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Trump: China And The United States Are Likely To Reach A Trade Agreement Or The Tariff Will Take Effect As Planned

Apr 26, 2018

According to Reuters, US President Trump said on Tuesday that the United States and China have "very good chance" to reach a trade agreement. U.S. Finance Minister Mukuchin will travel to China in the next few days to negotiate trade issues. China and the United States are likely to reach an agreement.

Trump made the above statement at the White House’s joint press conference after meeting with French President Mark Long. His speech also includes the desire to bypass the European Union, direct trade talks with France, and “will soon reach an agreement” on the Iranian issue.

Trump also stated at the press conference that if the U.S. and China cannot reach a trade agreement, the punitive additional ad valorem tariff levied on the 301 investigation against 1300 kinds of Chinese goods worth 50 billion U.S. dollars will be imposed. Take effect as planned.

According to Wall Street news, the United States listed on April 3 a list of Chinese goods worth 50 billion U.S. dollars. There is a 60-day publicity period before it takes effect. The United States will hold a hearing on May 15 and submit public comments during the hearing period before May 22th. Both China and the United States still have time to discuss further.

This will also be the first visit to China by Mr. Munuchin since he became US Treasury secretary. Bloomberg observed that three U.S. finance ministers prior to Mr. Mukuchin visited China in his first month of office.

Previously, according to CCTV News, April 22 (last Sunday), US Treasury Secretary Mukuchin hinted that he might visit China, which may help ease the growing trade tension between the world’s two largest economies.

At the International Monetary Fund's annual meeting in Washington last Saturday, Mr. Mutukin said that he is "considering this visit," but will not comment on the specific time or content of the visit. He further stated that he was "cautiously optimistic" about reaching an agreement with China and bridging the two sides' differences on trade issues.

On Sunday, a spokesperson for the Ministry of Commerce of the People's Republic of China said that U.S. Treasury Secretary Mr. Mutnchin had come to China for consultations and stated: "The Chinese side has received information that the United States hopes to come to Beijing to discuss economic and trade issues. The Chinese side welcomes this."

Earlier, Trump himself repeatedly expressed the view that "tariffs targeting China may not be effective at the end." On April 10, he issued a special statement that he was very grateful to President Xi Jinping for his friendly speech on tariffs and auto (trade) barriers. "We will make great progress together." On April 12th, he once again stated that President Xi’s speech on tariffs brought the possibility that the United States and China would not impose tariffs on each other, and might even lower their tariffs. If China is willing to open its market to more American products, the United States may avoid a trade war.

As Trump’s tone on the issue of US-China trade friction is “soft and hard”, market risk sentiment continues to be weighed down by the 10-year Treasury yield. The Dow fell more than 250 points after the Trump news broke, the Nasdaq fell more than 1%, and the S&P 500 fell 0.7%. Key stocks in the technology, financial and industrial sectors all reported declines.

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