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China state paper says trade deal possible at G20 if U.S. 'fair minded'

By Adam Jourdan

 

FILE PHOTO - U.S. President Donald Trump and China's President Xi Jinping shake hands after making joint statements at the Great Hall of the People in Beijing, China, November 9, 2017. REUTERS/Damir Sagolj/File Photo

 

SHANGHAI (Reuters) - China and the United States can reach a trade agreement at the G20 meeting in Argentina this week, the state-run China Daily newspaper said in an editorial on Friday, but Washington must be "fair minded" if it wants to defuse spiraling tensions.

 

"Beijing wants a deal, just as Washington does. And it is willing to cooperate with Washington in dealing with concerns about trade if they are fair-minded," the paper said.

 

"Should there be any other aspirations, such as taking advantage of the trade spat to throttle Chinese growth, then an agreement is unlikely to be reached."

 

World leaders started arriving on Thursday in Buenos Aires ahead of the gathering of the Group of 20, where global trade tensions, fueled by U.S. President Donald Trump's trade war with China, are expected to dominate the agenda.

 

Financial and commodities markets are closely watching the outcome of the summit, especially a planned meeting between Trump and Chinese President Xi Jinping on Saturday, though the outcome is far from certain.

 

Trump sent mixed signals on Thursday about the prospects for a trade deal with China, saying an agreement was close but he was not sure he wanted one. China's commerce ministry said on Thursday it was hoping for "positive results".

 

Peter Navarro, Trump's hardline trade adviser, will attend the meeting between the leaders, a U.S. official told Reuters. Another official said Navarro's addition was meant to send a message to China about the administration's resolve on trade. Navarro has advocated a tough stance against Beijing.

 

The China Daily editorial said even if a deal were struck it was unlikely to be a comprehensive solution to the trade impasse due to "diverging demands and agendas". It cited tensions over Chinese technological development, a focus of U.S. concern.

 

"However, it should be feasible for some kind of agreement to be reached to prevent the dispute worsening if both sides are reasonable," it said.

 

The rising tensions have seen the two countries hit each other with tit-for-tariffs on goods worth hundreds of billions of dollars in sectors from automobiles to agriculture and energy, stymieing trade and redrawing global supply chains.

 

The United States has levied additional duties of between 10 percent and 25 percent on $250 billion of Chinese goods this year as punishment for what it calls China's unfair trade practices, with the 10 percent tariffs set to climb to 25 percent next year. China has responded with its own tariffs.

 

(Reporting by Adam Jourdan; Editing by Michael Perry)

 

-- © Copyright Reuters 2018-11-30

[TopDeadSenter]

Great to see China capitulating and finally offering a chance at a fair deal. The threat of 25% tariffs next year has wiped the smile off their faces. Out of all Trumps achievements, sorting out fair trade with China is an important step to sorting out the US trade deficit. Good luck Mr.Trump, thanks for not being scared of the Chinese like your predecessor clearly was. It has been an outrage allowing China to impose swingeing taxes on US imports yet being free to send the rubbish they make to flood US markets. Time for a more common sense deal.

Edited November 30, 2018 by TopDeadSenter

[Tug]

Let’s all hope a deal can be worked out I personally don’t like seeing farmers losing their farms gm closing factory’s paying 25%more for things but sadly seeing this guy in action I’m not holding my breath

[Baerboxer]

6 hours ago, TopDeadSenter said:

Great to see China capitulating and finally offering a chance at a fair deal. The threat of 25% tariffs next year has wiped the smile off their faces. Out of all Trumps achievements, sorting out fair trade with China is an important step to sorting out the US trade deficit. Good luck Mr.Trump, thanks for not being scared of the Chinese like your predecessor clearly was. It has been an outrage allowing China to impose swingeing taxes on US imports yet being free to send the rubbish they make to flood US markets. Time for a more common sense deal.

 

Not sure China is or intends capitulating. Their idea of what's "fair" is probably very different to what you think. 

 

Look how reasonable and fair they act in the South China Sea. When the international courts rule against them they refuse to accept the verdict and ignore it. 

