The Associated Press reported that China’s President, Xi Jinping stated today that he would be working to trim tariffs on foreign cars and work on betting protections for intellectual property holders in what is being seen as a huge victory on trade for President Trump and his administration.
President Jinping made the comments during the Boao Forum which was held on the island of Hainan in the South China Sea. This is also where Jinping promised to open financial institutions to foreign investors and to work on “regional economic integration.”
The comments were made not even a week after Trump toyed with the idea of placing tariffs on another round of Chinese goods. This would affect $100 billion worth of imports from China to the United States.
During his speech, President Xi Jinping attempted to portray China as a country of open and free trade, despite the fact that the Associated Press reported that it was the “most closed major economy” in the entire world.
Xi told those in the audience at the forum, “China’s door of opening up will not be closed and will only open wider.”
He went on, “We will significantly lower the import tariffs for vehicles, and also reduce import tariffs for some other products. We will work hard to import more products that are competitive and needed for our people, while taking more efforts to join the WTO product procurement agreement.”
He maintained that China would be encouraging “normal technological exchange.” He also vowed to “protect the lawful ownership rights of foreign enterprises.”
He utilized other foreign powers to “stop” all tariff charges on all high technology imports from China. This clearly references Trump’s levying of tariffs on $50 billion in technological products because of China’s issues with intellectual property theft.
The Chinese president tried to minimize the existence China’s territorial issues with their neighbors
“We will not bully our neighbors,” Xi stated.
“Cold war thinking and zero-sum games are increasingly obsolete,” he said. “Arrogance or self-righteousness can only bump into walls at every turn.”
“Ours is a nation that has courageously engaged in self-revolution and self-reform … and kept overcoming systematic obstacles,” the president finished.
Conservative Tribune reported:
Well, whatever. One does not expect the president of China to speak with blunt-force honesty in front of the world at an economic forum hosted in his own country. That being said, everything Xi said pretty much lined up with America’s demands for ending the burgeoning trade war between the U.S. and China.
The two major points that Americans ought to take away was the promise to lower tariffs on automobiles — which the Chinese just raised on American imports last week — and to protect intellectual property.
This is a big deal for Trump. The Chinese tariffs put into place after Trump’s trade penalties on China were enacted were meant to harm the Republican Party. Those slapped the hardest by the tariffs were farmers and blue-collar workers. Some even believe that the tariffs were meant to play a part in the 2018 midterm elections.
Clearly Xi Jinping did criticize the Trump administration for their decision to enforce trade penalties, but it also seems that China is willing to wiggle a little. It looks like the Trump administration’s policies are working.