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China Digs In on Trade as Trump Warns of ‘Very Difficult’ Summit

China Digs In on Trade as Trump Warns of ‘Very Difficult’ Summit
folder_openAsia-Pacific... access_time6 years ago
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China signaled little inclination to make concessions on trade with the US after President Donald Trump warned of a difficult meeting with Chinese leader Xi Jinping at next week's bilateral summit.

China Digs In on Trade as Trump Warns of ‘Very Difficult’ Summit

"China doesn't intentionally seek trade surpluses," Vice Foreign Minister Zheng Zeguang said during a Friday news briefing. He said that imbalances in China-US trade are mainly the result of global industrial trends, as well as disparities in the two countries' economic structures and development.

He also called on Washington to help alleviate bilateral trade imbalances by easing restrictions on technology exports to civilian users in China, and improving the investment climate for Chinese businesses in the US.

Zheng's remarks came a day after China's Foreign Ministry confirmed that Xi and Trump would hold their first meeting on April 6-7 at the US president's Mar-a-Lago resort in Palm Beach, Fla.

After the Chinese announcement, Trump suggested that he would press Xi hard on trade-a centerpiece issue of his presidential campaign.

"The meeting next week with China will be a very difficult one," Trump tweeted late Thursday. "We can no longer have massive trade deficits ... and job losses. American companies must be prepared to look at other alternatives."

China has pushed for a two-way summit for several weeks, hoping that it would set bilateral relations on a more stable footing, diplomats say. On the campaign trail and as president, Trump has sharply criticized China on trade and security issues, including allegations that Beijing hasn't done enough to curb North Korea's nuclear program.

The Trump administration has been contemplating measures to counter what it describes as unfair Chinese trade practices. US officials are preparing a review of China's "market-economy status" under the World Trade Organization, in a process that could keep Chinese goods eligible for higher US tariffs well into the future.

Beijing has been particularly concerned about the prospects of a trade war, based on the Trump team's pledges to eliminate the $500 billion US trade deficit-the bulk of it with China-and to label Beijing a currency manipulator, an allegation that Chinese officials deny.

China has "no intention of stimulating exports through competitive currency devaluation," Zheng said at Friday's briefing. "That's not our policy."

Source: News Agencies, Edited by website team

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