GOP senator on China trade tensions: It's a high-stakes 'poker match'

GOP senator on China trade tensions: It's a high-stakes 'poker match'

But they soon pared the gains after China said it will take "necessary" countermeasures if US raises tariffs Friday.

After the Trump administration rattled its trade-war sabers, China has responded by proceeding with its planned visit to the US.

"Right now, because we have a strong economy and China has some issues with its aging population and a slowing economy, we're in a position of strength to negotiate a better deal", said Jeff Schulmeister, 52, a resident of the Detroit suburb of Macomb Township. She said the former vice president, if elected the 46th president, would make sure the US and its allies write global trade rules.

Nonetheless, China confirmed that Vice Premier Liu He, the country's top trade negotiator, will lead the Chinese delegation coming to Washington, D.C. later week.

The United States' trade deficit to China in 2018 was $419 billion, up from $375 billion in 2017. "They're going to sit down tomorrow, and we'll see what happens from there", she said.

The U.S. will boost tariffs from 10 percent to 25 percent on $200 billion worth of Chinese imports on Friday, according to a notice published Wednesday in the Federal Register from the U.S. Trade Representative's office.

The Chinese yuan is weakening against a basket of currencies midweek as global markets are still reeling from the incoming U.S. tariff hikes on billions in Chinese imports.

In response, Donald Trump took to Twitter to announce an increase in tariffs, from 10% to 25%, on $200bn-worth of Chinese goods, including internet modems and routers, printed circuit boards, vacuum cleaners and furniture.

Oil prices fall with heightened US-China trade tensions
The demand is expected to rise by 1.5 million b/d in 2020, up from expected growth of 1.4 million b/d in 2019. Imports for the first four months increased 16.4 percent on the year to 31.89 million tonnes, customs said.

Iran to stop implementation of some of its commitments under nuclear deal
Ahead of Iran's announcement, France said that some sanctions could be reimposed if the country broke its 2015 obligations. Currently, the accord limits Iran to enriching uranium to 3.67 per cent, which can fuel a commercial nuclear power plant.

Trump's tax legal fight
The White House and the Republican president's attorneys declined to comment on the deadline to turn over Trump's returns. Attorney General Barr was scheduled to appear at, on Capitol Hill in Washington, D.C., U.S., May 2, 2019.

The stripping of binding legal language from the draft struck directly at the highest priority of U.S. Trade Representative Robert Lighthizer - who views changes to Chinese laws as essential to verifying compliance after years of what U.S. officials have called empty reform promises.

Trump took at shot at his Democratic challengers, singling out former Vice President Joe Biden, saying China would prefer to negotiate with them.

The Trump administration's demand for the Chinese regime to implement structural reforms, which propelled it to launch the trade war with China last March, has been a sticking point during trade negotiations.

Trump's new tariff announcements have tanked stock markets worldwide as investors, like anxious U.S. farmers and businesses, had been banking on a resolution to the year-long conflict that has engulfed $360 billion in two-way trade.

"The most important things are the things the Chinese won't give", he told AFP, including reducing subsidies and subjecting state-owned enterprises to market forces.

"I still think ultimately we do end up getting a deal because it's too important for both economies". This practice of forcing businesses to hand over their secrets has helped China to catch up technologically with the West - but it has been strongly criticised by numerous country's trading partners, in particular the US.

He added: "With global interest rates mostly at, or near, record lows except for the U.S., the world's central banks are ill-placed to cut rates to stimulate growth, as they reap the harvest of their excessively easy monetary policies over the last 10 years".

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