January 21, 2020

China Tries to Ease Concern U.S. Trade Deal Hurts Other Nations
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. Chinese Vice Premier Han Zheng told the World Economic Forum that the country’s trade deal with the U.S. won’t hurt rival exporting nations as complaints mount from governments that were left out of the agreement.In the most high-profile remarks on the country’s economic policy since the accord was signed last week, Han said that its commitment to buy more from the U.S. is in line with its World Trade Organization obligations and won’t squeeze out other imports. Han also pledged to lower barriers for foreign investors as he set out the case for China’s engagement with the global economy.“China will open its door wider,” Han told an audience in Davos, Switzerland. “Though facing some protectionism from some countries, the determination to open up will not waver.”The speech comes less than a week after Chinese President Xi Jinping sealed a “phase one” deal intended to de-escalate a trade war with U.S. President Donald Trump. The accord saw China commit to crack down on the theft of American technology and corporate secrets by its companies and state entities, while outlining a $200 billion spending spree to try to close its trade imbalance with the U.S.“The phase-one trade deal is good for U.S., China and the world,” Han said. “China’s increasing purchases of U.S. goods are in accordance with WTO guidelines and will not impact its imports from other countries.”Han made the comments just as Trump gave his own speech in Davos, in which the U.S. president claimed credit for overseeing an economy enjoying its longest expansion yet, with an unemployment rate that fell to a five-decade low after tax cuts, deregulation and improved trade deals. He also spoke of his close relationship with Xi.“He’s for China and I’m for the U.S., but other than that, we love each other,” he said.Under the agreement, China will boost purchases of U.S. manufactured goods, agricultural products, energy and services over the next two years. Critics say such pre-determined demand can have adverse consequences elsewhere.‘Managed Trade’”The real problem with managed trade is that it may divert, rather than expand, international commerce,” Chad Bown, a senior fellow and trade expert at the Peterson Institute for International Economics in Washington, said in a report released Tuesday. “For example, China could purchase more American soybeans by cutting back on imports of oilseeds from Brazil.”Germany’s Kiel Institute for the World Economy said China’s pledge to boost American imports could end up costing the European Union about $11 billion next year. “If trade costs and hence relative prices do not change, Chinese imports from the U.S. must come at the expense of third countries,” the institute said in a study published this week.Last week, EU trade commissioner Phil Hogan said his team will scrutinize whether China’s pledge is allowed under the WTO.“We haven’t analyzed the document in detail, but we will and if there’s a WTO-compliance issue of course we will take the case,” Hogan told a conference on Thursday in Washington.Separately, Australia is pushing China for the same dairy concessions that the U.S. received, according to the Sydney Morning Herald. As part of phase one of the deal, the U.S. secured regulatory breaks on dairy products shipped to China, barriers that have hampered Australian exporters, the newspaper reported last week.To contact the reporters on this story: Dandan Li in Beijing at dli395@bloomberg.net;Crystal Chui in Zurich at tchui4@bloomberg.net;Bryce Baschuk in Geneva at bbaschuk2@bloomberg.netTo contact the editors responsible for this story: Brendan Scott at bscott66@bloomberg.net, Ben Sills, Brendan MurrayFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Related Stories
Latest News
Top news around the world
Coronavirus Disease

Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus.

Most people infected with the COVID-19 virus will experience mild to moderate respiratory illness and recover without requiring special treatment. Older people, and those with underlying medical problems like cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more likely to develop serious illness.

Around the World

Celebrity News

> Latest News in Media

Watch It
Cynthia Bailey felt ‘disrespected’ by cast member on ‘Ultimate Girls Trip’ | Page Six
October 21, 2021
37UbMHDvU1E
Paris Jackson goes topless for full moon ritual with friends | Page Six
October 21, 2021
LPKA5No8gk0
Lisa Rinna on Amelia Gray Hamlin’s breakup with Scott Disick | Page Six Celebrity News
October 21, 2021
UiYDHoEgb68
'13 Reasons Why' Star Ross Butler Rejects Kate Beckinsale's High IQ Theory | TMZ
October 22, 2021
Qcz2bkw4QAc
'AGT: Extreme' Contestant Jonathan Goodwin Breaks Silence On Horrific Accident | TMZ TV
October 21, 2021
GRrPVr1jJe4
Kanye West Wears Creepy White Face Mask in NYC | TMZ TV
October 21, 2021
fbFS19qHjRY
Kristen Stewart Opens Up on 'Eternals' LGBTQ Inclusion, Ruby Rose Battles with WarnerBros | The Take
October 22, 2021
7d3MFpaP2L8
AT&T Stock Falls Following Q3 Earnings Results
October 21, 2021
LZNkmpoVefA
The 2021 Gotham Awards - Nominations Announcement - Live Stream
October 21, 2021
A3dtwDaWsDI
Inside Kim Kardashian's "Lit" Birthday Party Thrown by Her Kids | E! News
October 22, 2021
bOscNeiII2g
Alec Baldwin Breaks Silence After Deadly On-Set Shooting | E! News
October 22, 2021
HHThGuZCX5U
Kylie Jenner Shows Off Baby Bump in Sizzling Silhouette Pic | E! News
October 22, 2021
-xQO2siBB3Q
TV Schedule
Late Night Show
Watch the latest shows of U.S. top comedians

