China, U.S. have 'wisdom' to resolve trade dispute, says Beijing's top diplomat

[webfact]

China, U.S. have 'wisdom' to resolve trade dispute, says Beijing's top diplomat

By Ben Blanchard and Jeff Mason

 

FILE PHOTO: U.S. and Chinese flags are seen before Defense Secretary James Mattis welcomes Chinese Minister of National Defense Gen. Wei Fenghe to the Pentagon in Arlington, Virginia, U.S., November 9, 2018. REUTERS/Yuri Gripas

 

BEIJING/WASHINGTON (Reuters) - China and the United States both have the "ability and wisdom" to reach a trade deal that is good for both, the Chinese government's top diplomat said, as U.S. President Donald Trump said he thought recent talks in Beijing would be successful.

 

The slightly more optimistic comments came after both sides ramped up their trade war, with China announcing details of new tariffs against U.S. imports on Monday, following the United States' move last week to target Chinese imports.

 

The U.S. Trade Representative's office said it planned to hold a public hearing next month on the possibility of imposing duties of up to 25% on a further $300 billion (231 billion pounds) worth of imports from China. Cellphones and laptops would be included in that list but pharmaceuticals would be excluded, the office said.

 

The prospect that the United States and China were spiralling into a fiercer, more protracted dispute that could derail the global economy has rattled investors and led to a sharp selloff on equities markets in the past week.

 

But speaking in Russia on Monday, in comments relayed by China's Foreign Ministry on Tuesday, the Chinese government's top diplomat, State Councillor Wang Yi, struck a more upbeat tone, noting the talks had made important and substantive progress, as well as facing problems.

 

While noting that "buckpassing" and pressure were counterproductive and would only invite retaliation, Wang added that there was still hope to resolve the issue in a friendly way.

 

"We believe that as long as these negotiations are in line with China's general direction of reform and opening up, in line with China's fundamental need for high-quality development, and in line with the common and long-term interests of the Chinese and American peoples, both countries' negotiating teams have the ability and wisdom to resolve each other's reasonable demands, and in the end reach a mutually beneficial, win-win agreement."

 

Talks are not a one-way street and should be based on equality, he said.

 

"When negotiating with any country, China must uphold the sovereignty of the country, safeguard the interests of the people, and safeguard the dignity of the people. These principles and bottom lines we have stuck to in the past, and we still have to today."

 

Trump, who has embraced protectionism as part of an "America First" agenda, said he would talk to Xi at a G20 summit in late June.

 

"Maybe something will happen," Trump said in remarks at the White House on Monday. "We're going to be meeting, as you know, at the G20 in Japan and that'll be, I think, probably a very fruitful meeting."

 

Speaking several hours later at a dinner gathering at the White House, Trump said it should be clear in "three or four weeks" if a U.S. trade delegation's trip to Beijing two weeks ago was successful.

 

"I have a feeling it's going to be very successful," Trump said.

 

(Reporting by Ben Blanchard; Editing by Simon Cameron-Moore)

 

-- © Copyright Reuters 2019-05-14

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[bluesofa]

5 minutes ago, webfact said:

China and the United States both have the "ability and wisdom" to reach a trade deal that is good for both, the Chinese government's top diplomat said

Ha ha! That's just 'diplomatic speak' there.

A true diplomat is someone who can tell you to go to hell so that you look forward to the journey.

[spidermike007]

No doubt the Chinese have the wisdom. But Trump? Not a term I would ever apply to him. Or his entire team. He is completely lost. 

[Paul Henry]

Trump with his hand in his pocket says "I FEEL ITS GOING TO BE VERY SUCCESSFULL"

[JulesMad]

3 hours ago, webfact said:

"ability and wisdom"

I am sure China has that, proven through the years of existence (about 4000 years)
As for usa and trumpy ????????????

[Srikcir]

4 hours ago, webfact said:

"When negotiating with any country, China must uphold the sovereignty of the country, safeguard the interests of the people, and safeguard the dignity of the people. These principles and bottom lines we have stuck to in the past, and we still have to today."

TRANSLATION:

China is remaining a Communist nation.

[Tug]

China holds all or most of the cards Donald faces re election in 2020 Donald has pissed off the very people that should be standing with us what is it going to cost us to get rid of this fraud?

