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Trump Trade War - China offers to end market distorting subsidies - Report

Steel News - Published on Fri, 15 Feb 2019

Image Source: Reuters
Reuters, citing three people familiar with the US China trade talks in Beijing this week, reported that China has pledged to end market distorting subsidies for its domestic industries but offered no details on how it would achieve that goal. Sources said “China promised to bring all subsidy programs into compliance with World Trade Organization rules, the sources said, but US negotiators reacted skeptically, in part because China has long refused to disclose its subsidies. Without knowing exactly how the Chinese government finances industries and state-run companies, any reform promises would be difficult to enforce.”

Sources said “In four days of talks this week in Beijing, progress has been difficult on US demands for structural reforms. In addition to curbs on state subsidies, US negotiators are seeking measures to end the forced transfer of US technology to Chinese firms and cyber theft of American trade secrets.”

The latest round of negotiations are expected to conclude on Friday with a meeting between Chinese President Xi Jinping and the top two US negotiators, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

If the two sides cannot reach a deal by March 1, US tariffs on USD 200 billion worth of Chinese goods are scheduled to rise to 25% from 10%.

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Posted By : Ratan Singh on Fri, 15 Feb 2019
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