Concerns loom on how China, U.S. will resolve differences on trade
Arirang News
2018-12-21
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Let's shift our focus to one of the top international news stories of 2018.
It's hard to overstate how much of an impact the U.S.-China trade war has had on the global economy this year.
Let's take a look back at the multi-billion dollar tariff battle between the world's two economic superpowers that's threatening to spill into 2019.
Kim Ji-yeon reports.
It may be too soon to reprieve upon news China and the U.S. are working to turn their trade truce forged on the sidelines of the G20 summit in Argentina on December 1st... to something more permanent.
The tit-for-tat tariffs executed earlier this year were widely viewed as merely being a cover for a hegemonic fight in the economic, technological and defense sectors... as China challenges the U.S.
Following the trade ceasefire, Washington agreed to delay a tariff increase on more than 250-billion U.S. dollars' worth of Chinese imports to 25-percent from 10-percent originally planned to go into effect on January 1st,... while China agreed to resume purchases of U.S. farm and energy commodities.
They're reportedly planning to hold meetings to hammer out a deal on trade next month.
Reducing U.S. trade deficit in its trade with China... which recorded 375-billion dollars last year... was cited as a major priority for the Trump administration... according to U.S. Treasury Secretary Steven Mnuchin in an interview with Bloomberg earlier this week.
He said it's to map out a specific timeline, both realistic and verifiable, that the two countries can carry out.
But concerns still loom over the notion of how they'll iron out their differences.
Two main questions reverberate: If the truce is temporary and will only last 90 days, is it reasonable for the U.S. to expect sweeping reforms concerning market access and intellectual property rights, regulatory reforms in this short span of time?
And if China presses on with these measures, would these not shock the Chinese economy?
The International Monetary Fund has already forecast China is set to record the slowest growth rate in 28
years in 2018 of 6-point-6-percent... putting a damper on the industrial plan of President Xi Jinping's 'Made in China 2025' to become a global powerhouse by 2049.
Kim Ji-yeon, Arirang News.
It's hard to overstate how much of an impact the U.S.-China trade war has had on the global economy this year.
Let's take a look back at the multi-billion dollar tariff battle between the world's two economic superpowers that's threatening to spill into 2019.
Kim Ji-yeon reports.
It may be too soon to reprieve upon news China and the U.S. are working to turn their trade truce forged on the sidelines of the G20 summit in Argentina on December 1st... to something more permanent.
The tit-for-tat tariffs executed earlier this year were widely viewed as merely being a cover for a hegemonic fight in the economic, technological and defense sectors... as China challenges the U.S.
Following the trade ceasefire, Washington agreed to delay a tariff increase on more than 250-billion U.S. dollars' worth of Chinese imports to 25-percent from 10-percent originally planned to go into effect on January 1st,... while China agreed to resume purchases of U.S. farm and energy commodities.
They're reportedly planning to hold meetings to hammer out a deal on trade next month.
Reducing U.S. trade deficit in its trade with China... which recorded 375-billion dollars last year... was cited as a major priority for the Trump administration... according to U.S. Treasury Secretary Steven Mnuchin in an interview with Bloomberg earlier this week.
He said it's to map out a specific timeline, both realistic and verifiable, that the two countries can carry out.
But concerns still loom over the notion of how they'll iron out their differences.
Two main questions reverberate: If the truce is temporary and will only last 90 days, is it reasonable for the U.S. to expect sweeping reforms concerning market access and intellectual property rights, regulatory reforms in this short span of time?
And if China presses on with these measures, would these not shock the Chinese economy?
The International Monetary Fund has already forecast China is set to record the slowest growth rate in 28
years in 2018 of 6-point-6-percent... putting a damper on the industrial plan of President Xi Jinping's 'Made in China 2025' to become a global powerhouse by 2049.
Kim Ji-yeon, Arirang News.
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