China to set up free trade zone on southern island of Hainan

China to set up free trade zone on southern island of Hainan

Washington says China's US$375 billion trade surplus with the United States is unacceptable, and has demanded Beijing reduce it by US$100 billion immediately.

During the period, Việt Nam imported $14.3 billion worth of goods from China, up 14 per cent year-on-year with major items including phones and components, machinery and equipment as well as electronics and parts.

That produced a trade deficit of US$4.98 billion for the month, but such shortfalls are not uncommon for China early in the year, likely due to seasonal factors.

Trump has imposed an additional import tariff on some 1,300 Chinese products worth Dollars 50 billion and directed to look into another round of additional tariffs worth USD 150 billion.

Against the backdrop of recent tensions, customs administration spokesman Huang Songping repeated China´s line that it is not looking for an advantage over its trading partners.

Also Thursday, President Trump said he will consider joining revised Trans-Pacific Partnership (TPP), a trade group of 11 Pacific Rim nations, which might give the U.S. additional leverage in any talks with China.

"We hope that the United States will listen patiently to rational and pragmatic voices on the trade balance issue".

Zhang Monan, a researcher with the China Center for International Economic Exchanges, said the Chinese government has taken the number of free trade zones (FTZs) up to 11.

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After Trump unveiled another set of planned tariffs last Friday, Xi this week struck a conciliatory note, promising to cut tariffs on cars - a key point of United States anger - and other imports, as well as further open up the economy.

They will be the first fire drills in the Strait since 2015, and some analysts have suggested that the drills are meant to show Washington that China is firmly in control of the region.

"He's going to open it up, take down a lot of the trade barriers - maybe all of them - but take down a lot of trade barriers".

"Under unilateral coercion, it is impossible for the Chinese side to conduct any negotiations", Gao was paraphrased as saying.

Instead, the Trump administration wants Chinese leaders to address more basic structural issues that interfere with market forces, said the official.

Chinese President Xi Jinping poses for a group photo of the destroyer Changsha while reviewing a military exhibition of the Chinese People's Liberation Army (PLA) Navy in the South China Sea on April 12, 2018. China says it needs to ensure its trade routes remain safe but Indian Navy has assured that it is capable and is keeping a very close watch on every movement here.

"When you´re $500 billion down, you can´t lose a trade war", he said. "They are ready to pull the trigger", Salitsky pointed out.

China announced a $3 billion list of US goods for possible retaliation in a tariff dispute with President Donald Trump and girded Friday for a bigger battle over technology policy as financial markets sank on fears of global disruption.

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