Sports

Latest sport results, news, videos, interviews and comments
Latest Events
19
Nov
ASIAN CHAMPIONS LEAGUE: Group H
Sydney FC - Shanghai SIPG
17
Nov
UEFA NATIONS LEAGUE A: Group Stage
Spain - Germany
14
Nov
UEFA NATIONS LEAGUE A: Group Stage
Germany - Ukraine
08
Nov
ENGLAND: Premier League
Manchester City - Liverpool
08
Nov
ENGLAND: Premier League
Arsenal - Aston Villa
08
Nov
SPAIN: La Liga
Valencia - Real Madrid
08
Nov
ITALY: Serie A
AC Milan - Verona
08
Nov
ENGLAND: Premier League
West Bromwich Albion - Tottenham Hotspur
08
Nov
ITALY: Serie A
Bologna - Napoli
08
Nov
ITALY: Serie A
Genoa - Roma
08
Nov
ITALY: Serie A
Atalanta - Inter Milan
08
Nov
ITALY: Serie A
Lazio - Juventus
08
Nov
GERMANY: Bundesliga
Bayer Leverkusen - Borussia Monchengladbach
08
Nov
ENGLAND: Premier League
Leicester City - Wolves
08
Nov
GERMANY: Bundesliga
Wolfsburg - Hoffenheim
08
Nov
SPAIN: La Liga
Real Valladolid - Athletic Bilbao
08
Nov
SPAIN: La Liga
Levante - Alaves
08
Nov
SPAIN: La Liga
Real Sociedad - Granada CF
08
Nov
ITALY: Serie A
Torino - Crotone
08
Nov
SPAIN: La Liga
Getafe - Villarreal
07
Nov
GERMANY: Bundesliga
Borussia Dortmund - Bayern Munich
07
Nov
ENGLAND: Premier League
Everton - Manchester United
07
Nov
ENGLAND: Premier League
Chelsea - Sheffield United
07
Nov
SPAIN: La Liga
Atletico Madrid - Cadiz
07
Nov
SPAIN: La Liga
Barcelona - Real Betis
07
Nov
GERMANY: Bundesliga
Augsburg - Hertha Berlin
07
Nov
GERMANY: Bundesliga
Stuttgart - Eintracht Frankfurt
07
Nov
GERMANY: Bundesliga
RB Leipzig - SC Freiburg
07
Nov
ENGLAND: Championship
Rotherham - Preston NE
07
Nov
ITALY: Serie A
Parma - Fiorentina
07
Nov
ENGLAND: Championship
Watford - Coventry
07
Nov
ENGLAND: Championship
Norwich City - Swansea City
07
Nov
ENGLAND: Championship
Blackburn - QPR
07
Nov
ENGLAND: Championship
Derby County - Barnsley
07
Nov
ENGLAND: Championship
Huddersfield - Luton
07
Nov
ENGLAND: Championship
Nottingham Forest - Wycombe Wanderers
07
Nov
ENGLAND: Premier League
West Ham United - Fulham
07
Nov
ENGLAND: Championship
Sheffield Wednesday - Millwall
07
Nov
ENGLAND: Championship
Brentford - Middlesbrough
07
Nov
ENGLAND: Championship
Birmingham - Bournemouth
07
Nov
SPAIN: La Liga
Sevilla - Osasuna
07
Nov
ITALY: Serie A
Benevento - Spezia
07
Nov
ENGLAND: Premier League
Crystal Palace - Leeds
04
Nov
CHAMPIONS LEAGUE: Group stage, Group G
Ferencvaros - Juventus
04
Nov
CHAMPIONS LEAGUE: Group stage, Group G
Barcelona - Dynamo K.
03
Nov
CHAMPIONS LEAGUE: Group stage, Group A
Salzburg - Bayern Munich
03
Nov
CHAMPIONS LEAGUE: Group stage, Group D
Atalanta - Liverpool
Find us on Instagram
at @feedimo to stay up to date with the latest.
Featured Video You Might Like
zWJ3MxW_HWA L1eLanNeZKg i1XRgbyUtOo -g9Qziqbif8 0vmRhiLHE2U JFCZUoa6MYE UfN5PCF5EUo 2PV55f3-UAg W3y9zuI_F64 -7qCxIccihU pQ9gcOoH9R8 g5MRDEXRk4k
Copyright © 2020 Feedimo. All Rights Reserved.