Mulvaney expects Trump-Xi meeting won't be a 'deal closer'

Lester Mason
June 13, 2019

US President Donald Trump said Wednesday he understands Hong Kong protesters who have risen up against plans to allow extraditions to China but hopes they can "work it out" with Beijing.

"It's me right now that's holding up the deal", he said. "Unless they go back to that deal I have no interest".

Trump accused Beijing of reneging on promises to meet U.S. demands to extend protection of intellectual property, end state-sponsored cyber theft, open more markets to USA firms, and reduce industrial subsidies. -China trade war in that he controls China's central bank while Trump must deal with a Federal Reserve that is "very destructive to us".

As for Trump himself, he declared ready to increase tariffs on additional Chinese imports of a value of $300 billion this time.

The foreign ministry spokesperson hinted at further retaliation from China if Trump insists on more tariffs.

He said Beijing needed to agree to four or five "major points", but did not specify what they were.

While Trump has repeatedly suggested that he will meet Chinese President Xi Jinping at the Group of Twenty summit in Japan later this month, China's Foreign Ministry declined to confirm such a meeting.

The G-20 in late June is one of the last chances for Trump and Xi to head off a conflict between the world's biggest economies that appears to be worsening by the day. "When I came in, that gap was getting very close", he asserted.

Trump wants China to commit to curbing its longstanding, huge trade surplus with the U.S. The conflict also reflects deeper concerns over China's ambitions to help its own industries gain a lead in key technologies such as robotics and artificial intelligence. "What did the president do when it came to Mexico?"

Host country Japan and European Union countries are working with the United States on new World Trade Organisation rules aimed at reining in "non market-oriented policies" including industrial subsidies, rules clearly aimed at China. And every single step that Donald Trump is taking is only exacerbating the challenge.

The arguments for Xi to meet Trump mostly revolve around the need to prevent greater economic damage.

On Monday, Trump suggested in an interview on CNBC that he expected to reach a deal with Beijing. China's imports tumbled in May, underscoring domestic economic weakness that could hurt global growth. But Trump said he expects Xi to meet with him.

Since talks collapsed, China's state media has ramped up nationalist rhetoric.

Huawei denies that it would share users' secrets with China's ruling Communist Party.

The U.S. State Department and Office of the United States Trade Representative did not immediately respond to Newsweek when asked about the comments from Shi.

Other reports by Iphone Fresh

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