[Ulic]

4 hours ago, Baerboxer said:

 

Not sure China is or intends capitulating. Their idea of what's "fair" is probably very different to what you think. 

 

Look how reasonable and fair they act in the South China Sea. When the international courts rule against them they refuse to accept the verdict and ignore it. 

I agree, China's idea of being fair is, we keep on copying other peoples products ignoring patent's, you keep your markets open to us, we don't allow your companies access to our markets but your manufacturers can open plants here with Chinese partners. You pass on manufacturing technology. We will slightly increase farm product purchases. That is how the Chinese see fair. Of course, Trump will spin that as a HUGE, HUMONGOUS WIN.

[Penicillin]

10 hours ago, TopDeadSenter said:

Great to see China capitulating and finally offering a chance at a fair deal. The threat of 25% tariffs next year has wiped the smile off their faces. Out of all Trumps achievements, sorting out fair trade with China is an important step to sorting out the US trade deficit. Good luck Mr.Trump, thanks for not being scared of the Chinese like your predecessor clearly was. It has been an outrage allowing China to impose swingeing taxes on US imports yet being free to send the rubbish they make to flood US markets. Time for a more common sense deal.

Does this mean China won’t be giving a free jar of Vaseline with every trade contract anymore?  

[scoutman360]

16 hours ago, Tug said:

Let’s all hope a deal can be worked out I personally don’t like seeing farmers losing their farms gm closing factory’s paying 25%more for things but sadly seeing this guy in action I’m not holding my breath

When NAFTA was integrated, there were lots of American losers. Were you just as concerned by the President when that happened? When the Pacific Trade Agreement took place, there were enormous American family and business losers. Change will certainly have winners and losers. The overall goal is the overall health of the country and the greater good. We must not be short sighted. Simple math: the U.S. gives China $500 billion EVERY YEAR, they give the U.S. back only $150 billion EVERY YEAR.  If one knows how to balance their checkbook, it is easy to understand what the President is doing. The U.S. is going broke with these current trade deals, and China is buying up and investing in countries around the world with U.S. money.

[sirineou]

10 hours ago, scoutman360 said:

When NAFTA was integrated, there were lots of American losers. Were you just as concerned by the President when that happened? When the Pacific Trade Agreement took place, there were enormous American family and business losers. Change will certainly have winners and losers. The overall goal is the overall health of the country and the greater good. We must not be short sighted. Simple math: the U.S. gives China $500 billion EVERY YEAR, they give the U.S. back only $150 billion EVERY YEAR.  If one knows how to balance their checkbook, it is easy to understand what the President is doing. The U.S. is going broke with these current trade deals, and China is buying up and investing in countries around the world with U.S. money.

 We don't give them anything, and they dont give as anything! we trade  US funds for cheap Chinese goods to support the declining earning power of the American consumer. This trade war, did not decrease the trade deficit, and it has not Obviously significantly hurt the Chinese economy more than it has hurt ours.

   The tarifs are not imposed on the Chinese it is simply a tax on the US consumer to inflict enough pain, to cause them to buy less Chinese goods. And force Companies, to come back to the US

         A very Unsophisticated strategy.  

Since the Trade balance is increasing rather than decreasing obviously a strategy that is not working . 

  China is just as big economy as the US. Many companies sell more to China than they sell in the US , these companies will reduce their presence in the US and move to countries that have a less punitive policy towards China, or move part of their operations to China, case and point GM  slashing 14,000 jobs in the US, moving plant to Mexico, and China. Expect to see more of that happening.

 We are not even talking about US debt financed by China.

   So who will blink first? The US government with their jobs on the line who are  accountable to voters that are hurting from these tarifs? or the Chinese government whose jobs are safe? 

I submit to you that Trump will fold like a cheap lawn chair,  some concessions will be made by the Chinese , nothing that would not had happened in the course of normal negotiations without the need of disruptive Tarifs, and Trump will claim victory. Simply a Trumpesque dog and pony show the price of which will be paid by the American consumer. 

A tariff war  has not worked in the past and will not work now, only economic idiots support such policies. 

Edited December 1, 2018 by sirineou