It appears that China just blinked as the media ratchets up the rhetoric of a trade war:
Chinese President Xi said Beijing will "significantly lower" tariffs on auto imports; no direct mention of trade dispute with Trump. https://t.co/4sIILAQxa9
— The Associated Press (@AP) April 10, 2018
But they said… oh, never mind:
This is certainly an interesting development >> https://t.co/ieBUvhP27p
— Christina Wilkie (@christinawilkie) April 10, 2018
From the AP:
President Xi Jinping promised Tuesday to cut China’s auto tariffs and improve intellectual property protection in possible concessions aimed at defusing a worsening dispute with Washington over trade and technology that investors worry could set back the global economic recovery.
Speaking at a business conference, Xi made no direct mention of his American counterpart, Donald Trump, or the dispute. He promised progress on areas that are U.S. priorities including opening China’s banking industry and boosting imports but didn’t address key irritants for Washington such as a requirement for foreign companies to work through joint ventures that require them to give technology to potential local competitors.
Private sector analysts saw Xi’s speech as an overture to help end the biggest trade dispute since World War II. It has fueled fears the global economic recovery might be set back if other governments are prompted to raise their own import barriers.
Maybe his tweets work? This is from Monday morning:
When a car is sent to the United States from China, there is a Tariff to be paid of 2 1/2%. When a car is sent to China from the United States, there is a Tariff to be paid of 25%. Does that sound like free or fair trade. No, it sounds like STUPID TRADE – going on for years!
— Donald J. Trump (@realDonaldTrump) April 9, 2018
So, will the media give President Trump any credit for this?
This would be a big win for President Trump https://t.co/LsnTlnkkHi
— John Bachman (@BachmanANjax) April 10, 2018
— Ezra Levant ?? (@ezralevant) April 10, 2018
Or maybe it’s Elon Musk who won the day:
— WIRED (@WIRED) April 10, 2018
Oh, when Musk says it then it’s a good idea?
Do you think the US & China should have equal & fair rules for cars? Meaning, same import duties, ownership constraints & other factors.
— Elon Musk (@elonmusk) March 8, 2018