China won't devalue yuan to boost exports, says Premier Li

China won't devalue yuan to boost exports, says Premier Li

China won't devalue yuan to boost exports, says Premier Li

The Trump administration will slap a 10% tariff on about $200bn in Chinese goods next week, and more than double the rate in 2019, setting up what could be a prolonged trade war between the world's two biggest economies.

"China has always emphasised that the only correct way to resolve the China-US trade issue is via talks and consultations held on an equal, honest and mutually respectful basis".

Men work on placing a steel switch track section of a rail line connecting Sichuan and Tibet, in Shannan Prefecture, Tibet Autonomous Region, China September 16, 2018.

Li spoke a day after Beijing pledged to immediately punch back at Trump's next round of tariffs on $200 billion in Chinese imports with levies on an additional $60 billion in American goods.

The Trump administration accuses China of stealing key technologies and intellectual property (IP) from American companies using tactics that include physical and cyber theft, forced technology transfers, evasion of US export controls, export restraints on raw materials, and investments in high-technology companies.

America's trade war with China is threatening to spiral out of control after a number of prominent Trump supporters used highly inflammatory language to dismiss China's latest attempt at reconciliation.

As Trump has pursued his confrontation trade policy, China, Canada, Mexico and the European Union have all fought back, and have targeted goods seen as hitting areas loyal to Trump, including soybeans, bourbon, and blue jeans. Trump added. Trump won the 2016 presidential contest with strong support from those farmers and blue-collar voters.

The trade gap means China will run out of United States imports to tax while the U.S. still has plenty of Chinese imports to target.

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"Over the last number of years, China has taken out of this country United States dollars 500 billion and more a year".

And how all that plays out could determine whether Trump's negotiating gamble proves a triumph or a failure.

China's trade practices have always been a source of frustration for United States companies, which are not able to gain access to parts of China's market and are forced to hand over valuable technology and trade secrets to Chinese partners in exchange for operating there.

In May, in fact, it looked briefly as if Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He had brokered a truce built around a Chinese offer to buy enough American farm products and liquefied natural gas to put a dent in the trade deficit. The further blows on trade come at a time when the Chinese economy is already slowing. The 25 percent tariffs that Trump imposed on imported washing machines in January quickly translated into sticker shock for shoppers. "They hope to change USA presidents", Xia argued.

USA business leaders railed against Mr Trump's decision to issue new tariffs.

The latest United States duties spared smart watches from Apple and Fitbit and other consumer products such as baby auto seats. "We don't want others to interfere in our domestic politics, and we will not interfere in the domestic politics of others". "We really went item-by-item trying to figure out what would accomplish the punitive goal on China and yet with the least disruption in the U.S".

"The goal of the tariffs is to modify China's behavior", Commerce Secretary Wilbur Ross said on CNBC. -China trade, and investors withdrew, the US economy would be 1.6 percent - or $320 billion - smaller than under normal trading circumstances while China would lose 3.5 percent of its gross domestic product, according to a presentation Freund gave Monday at the Peterson Institute.

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