High-level US-China trade talks concluded in Washington without a binding deal or any plans for their resumption, leaving US President Trump’s plans to craft new trade ties with Beijing twisting like cobwebs in the wind, as the Wall Street Journal reported.
Neither Commerce Secretary Wilbur Ross nor Treasury Secretary Steven Mnuchin offered details on what the two sides agreed or when talks might restart.
“One of the solutions to address the trade imbalance is for the United States to expand its exports to China, instead of reducing imports from China,” said Chinese Vice Finance Minister Zhu Guangyao as the official Xinhua News Agency reported.
America’s trade imbalance with China now stands at USD347 billion -- 70 percent of the US worldwide total.
The US became confrontational and bandied threats of steel tariffs, among other, but the Chinese were uncowed.
The negotiations came at the end of the 100-day period within which Trump and Chinese President Xi agreed within which to have a plan in place to resolve the world’s two largest economies’ trade frictions.
These talks lay bare the bald fact that a trade agreement is far more in the interests of the US. China’s sole concern is the US erecting protectionist hedges against its imports. Cold reality is that China can probably source anything -- except for the hi-tech the US refuses to export anyway -- attitude-free from the other English-speaking countries along the Pacific Rim, to wit Canada, Australia, New Zealand.
Who would in any case want to strike binding agreements with a mercurial administration that reneges on its nation’s formerly-concluded commitments on a seeming whim -- TPP, the Paris Accord -- moots pulling out of long-standing economic and military partnerships -- NAFTA, NATO? That the US is now out on a limb and an international pariah is the first foul fruit and will form the final legacy of Trump’s dilettante dabbling in international affairs, and this latest foreign policy failure is more proof of how much America’s standing has waned in Trump’s first six months in office.
Keywords: Washington, Financial Investment, Trade War, Open Market