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China published a white paper in eight languages Sunday on their trade frictions with the U.S. They blame America with the costs to both sides with for 'unacceptable' demands BUT offered “If the U.S. wants to talk, we will keep the door open.”

China White Paper

White Paper Highlights

- Issued by the Chinese Cabinet spokesman’s office

  • Says China has kept its word throughout 11 rounds of talks
  • Will honor its commitments if a trade agreement is reached.
  • “A country’s sovereignty and dignity must be respected, and any agreement reached by the two sides must be based on equality and mutual benefit,”
  • “Whatever the future might bring, China is confident of meeting challenges head on, turning risks into opportunities and opening new chapters,"
  • “China remains committed to its own cause no matter how the external environment changes.”
  • “We still have sufficient room for fiscal and monetary policy maneuver” t
  • Says the escalating trade war has not “made America great again”
  • “The (U.S.) tariff measures have not boosted American economic growth. Instead, they have done serious harm to the U.S. economy,

Vice Commerce Minister Wang Shouwen News Conference

  • Says United States overestimates the trade deficit between the two countries and China should not be blamed for job losses in the U.S. manufacturing sector
  • U.S. goods and services deficit with China is close to $150 billion, $410 billion quoted by U.S. officials.
  • China’s processing trade with the United States should not be included in trade deficit calculations,
  • China does not instruct domestic companies to acquire certain projects and technology.
  • The commerce ministry is investigating reports of delays in customs checks, adding that the country will make efforts to cut the length of customs checks and reduce costs for importers.
  • Said it is “unacceptable” if some countries use rare earths from China to create products that limit China’s development, and he said China is willing to meet other countries’ requirements for rare earth consumption.“
  • Said confrontation, including between China and the United States, is inconsistent with the interests of the two countries’ peoples and is not in the interest of the people of the world.”
  • China still wants to resolve escalating tensions through dialogue, but it won’t be bullied. “If the U.S. wants to talk, we will keep the door open,” Wei said. “If they want to fight, we will fight to the end.”
  • Said China had been forced to “take forceful measures in response” to U.S. actions and denied China had backtracked on its earlier commitments.
  • “It is irresponsible of the U.S. to accuse and smear China,”
  • In negotiations “nothing is agreed until everything is agreed,”
  • Said the U.S. had made unacceptable demands, including on tariffs and compulsory requirements that infringed on Chinese sovereignty.
  • Said of the U.S. tactics, “You give them an inch, they take a yard.”
  • “If the U.S. wants to talk, we will keep the door open, If they want to fight, we will fight to the end.”

Trade War Recap

Team USA

  • The U.S. accuses China of stealing trade secrets and forcing technology transfers.
  • The Trump administration has imposed 25 percent tariffs on $250 billion worth of Chinese imports and is planning to tax another $300 billion in imports that have so far been spared.
  • Escalated the stakes last month by putting Chinese telecom giant Huawei Technologies Co. on a blacklist that effectively bars U.S. companies from supplying it with computer chips, software and other components without government approval.

Team China

  • China responded by imposing tariffs on $60 billion worth of U.S. products, which went into effect Saturday.
  • Retaliated against U.S. blacklisting of Huawei by announcing Friday that it will establish its own list of “unreliable entities” consisting of foreign businesses, corporations and individuals. '

Shangri-La Dialogue security conference in Singapore

Chinese Defense Minister Wei Fenghe

  • At the confernce the day before the white paper was issued
  • Says “China has no intention, no power, to be the boss of this world, and against the United States to fight for this status”

Acting U.S. Defense Secretary Patrick Shanahan

Said the U.S. and China will eventually resolve their differences, downplaying the significance of escalating trade tensions even as he said Beijing’s leaders behavior “sows distrust” in Asia

Source: Japan Times

From the TradersCommunity News Desk

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