Published: Sat, April 08, 2017
World Media | By Joan Schultz

China's Xi to meet Trump, who predicts 'difficult' meeting

China's Xi to meet Trump, who predicts 'difficult' meeting

China, the largest source of the US's trade deficit, has repeatedly run afoul of the US' anti-dumping laws, and Trump has repeatedly accused the country of hurting the U.S. economy through unfair trading practices.

Gary Hufbauer, a trade expert with the Peterson Institute for International Economics, said that the United States runs an overall trade deficit with the rest of the world because the combined net savings of the USA households, businesses and government sectors are negative, and the dollar is persistently overvalued in foreign exchange markets.

China's foreign ministry confirmed that President Xi Jinping will meet with his US counterpart Donald Trump in Florida next week, a critical first encounter as the two sides seek common ground on issues ranging from trade to North Korea.

"American companies must be prepared to look at other alternatives, " he wrote.

Separately, the U.S. Trade Representative's office, which is controlled by the White House, said Beijing's industrial policies and financial support for industries such as steel and aluminum have resulted in over-production and a flood of exports that have distorted global markets and undermined competitive companies.

Trump has not followed through on campaign promises to label China a "currency manipulator" on day one of his presidency or to impose steep tariffs on all Chinese imports.

The best outcome for the Trump administration, Dollar said, would be claiming "we talked tough to the Chinese and told them what to expect".

In a second executive order Trump will order the government to look at ways the United States can better recover trade duties on products that are subsidized by foreign governments or dumped on the U.S. market.

"We're going to investigate all trade abuses, and, based on those findings, we will take necessary and lawful action to end those many abuses", Trump said.

Ross took pains to say that currency misalignment was not the same as manipulation, and only the U.S. Treasury could define currency manipulation.

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"Jobs and wealth have been stripped from our country", he said.

Speaking earlier at a briefing on the Xi-Trump meeting, Chinese Vice Foreign Minister Zheng Zeguang acknowledged the trade imbalance, but said it was mostly due to differences in their two economic structures and noted that China had a trade deficit in services.

Still, Trump capped off his remarks Friday on the executive orders by making note of his meeting with Xi next week and promising to "get down to some very serious business".

The tool has been in the U.S.'s trade arsenal but has been rarely employed, according to Spicer. "There's a lot of areas that we need to be concerned about with trade", he said.

"Nothing we're saying tonight is about China".

The order comes a week before Trump meets Chinese President Xi Jinping and is likely to be seen as a warning shot across Beijing's bow.

The yuan fell 6.5 percent previous year in its biggest annual loss against the dollar since 1994, knocked by pressure from sluggish economic growth and a broadly strong US currency.

Trump has portrayed trade deficits as strangling economic growth and devastating factory jobs at home.

"I think Trump will realize that fundamentally a stable and productive U.S".

In light of Trump's particular brand of "twit-diplomacy" and otherwise unpredictable nature, a number of writers have focused on the strong personality of both presidents, highlighting perhaps the biggest question mark surrounding the summit.

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