[Basil B]

Yes, there is a lot of wisdom in the US, but not in the White House...

[Kiwiken]

3 hours ago, Srikcir said:

TRANSLATION:

China is remaining a Communist nation.

China has a Communist Government yes, But the Country has a capitalist system, The US has a Federal system, is Capitalist but not very democratic. I fail to see the differences between the two ?

[jm91]

1 minute ago, Kiwiken said:

China has a Communist Government yes, But the Country has a capitalist system, The US has a Federal system, is Capitalist but not very democratic. I fail to see the differences between the two ?

Very true.

I lived and worked in China for 6 years. China is more capitalistic than the USA. It is a capitalistic totalitarian state. 

Many conservatives idealize the capitalistic system and blindly believe capitalism leads to democracy etc.. 

China show that is not true and the USA shows that democracy can be eroded by capitalism. 

Many of the posters here are clueless. 

[Searat7]

China backtracked on their commitment to resolve the problem (after many extended meetings) so I don’t blame Trump at all. I think it’s time for the two leaders to meet in person and hammer out an acceptable deal together.

[bristolboy]

56 minutes ago, Searat7 said:

China backtracked on their commitment to resolve the problem (after many extended meetings) so I don’t blame Trump at all. I think it’s time for the two leaders to meet in person and hammer out an acceptable deal together.

You mean like what happened when 2 leaders met in Singapore and then again in Vietnam? To hammer out an agreement, Trump would have to be conversant with the facts. Not exactly his strong suit.

[Srikcir]

21 hours ago, webfact said:

The U.S. Trade Representative's office said it planned to hold a public hearing next month on the possibility of imposing duties of up to 25% on a further $300 billion (231 billion pounds) worth of imports from China

Trump is already asking for a $15 billion subsidy to protect farmers from HIS trade war with China that's in addition to last year's $12 billion subsidy. That's a total of $27 billion to be paid by the American taxpayer. Congress should approve it with an amendment to last year's law approving the former subsidy but with the condition that Trump cancel his plans for the $25 billion Mexico-US border wall.

[lannarebirth]

20 hours ago, spidermike007 said:

No doubt the Chinese have the wisdom. But Trump? Not a term I would ever apply to him. Or his entire team. He is completely lost. 

What wisdom do you think the Chinese have? They're con men, same as Trump. The only advantage they've got is time. But, not that much.

[lannarebirth]

16 hours ago, Basil B said:

Yes, there is a lot of wisdom in the US, but not in the White House...

Perhaps, but it holds no sway. Corporate and political self interest hold sway these days.

[lannarebirth]

14 hours ago, Searat7 said:

China backtracked on their commitment to resolve the problem (after many extended meetings) so I don’t blame Trump at all. I think it’s time for the two leaders to meet in person and hammer out an acceptable deal together.

 

Bad idea. Better for the US to hold to their positions, which are not unfairin this case.

[Mavideol]

On 5/14/2019 at 11:17 AM, webfact said:

"When negotiating with any country, China must uphold the sovereignty of the country, safeguard the interests of the people, and safeguard the dignity of the people. These principles and bottom lines we have stuck to in the past, and we still have to today."

meaning China never apologize to anybody and never bend over to any threats because they know it all, they have been around for 5,000 years +

[spidermike007]

1 hour ago, lannarebirth said:

What wisdom do you think the Chinese have? They're con men, same as Trump. The only advantage they've got is time. But, not that much.

The Chinese have infinitely more wisdom. No doubt they do not play by the rules. But do not confuse Trump style crime and con work with the ability to think strategically and engage in long term planning. This is something that is so far over the heads of anyone within this administration. They are in a far better position to negotiate than the US. They have huge cash reserves. The US has nothing but debt. The Chinese have a dozen ways they could cripple the US. As usual, Trump is playing with fire and does not even know it. He is a 9 year old in a room full of smart and savvy adults. Xi outclasses Trump on virtually every measurable level. 

[lannarebirth]

6 minutes ago, spidermike007 said:

The Chinese have infinitely more wisdom. No doubt they do not play by the rules. But do not confuse Trump style crime and con work with the ability to think strategically and engage in long term planning. This is something that is so far over the heads of anyone within this administration. They are in a far better position to negotiate than the US. They have huge cash reserves. The US has nothing but debt. The Chinese have a dozen ways they could cripple the US. As usual, Trump is playing with fire and does not even know it. He is a 9 year old in a room full of smart and savvy adults. Xi outclasses Trump on virtually every measurable level. 

