Trade war: What you need to know about US-China talks
of Chinese products last year.Tariffs on $200bn worth of Chinese goods were due to more than double at the start of the year, rising from 10% to 25%., and began negotiations to work towards a deal.on"a lot of the most difficult points" but that"we have some ways to go".Sticking points in negotiations in recent months have included how a deal would be enforced, issues around intellectual property protection, and how fast to roll back tariffs.
Gary Hufbauer from the Peterson Institute for International Economics in Washington said enforcement was a crucial issue, but remained optimistic about the prospect of a deal.Still, he expects a deal to be announced by mid-May. TheThe US accuses China of stealing intellectual property and wants Beijing to make changes to its economic policies, which it says unfairly favour domestic companies through subsidies. It also wants China to buy more US goods to rein in a lofty trade deficit.
He said China would boost efforts to secure intellectual property protection, increase imports of goods and services and ensure a fair trading environment for firms. But what makes trade negotiations particularly difficult to resolve is the fact they are part of a broader power struggle between the world's two largest economies.. Some in China see the trade war as part of US efforts to curb its rise., which is already playing out in the technology sector.International Monetary Fund chief economist Gita Gopinath
was one factor that had contributed to a"significantly weakened global expansion, especially in the second half of 2018." The IMF cut its growth forecast for this year by 0.2 percentage points to 3.3%.tariffs imposed by the US and China last year had slowed economic growth in the world's two largest economies.the trade war is challenging the multilateral system"The system is already fragile.
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