Published: Sat, September 22, 2018
Markets | By Otis Pena

China urges US to show sincerity, correct behaviour in trade actions

China urges US to show sincerity, correct behaviour in trade actions

Walmart Inc (WMT.N) said that it may hike prices of products if the Trump administration imposes a tariff on Chinese imports, according to a letter the company wrote to U.S. Trade Representative Robert Lighthizer two weeks ago and seen by Reuters on Thursday.

U.S. President Donald Trump has threatened further retaliation if Beijing takes aim at U.S. agricultural or industrial workers as he accused China of trying to sway U.S. elections by targeting farmers.

Ma has grown increasingly critical of the trade battle between the USA and China, warning that it will damage businesses around the world.

Ma expressed growing concern that the conflict might last for a long time. China plans to retaliate on the US's US$200 billion tariff round by slapping levies on US$60 billion of American goods.

He did not directly reply to questions asking if there will be a fresh round of trade talks between Beijing and Washington, which had appeared to be in the works prior to the latest tit-for-tat tariffs.

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Mr. Trump has embarked on a risky course that could leave the United States worse off, despite the validity of his broad complaints against China - that its mercantilist policies systematically force USA firms to give up cutting-edge technology as a condition of operating in China; that Beijing protects its domestic market through a series of tariff and non-tariff barriers; and that the Communist-run country envisions using such methods to achieve global dominance in key technologies through a program known as Made in China 2025.

"The global economic and trade environment has experienced significant changes which inevitably affect the Chinese economy - we are exploring further policies to bring out further cut in taxes and fees". Officials have not confirmed if the USA would be affected by the move. The Chinese billionaire also promised to create 1 million jobs in the United States.

"The previous basis for trade has been undermined", he told Xinhua.

"The current situation has already destroyed the original premise". "If you look at the government conference papers, every year they say we have complex problems in the economy". "There is no way to deliver the promise", he said.

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