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TRADE WARS
Protectionism 'doomed to failure': China's Xi says in swipe at US
By Ayee Macaraig, Richard CARTER
Port Moresby (AFP) Nov 17, 2018

Trump opens door to trade deal with China soon
Washington (AFP) Nov 16, 2018 - President Donald Trump said Friday that China was ready to make a deal to defuse trade tensions, so he might not have to punish the country with more import tariffs.

A deal to resolve the dispute would be a huge breakthrough on the issue that has dominated much of Trump's two years in office, blowback from which threatens to take the steam out of the US economy.

"China wants to make a deal," Trump told reporters. "They sent a list of things that they are willing to do."

While the offer is not acceptable yet, he said he was optimistic for an agreement to get "reciprocal" trade.

Trump this year has imposed steep tariffs on $250 billion of Chinese goods and has threatened to hit the remaining $267 billion in products the US imports from the world's number two economy each year.

US companies and farmers have complained of lost business and rising prices for key components as a result of the trade friction and that was a factor in some of the contests in the midterm congressional elections early this month.

"I think a deal will be made and we will find out very soon," Trump said, noting Beijing's list included 142 items and includes "a lot of the things we asked for."

"Some things were left off. We will probably get them, too," he said.

- Tariff increase -

But the statements seemed to contradict comments from Trump's Commerce Secretary Wilbur Ross, who just hours earlier had said a deal with Beijing before January was "impossible."

Trump is due to meet with China's President Xi Jinping late this month in Buenos Aires on the sidelines of the Group of 20 leaders summit.

However, Ross said those talks would serve as a framework to resolving the dispute. "We certainly won't have a full formal deal by January. Impossible," he said, according to Bloomberg.

The January date is key since the 10 percent tariffs in place on $200 billion in annual imports from China is due to increase to 25 percent.

Trump indicated he will continue to continue to take a hard line with China until the country changes.

US officials have highlighted high Chinese tariffs but also the country's trade and investment rules that allows rampant theft of American technology.

"We have to have reciprocal trade," he said. "We can't have trade meant for stupid people. That's the way they took advantage of our country."

US stocks jumped following Trump's remarks, but quickly retreated although the benchmark Dow Jones Industrial Average ended the day with a slight increase.

Investors are hoping for a deal soon to end the uncertainty which hurts the bottom line for many companies as well as increasing prices for consumers.

Some firms have even warned that they might have to postpone investment plans if they cannot insure a steady supply of material.

Economists say the tariffs' full bite has yet to hit the American economy but the trade conflict comes at a bad time for China, which is seeing slower growth.

In addition, Chad Bown of the Peterson Institute for International Economics, who has been studying the impact of the trade tariffs closely, said in a report on Thursday that Trump's tariffs on steel, which largely targeted China and other big producers, were inflicting collateral damage on poorer nations that are small producers and pose no threat to the US economy.

Protectionist actions are short-sighted and doomed to fail, Chinese President Xi Jinping said Saturday ahead of an APEC summit at which US-China trade tensions are likely to take centre stage.

In a major speech, Xi also stressed that there would be no winners from a trade war or a new cold war amid increasing rivalry between the world's top two economies.

"Attempts to erect barriers and cut close economic ties work against the laws of economics and the trends of history. This is a short-sighted approach and it is doomed to failure," Xi told business leaders on the sidelines of the summit.

"We should say no to protectionism and unilateralism," Xi said, in a veiled swipe at the "America First" policies of Donald Trump's administration.

APEC members the US and China have become embroiled in a trade war that experts warn could be catastrophic for the global economy, with the world's top two powers going head to head.

The pair have imposed tariffs worth billions of dollars of each other's goods and there is little sign of an immediate easing in tensions, with both sides threatening to step up action if necessary.

Xi said the world should "uphold the WTO-centred multilateral trading system, make economic globalisation more open, inclusive, balanced and beneficial to all".

With concerns growing that rivalry between the US and China could escalate, Xi warned against going down that road.

"History has shown that confrontation -- whether in the form of a cold war, hot war or trade war -- will produce no winners," he said.

"We believe that there exist no issues that countries cannot resolve through consultation," said the Chinese leader, as long as negotiations take place in a spirit of "equality" and "mutual understanding."

Xi also defended his country's massive "Belt and Road" infrastructure initiative amid attacks that it is akin to "chequebook diplomacy" to further Chinese interests in the region.

"It is not designed to serve any hidden geopolitical agenda, it is not targeted against anyone and it does not exclude anyone... nor is it a trap as some people have labelled it," he said.

Speaking at the same forum, Australia's prime minister also issued a passionate defence of free trade and lashed out at protectionist trends battering the global economy.

"Tit-for-tat protectionism and threats of trade wars are in no one's interest economically and undermine the authority of the global and regional trade rules that benefit us all," said Scott Morrison.

- 'Raskols' -

US President Donald Trump has decided to skip the APEC summit, which some critics say has left the stage free for China to bolster its influence in the region.

In contrast to Trump, Xi arrived two days before the summit, opening a new road and a school in Port Moresby and holding talks with Pacific Island leaders.

Papua New Guinea rolled out the red carpet for the Chinese leader, with dozens of people from various tribes serenading him sporting parrot feathers, possum pelts and seashell necklaces.

Officially, the 21 leaders from Asia-Pacific countries will discuss improving regional economic cooperation under the theme of "embracing the digital future" but trade tensions are likely to dominate.

Foreign ministers meeting ahead of the summit were unable to publish a joint statement, apparently due to differences over language on World Trade Organization reform.

In the absence of Trump and Russian President Vladimir Putin, the summit has been relatively low key and the focus has turned to the venue Port Moresby.

The capital of Papua New Guinea has been ranked as one of the least liveable cities for ex-pats, with a high level of crime, often perpetrated by feared street gangs known as "raskols".

Delegates have been advised not to venture out alone -- especially after dark -- and officials and journalists have been hosted on massive cruise ships moored in the harbour due to safety issues and a dearth of hotel rooms.

The run-up to the summit was also overshadowed by the purchase of 40 luxury Maserati cars which sparked anger in the poverty-hit country which suffers from chronic healthcare and social problems.


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TRADE WARS
APEC summit: the Xi show by the sea shore
Port Moresby (AFP) Nov 14, 2018
Hundreds of fluttering red flags, buses emblazoned with "China Aid" logos and even a purpose-built pagoda: driving around Port Moresby, you could be forgiven for thinking that Xi Jinping is hosting this week's APEC summit of Asia-Pacific leaders. US President Donald Trump's decision to skip the summit in Papua New Guinea has allowed the Chinese leader to take centre stage, an opportunity that Beijing is seizing with relish. Xi will embark on a state visit a day before the rest of the delegates d ... read more

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