Trump Take on China's 'Stupid' Auto Trade May Stymie Industry Growth

UPDATE: Trump says he'll 'make it up' to farmers impacted by trade dispute

U.S. President Donald Trump on Thursday said he thinks a conversation he had with China's President Xi Jinping has had an impact on U.S. beef exports to China, where American exporters are now selling "a lot" of beef. State media reported that Beijing will allow foreign investment in trust, financial leasing, auto finance, money broking and consumer finance sectors, among other changes due within this year.

Vice Premier Liu He has been telling visitors that China will retaliate proportionally to trade protection from the U.S. In his talks with U.S. officials, he has reportedly offered to reduce the trade imbalance by $50 billion through purchases of liquefied natural gas (LNG), semiconductors and agricultural products.

Based on wire headlines from Reuters, Xi made all the right noises when it came to the outlook for Chinese trade policy, helping to calm investor nerves that have been rattled over the past month as trade tensions between the United States and China increased.

Earlier, China imposed tariffs worth $3 billion on 128 USA products in retaliation for US duties on steel and aluminum.

However, top adviser Larry Kudlow, who has often suggested the tariffs might not go into effect, warned on Friday the announcements were not negotiating tactics. Beijing fired back with its own $50 billion list of USA goods for possible retaliation. US shares were also set to drift higher with the future for the Dow industrial average surging 1.1 percent to 24,279.

Beijing has long warned that US -grown soybeans would be a target if a trade war erupted with Washington.

And the commitment appeared to respond to a Monday gripe from Trump, who tweeted "When a auto is sent to the United States from China, there is a Tariff to be paid of 2 1/2%".

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"If China doesn't import goods from the United States it's going to import them from other countries.in that sense the disputes between China and the United States could bring opportunities", said Jia.

"We should promote trade and investment liberalization and facilitation, support the multilateral trading system", the Chinese President said. The tariffs proposal is still in a 60-day period for public input and the U.S. Treasury is preparing recommended curbs on Chinese investment due by late May.

"We will make great progress together", Trump added. The U.S. has accused China of using the policy to force companies into transferring technology in areas like robotics, aerospace and artificial intelligence.

"Does that sound like free or fair trade?" Geng Shuang, a foreign ministry spokesman, said Monday that it was "even more impossible" for trade talks to take place under the current environment.

He said farmers now enrolled in subsidies based on overall revenue should be allowed to switch into programs sensitive to falling prices, the likely outcome of any trade war. If that fails, China can ask for a ruling from a WTO panel. But German luxury automakers BMW and Mercedes will.

Foreign direct investment (FDI) between the U.S. and China declined by nearly a third in 2017 from the previous year, mainly because of Beijing's curbs on overseas spending and Washington's tighter scrutiny of Chinese investments, a new report has found. "Of that amount, most are German-branded luxury SUVs", they write.

Information for this article was contributed by Paul Wiseman, Joe McDonald, Ken Thomas and Tom Krisher of The Associated Press and by Alan Bjerga of Bloomberg News. Mercedes exports up to 75,000 luxury vehicles from the p.

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