Hamilton Crawford: No Agreement in China/US Trade Talks
Hamilton Crawford - Trade talks between China and the US have failed to reach consensus on Beijing's $347 trade surplus with Washington.
SHANGHAI, China, July 24, 2017 (Newswire.com) - Hamilton Crawford: Bilateral talks held in Washington D.C. between U.S. and Chinese trade delegates have concluded without reaching an agreement. Both sides failed to issue a joint statement or a plan of action for future talks and a scheduled joint press conference was canceled.
The U.S. has been highly critical of China's $347 billion trade surplus and have been demanding fairer trade that gives its exporters access to Chinese consumers as well as seeking to address the contentious issue of cheap Chinese steel being dumped on global markets, depressing prices and hurting U.S. steel exporters.
"We don't think anyone had any serious hopes that significant headway would be made at such an early stage but the fact that the joint press conference was canceled suggests there are some significant obstacles for both sides to overcome," explained a senior market strategist at the Shanghai-based investment house, Hamilton Crawford.
President Trump, who was highly critical of China's trade policies during his election campaign, told a reporter that the trade tariffs he has frequently alluded to in rhetorical tweets and statements "could happen."
"Mr. Trump has a penchant for bluster so we don't expect the U.S. to impose tariffs on Chinese goods especially if he wants their help in dealing with errant North Korea," added the Hamilton Crawford strategist. "We have an optimistic view of the future for trade between these two economic powerhouses and expect good news from future meetings."
In May this year, the U.S. and China reached agreement on a deal that grants credit ratings and credit card companies access to the Chinese market while China lifted its ban on U.S. beef and began accepting LNG (Liquefied Natural Gas) shipments.
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Source: Hamilton Crawford