 

There is virtually nothing that is produced in China that America "needs". The customer has the power in this situation. That doesn't mean Trump won't blow it. That's certainly possible, but the US is holding the better hand IMO.  As awful as Trump is, I'm not going to fault him for going after China on trade, though I'm sure I won't like how he does it.

[FritsSikkink]

1 hour ago, lannarebirth said:

 

There is virtually nothing that is produced in China that America "needs". The customer has the power in this situation. That doesn't mean Trump won't blow it. That's certainly possible, but the US is holding the better hand IMO.  As awful as Trump is, I'm not going to fault him for going after China on trade, though I'm sure I won't like how he does it.

So why do they buy all that Chinese stuff than. Stop it and the problem is solved.

Except they cant as they are addicted to the stuff.

[bristolboy]

1 hour ago, lannarebirth said:

 

There is virtually nothing that is produced in China that America "needs". The customer has the power in this situation. That doesn't mean Trump won't blow it. That's certainly possible, but the US is holding the better hand IMO.  As awful as Trump is, I'm not going to fault him for going after China on trade, though I'm sure I won't like how he does it.

Ya got some evidence to support that assertion? You think most of those imports are just for heckuvit? These kind of judgement values, especially when they concern hundreds of billions of dollars are self-evidently false. If you want to get a little bit of a taste of why this is so, read this article about how Apple learned how difficult it was to assemble a Macbook in the USA. 

A Tiny Screw Shows Why iPhones Won’t Be ‘Assembled in U.S.A.’

https://www.nytimes.com/2019/01/28/technology/iphones-apple-china-made.html

[spidermike007]

2 hours ago, lannarebirth said:

 

There is virtually nothing that is produced in China that America "needs". The customer has the power in this situation. That doesn't mean Trump won't blow it. That's certainly possible, but the US is holding the better hand IMO.  As awful as Trump is, I'm not going to fault him for going after China on trade, though I'm sure I won't like how he does it.

How about faulting him for picking a major global battle with China on trade, while picking a potentially global fight with Iran over fake demagoguery? Iran has nothing to do with nuclear power or nuclear weapons, and everything to do with regime change, and the horrendous degree of hubris that Blindfold Bolton, and Trump are using to blow all this hot air, and escalate the situation. It is all about politics. Nothing to do with nuclear weapons of capabilities. 

 

And this trade dispute is a two way street. Nearly 35% of US soybeans are sold to China. You want to know what else? Hundreds of products. And I totally disagree with you about what the American consumer "needs". 

 

Almost 1,000 other products are things you eat or drink. They include vegetables like cabbage, kale, carrots and beets, along with hundreds of types of fish, though industry lobbying removed some Alaskan-caught fish that are exported to China for processing and then reimported to the United States.

 

https://www.nytimes.com/2019/05/10/business/china-tariffs-list.html

 

Besides, trump is beyond a hippocrite.

 

There are 268 items for sale on the Trump Organization’s online store. Of those, 41 are made in the USA and listed in a separate section highlighting US goods. That means American products make up exactly 15.29% of the Trump Store’s available merchandise.

 

During an April 2017 visit to the Snap-on-Tools headquarters in Kenosha, Wisconsin, president Donald Trump signed his so-called “Buy American and Hire American” executive order for US government agencies. More fake news from Trump! 

 

https://qz.com/1483890/how-many-donald-trump-products-are-made-in-the-usa/

 

The Office of the U.S. Trade Representative published a list of Chinese goods that would be hit with new duties, ranging from artists' brushes and paint rollers to clocks and watches. The list also includes a wide range of sporting goods, from baseballs to fishing reels. And it dedicates several pages to agricultural products, from livestock to dairy, plants and vegetables. Staples such as rice and tea are on the list.

 

Last week, a soybean farmer in Virginia told NPR that his situation has only gotten worse, with falling prices and difficulties in getting loans amid an uncertain market. And that farmer, John Wesley Boyd Jr., said he hasn't gotten any relief from the government. "I haven't seen a dime of that money," Boyd said. "And I've been calling and calling USDA. And they continue to say that the funds are in process, and the funds are going to be sent to me."

