The United States seeks to expand access to China's financial services industry
Nuchin said that if no agreement can be reached, tariffs on Chinese goods will be imposed.
US stock market rebounds, due to global trade war worries
China and the United States are holding consultations aimed at avoiding US tariffs on a range of Chinese products and triggering trade wars. During the negotiations, senior officials of the Trump government asked China to lower import tariffs, allow foreign investors to hold a majority stake in financial services companies, and purchase more semiconductor products produced in the United States.
A source familiar with the discussion said that the request made by US Finance Minister Nuchin and Trade Representative Wright Heze in the negotiations with Beijing included the above.
The Wall Street Journal first reported the incident, saying that US officials made these requests when they sent a letter to Beijing last week.
Peter Navarro, director of the US National Trade Commission, confirmed that President Trump asked Nuchin and Wright Heze to try to resolve trade differences with China.
"We hope that China will cooperate with us and basically solve some of these problems," Navarro told CNBC.
The US stock market rose sharply on Monday, spurred by news from the dialogue between China and the United States. US stocks fluctuated sharply last week, as Trump announced an import tariff on up to $60 billion in Chinese goods. His reason was that China had stolen US intellectual property.
The Dow Jones Industrial Average hit its third-day single-day gain in history, rising 669.4 points or 2.8% to close at 24,202.6 points. The S&P 500 index rose 2.7% and fell nearly 6% last week.
Chinese Premier Li Keqiang said on Monday that the scale of Sino-US economic and trade development to today is based on market forces and business rules, which are essentially mutually beneficial and win-win; for the existing trade imbalance, China and the United States should be pragmatic. In principle, we will promote trade balance by making large increments, and persist in negotiating and negotiating differences.
The Central People’s Broadcasting Station quoted him as a speaker at a meeting with foreign representatives attending the China High-Level Development Forum’s annual meeting, saying that “Made in China 2025†was promoted in an open environment, and that domestic and foreign-funded enterprises were treated equally; China would not force foreign countries The transfer of technology by enterprises will further strengthen the protection of intellectual property rights and severely crack down on infringements.
Although China’s state-owned media continued to slam the US’s “battle†with severe sternness and warned that it would be retaliated, Chinese and American officials were busy behind-the-scenes negotiations.
**Continue to promote tariffs without agreement**
US Finance Minister Steven Mnuchin said in an exclusive interview with Fox News on Sunday that he is seeking an agreement with China to "let them open their markets, lower their tariffs, and stop compulsory transfer of technology. This is what we want to do." thing."
"We are continuing to develop these tariffs and will not stop unless we reach an agreement that is signed by the President and acceptable," Nuchin said.
The Financial Times quoted an unnamed source on Monday as saying that China has proposed to switch some semiconductors purchased from South Korea and Taiwan to the United States to reduce China’s trade surplus with the United States. Last year, China imported a total of 2.6 billion US dollars of semiconductors from the United States.
The Financial Times quoted people familiar with the discussion as saying that in order to avoid a trade war with the United States, Chinese officials will finalize new rules that allow foreign financial groups to hold majority stakes in Chinese domestic securities institutions by May.
"I estimate that for political reasons, China's response is reasonable, because countries are like this," said He Shimin, CEO of Blackstone Group, on a meeting in Beijing on Monday. Li Keqiang delivered a speech at the meeting.
"So I think this is just a small conflict. I think it is in the interest of both countries to solve such problems."
On Monday, China called on the World Trade Organization (WTO) member states to unite against Trump's tariff plan for so-called intellectual property theft, saying that WTO members should "re-move this beast into the cage of WTO rules." â€
China responded to the US steel-aluminum tariff program last Friday and announced that it would impose additional taxes on up to $3 billion in US goods, including fruits, nuts and wine.
Alex Wolf, senior Emerging Markets analyst at Aberdeen Standard Investments, said that for a large number of (and still improving) US multinationals coming from the Chinese market, China may also be miserable.
"American companies such as Apple, Microsoft, Starbucks, General Motors and Nike may be pushed to the forefront of the dispute," Wolf wrote in the report.
He said that China can increase the regulatory burden, implement travel bans, stop providing export licenses for important intermediate goods, increase the tax burden on US multinationals in China, or block US companies in the government procurement market through new inspections and regulations.
The Trump administration has asked China to immediately slash $100 billion in trade surplus with the US$375 billion.
China imposes a 25% tariff on US cars, which has recently been mentioned to be lowered; Trump often complains that the US import tariff on passenger cars is only 2.5%. According to US government data, China’s imports of US-made cars in 2017 totaled US$10.6 billion, accounting for about 8% of China’s total imports from the United States.
There are reports that China is willing to increase US semiconductor imports, but how US chips replace Korean and Taiwanese chips is still unknown, because there are few overlapping parts between US chips and Taiwanese chips.
China is extremely dependent on foreign semiconductors, and semiconductors are one of its largest imports. According to China Customs data, Reuters last year only accounted for 1% of China's total semiconductor imports.
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