International Import Expo would be held in Shanghai in November “to open up the Chinese market.” He said that China’s door of opening up will not be closed and will only open even wider. Xi reiterated a call for developed nations (US) to ease restrictions on high tech exports to China. That is not about to happen, with Washing-ton citing national security concerns that such technologies would find their way into China’s defence industry. While making no direct mention of the trade war with the US, he said a ‘zero-sum’ and‘Cold War’ mentality looks even more out of place than ever in the modern world.The Chinese President Xi Jinping’s speech assuaged investors’ concerns about a potential trade war, at least temporarily. The overt message was that China would continue to gradually open up on its own terms and the implicit message was that American firms may lose out on the benefits if President Trump pursues the trade war. The Trump administration’s trade policy team—USTR Robert Lighthizer, Commerce Secretary Wilbur Ross, Treasury Secretary Steven Mnuchin, National Economic Council Director Larry Kudlow and National Trade
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US-CHINA Trade War: Analyses of Deeper Nuances and Wider Implications30Council Director Peter Navarro—has been to Beijing to get China to commit certain actions that would enable tensions to come down. China has announced the suspension of its retaliatory tariffs, which cleverly singled out the products of the Republican farm states. Trump, on Twitter, suggested that the Chinese have “agreed to buy massive amounts of additional Farm/Agricultural Products.” At least for now, he appears to have dropped, or tempered, his demands for big, structural changes in how China treats domestic and foreign companies.31It is clear that China is willing to negotiate some modest changes in policies and purchases that Trump could take as a victory, but that they are not willing to negotiate with a gun to their head. However, China was not willing to accede to a key US demand —to stop subsidising the 10 high tech industries targeted in the Made in China 2025 programme.Oil and GasVice Premier Liu He has reportedly offered to reduce the trade imbalance by $50 billion through purchases of Liquefied Natural Gas (LNG), semiconduc-tors and agricultural products. Buying LNG would be particularly smart for China because they need diversified sources and it could make a big dent in the bilateral deficit. China also reportedly offered to open up financial services more rapidly and to give the US firms access to the rapidly growing e-commerce market in China.32China has been scouring the world to feed its voracious energy demands, while the US has begun exports of crude oil and liquefied natural gas only in the past few years. The US was the fastest growing major crude exporter to China last year. It’s a similar story with natural gas. China is fast turning into the big beast of
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