China's president Xi Jinping promises to cut car import tariffs and open economy

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China's president Xi Jinping promises to cut car import tariffs and open economy

fowill

10-04-2018 09:43

China's president Xi Jinping promises to cut car import tariffs and open economy

source: https://www.telegraph.co.uk/business/2018/04/10/chinas-president-xi-jinping-promises-cut-car-import-tariff/

Quote:

President Xi Jinping has promised to cut Chinese tariffs on car imports and and ease restrictions on foreign ownership in its car industry amid an escalating tariff spat with Washington.
In a speech on Tuesday at a business conference, Mr Xi made no direct mention of the dispute with President Donald Trump but pledged to open China's markets further and improve conditions for foreign companies.
Mr Xi said Beijing will "significantly lower" tariffs on car imports this year and ease restrictions on foreign ownership in the car industry "as soon as possible".

He also promised to expand protection of intellectual property - an issue high on the list of US demands - as he ushered in a "new phase of opening up" during the Boao Forum for Asia, his country's answer to Davos, with a swipe at Mr Trump's America First policy.

“Human society is facing a major choice to open or close, to go forward or backward,” he told hundreds of investors gathered on the resort island of Hainan.

“In today’s world, the trend of peace and co-operation is moving forward and a Cold War mentality and zero-sum game thinking are outdated.”
Mr Trump has threatened to raise tariffs on Chinese goods worth $50 billion in response to complaints Beijing pressures foreign companies to hand over technology in violation of its market-opening pledges. Beijing responded with its own $50 billion list of U.S. goods for possible retaliation.

Chinese officials repeatedly dismissed any suggestion of negotiations but Trump administration officials have stressed that the tariffs are not yet in place and the dispute could be resolved through talks.
Mr Trump echoed the sentiment on Sunday in a tweet, saying: "China will take down its trade barriers because it is the right thing to do. Taxes will become reciprocal and a deal will be made on intellectual property."

"When a car is sent to the United States from China, there is a Tariff to be paid of 2 1/2%. When a car is sent to China from the United States, there is a Tariff to be paid of 25%. Does that sound like free or fair trade. No, it sounds like STUPID TRADE - going on for years!" - Donald Trump

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