 

https://www.npr.org/2019/05/14/723162537/u-s-prepares-sanctions-on-another-300-billion-of-imported-chinese-goods

 

 

 

[bristolboy]

GIven the continuous call by some for American to be self-sufficient in economic areas where it is now dependent on China, I thought I would post the definition of opportunity cost.

What Is Opportunity Cost

Opportunity costs represent the benefits an individual, investor or business misses out on when choosing one alternative over another. While financial reports do not show opportunity cost, business owners can use it to make educated decisions when they have multiple options before them.

https://www.investopedia.com/terms/o/opportunitycost.asp

[sfokevin]

On 5/14/2019 at 11:17 AM, webfact said:

China, U.S. have 'wisdom' to resolve trade dispute...

Yikes!... That doesn’t sound good... 

[jerojero]

If Trumpy is involved, forget wisdom.... Just dom (dumb)

[geoffbezoz]

On 5/14/2019 at 8:05 AM, spidermike007 said:

No doubt the Chinese have the wisdom. But Trump? Not a term I would ever apply to him. Or his entire team. He is completely lost. 

A Corrupt, immoral ignoramus and emotionally unstable seems about right for him.

[rabas]

20 hours ago, bristolboy said:

You mean like what happened when 2 leaders met in Singapore and then again in Vietnam? To hammer out an agreement, Trump would have to be conversant with the facts. Not exactly his strong suit.

Trump met with Kim Jong-un in Singapore and Vietnam, not Xi. As for knowing facts, one reason the summit failed was because Trump confronted Kim about undisclosed enrichment facilities that Kim had failed to reveal. Kim was later reported to have wondered how they knew about them. Kim was unprepared. But as Trump would probably tell him "My CIA is bigger than your CIA".

[bristolboy]

On 5/14/2019 at 7:48 PM, Kiwiken said:

China has a Communist Government yes, But the Country has a capitalist system, The US has a Federal system, is Capitalist but not very democratic. I fail to see the differences between the two ?

Actually not really. It's mixed but under Xi the state sector has grown. Lots of zombie state enterprises out there. What's more, Xi is actually demanding that private enterprises "invest" in state enterprises which are mostly failing or benefit from monopoly status.

[Traubert]

25 minutes ago, bristolboy said:

Actually not really. It's mixed but under Xi the state sector has grown. Lots of zombie state enterprises out there. What's more, Xi is actually demanding that private enterprises "invest" in state enterprises which are mostly failing or benefit from monopoly status.

Almost. What is happening is that the older Nationalised industries that fail on emissions and use dated tech typically owe the state banks huge sums of money which, because of their inefficiencies, are never likely to pay back.

 

Xi ordered the banks to capitalise their debt and then sell the saveable parts to private industry at a knock down share price thus reducing pollution, Government spending, bank write off, saving jobs and maintaining market share.

 

Nothing is done for nothing in China.

[Srikcir]

On 5/14/2019 at 7:48 PM, Kiwiken said:

China has a Communist Government yes, But the Country has a capitalist system, The US has a Federal system, is Capitalist but not very democratic. I fail to see the differences between the two ?

My point is that BOTH nations are deeply and equally committed to their own governance ideology.

For the Trump administration to have a trade strategy that requires China to change its ideology is no less impracticable than Xi expecting the US to change its ideology.

 

Thus far, the news has focused on China's resistance to change its laws to accommodate Trump's trade demands. Is there any quid pro quo by China that the US do the same to China's trade advantage? I don't believe so but it wouldn't be unreasonable for China to make such equal demand for a fair trade deal.

 

But Trump doesn't make concessions in the Art of a Deal. He instead uses chaos, deception, and lies (ref. Canada PM Trudeau) to get a Win-Lose deal. Trump must be the Victor.

“This administration’s approach to trade is bully, bully, bully,” said Mary Lovely, a senior fellow at the Peterson Institute for International Economics. https://www.nytimes.com/2019/04/15/us/politics/trump-trade-deals.html

Unsurprising this from China, “This, is China’s attitude!” the People’s Daily (CNBC’s translation):

• “Negotiate, sure!”
• “Fight, anytime!”
• “Bully us, wishful thinking!”

https://www.cnbc.com/2019/05/14/trade-war-china-says-its-wishful-thinking-to-attempt-to-bully-it.html

China does love to Tango.