The US President Donald Trump told Congress that the confrontational trade negotiations of Washington with Beijing would mean an end to alleged “theft” by China on US jobs and wealth. In the annual address of the State of the Union, Trump also invited China to make the genre of far-reaching “structural” changes to the industrial policy which analysts claim Beijing is supposed to restrain.
The two largest economic power of the world have 24 days left in a three-month-long treaty in their trade war before the duty rates of US due to sharp rise- an intensification which economists claim could be a powerful negative shock to the international economy.
Trump told in his annual address before State of the Union, “ We are now making it clear to China that after years of targeting our industries, and stealing our intellectual property, the theft of American jobs and wealth has come to an end”.
Any deal with Beijing “ must include the real, structural change to end unfair trade practices”, according to the US President.
Last week, the top officials of China and the US declared progress and advantage after two days discussions in Washington, but they revealed some details. Beijing and Washington have thrashed on tariffs imposing on more than $360 billion in bilateral trade, which has measured on the manufacturing sectors of the two countries and sends agitations through the international markets.
The deficit of US trade has expanded more than 18 percent since Trump took the responsibility of the office, generating far faster than financial development, and has strike record heights China in particular.