US President Donald Trump and Chinese President Xi Jinping attended the G20 Summit held in Japan on June 29, 2019.
Kevin Lamarque | Reuters
BEIJING — A day after it was revealed that President-elect Donald Trump will be the next leader in the White House, China stressed the need for stronger cooperation with the United States.
Chinese Ministry of Commerce Spokesperson He Yongqian told reporters on Thursday: “The Chinese side will strengthen communication and expand cooperation with the United States on the basis of mutual respect, peaceful coexistence and win-win cooperation. I am motivated to resolve the issues.” Chinese, according to CNBC translation.
He answered questions about China’s position and planned countermeasures in light of the possibility of increased U.S. tariffs and restrictions on high-end technology.
“together [we can] “We will push China-US economic and trade relations in a stable, healthy and sustainable direction for the benefit of both countries and the world,” the trade spokesperson said.
Her comments echoed those of Chinese President Xi Jinping, who noted the benefits of bilateral cooperation in a congratulatory message to President Trump earlier in the day, the Foreign Ministry said.
Under President Trump’s first four years in office, which began in 2017, the U.S. government took a tougher stance toward Beijing. This year, the president-elect threatened to impose additional tariffs on Chinese goods during his campaign for a second term in office.
Yue Hsu, chief economist at the Economist Intelligence Unit, said President Trump is likely to impose such tariffs in the first half of next year. He added that White House leaders could speed up the process by invoking the International Emergency Economic Powers Act or Section 122 of the Trade Act of 1974. The law authorizes the president to impose tariffs of up to 15% in response to a severe balance-of-trade crisis. – Missing payment.
Other analysts are less concerned about a significant increase in U.S. tariffs on China.
“President Trump’s current tariff proposal is probably the worst-case scenario,” David Chao, global market strategist for Asia Pacific ex-Japan at Invesco, said in a note Thursday. “I think the new administration will hold off on these tariffs in order to win concessions, whether it’s buying more U.S. soybeans or something geopolitical.”
“Furthermore, I don’t think President Trump’s proposed 60% tariff policy on China will have a major impact,” he added. [multinational corporations’] Confidence and emotions. ”
Still, Chao said a potential 10% tariff on all exports to the U.S. could have a bigger impact, reducing global demand and hurting China and other Asian countries. said that it was high.
