Trump Says Trade War Deal Must Involve 'Real, Structural Change'

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Trump Says Trade War Deal Must Involve 'Real, Structural Change'

The impact on total US imports from China in 2018 was "muted", the researchers wrote, largely because of the rush to get ahead of tariffs that it caused on the larger $200 billion list.

The sources said that the U.S. delegation would begin arriving in Beijing over the weekend, following a break this week for Chinese New Year.

The study also underlines that while some countries will see a surge in their exports, negative global effects are likely to dominate.

The United States levied additional duties of between 10 percent and 25 percent on $250 billion of Chinese goods past year as punishment for what it called unfair trade practices, and the 10 percent tariffs are set to climb to 25 percent unless there is significant headway on a trade deal by March 1.

President Donald Trump on Tuesday (Feb 5) told Congress that Washington's aggressive trade negotiations with Beijing would mean an end to China's alleged "theft" of USA jobs and wealth.

But the gains for some countries could be undermined by other aspects of the trade war, which has contributed to an economic slowdown in China and triggered volatility in global markets.

The trade war between the United States and China has caused major disruptions for global businesses - but it may also bring benefits for some.

China and the United States have been engaged in a trade war since Trump announced last June that $50 billion worth of Chinese goods would be subject to 25 percent tariffs in a bid to fix the US-Chinese trade deficit.

In his annual State of the Union address, Trump also called on China to make the kind of far-reaching "structural" changes to industrial policy that analysts say Beijing is likely to resist. "If - barring an agreement between the US, China on March 1 - tariffs will escalate to 25 per cent, which is a significant difference from the 10 per cent as it now exists", Coke-Hamilton said. "We are now making it clear to China that after years of targeting our industries and stealing our intellectual properties, the theft of American jobs and wealth has come to an end", he said.

The implications of such a development would be "massive", the UNCTAD Director, Division on International Trade in Goods and Services, and Commodities, continued, adding that its effects would first of all involve "an economic downturn due to instability in commodities and financial markets".

In response, China imposed tit-for-tat tariffs on billions of dollars worth of American imports. A common concern is the unavoidable impact that trade disputes will have on the still fragile global economy.

The study found that European exports will grow by $70bn, while Japan, Canada and Mexico will see exports increase by more than $20bn each.

"One major concern is the risk that trade tensions could spiral into currency wars, making dollar-denominated debt more hard to service", the report adds. He has used those to impose tariffs on steel and aluminium imports.

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