he and Xi fail to strike a deal in the coming talks. "However, we might see some movement on global trade issues at the G20 meeting which starts on Friday", Michael McCarthy, chief strategist at CMC Markets and Stockbroking, told AFP.

"We do not like what's happening, either way, we don't like what's happening and hopefully it will get straightened out", he said, hours after U.S. Ambassador to the United Nations Nikki Haley condemned Russia for their "outrageous violation of sovereign Ukrainian territory" that marked "yet another reckless Russian escalation".

Trump didn't elaborate further. -China trade war involving tit-for-tat tariffs on each other's imports.

The White House hasn't received an offer from China that encompasses the major issues that Trump wants to resolve, according to a person briefed by White House officials on Thursday, who spoke on the condition of anonymity.

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Asian markets were mixed Friday with dealers moving cautiously at the end of a broadly upbeat week with focus turning to the much-anticipated meeting between Donald Trump and Xi Jinping. "Otherwise, lets just make our Country richer than ever before!"

"The Chinese side has repeatedly stressed that the essence of Sino-U.S. economic and trade cooperation is about mutual benefit and win-win", Gao said.

"The next catalyst will be the G20 meeting between Trump and Xi; we believe risk assets will tactically trade in the green following a tariff cease-fire", Eleanor Creagh, a strategist at Saxo Capital Markets in Sydney, told Bloomberg.

The G20 meeting comes as global economic growth may be slowing more than expected, the International Monetary Fund warned.

U.S. Trade Representative Robert Lighthizer is examining all available tools to raise U.S. tariffs on Chinese vehicles to the 40 percent duties that China is now charging on U.S. -produced vehicles. Hawks in his administration have also been eager to see broader changes in Chinese industrial and technology policy.

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