China Denies Xi Comments Aimed At Settling Trade Dispute With US

China's government on Thursday denied President Xi Jinping's promise of market-opening measures this week was aimed at settling a tariff dispute with Washington and said negotiations are impossible under "unilateral coercion" by the United States.

A commerce ministry spokesman, Gao Feng, complained U.S. President Donald Trump's government has "shown no sincerity," according to the official Xinhua News Agency. Gao said the two sides have yet to start negotiations.

Gao repeated complaints that Trump acted improperly when he responded to Beijing's protest over his plan to raise tariffs on $50 billion of Chinese goods by saying he might add another $100 billion of imports to the list.

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

Trump's proposed tariff hike is a response to complaints Beijing steals or pressures foreign companies to hand over technology. China has responded with its own $50 billion list of U.S. goods for retaliation if Washington goes ahead with the increase.

Gao denied Xi was making an overture to Washington when he announced plans in a speech Tuesday to cut import duties on autos, ease restrictions on foreign ownership in China's auto industry and make other market-opening changes.

Share prices of global automakers rose on investor hopes their China operations, while some economists said the positive tone of Xi's comments might provide a basis for talks with Washington.

"The measures to increase opening announced by China are a major decision to open to the outside and have nothing to do with Chinese-U.S. trade frictions," Gao was paraphrased as saying.

RECENT NEWS

How Hedge Funds Differ From Mutual Funds

In a world where successful investment plays a significant role in one's financial success, it becomes paramount to unde... Read more

Basics Of Hedge Funds And Their Strategies

In the realm of finance, hedge funds often make tantalizing headlines. With their high rewards and greater risks, they'r... Read more

The Role Of Hedge Funds In Financial Markets

Over the years, the prominence of hedge funds within the financial market landscape has grown exponentially. The role of... Read more

Revolutionizing Finance: A Deep Dive Into The Role Of Machine Learning In Hedge Fund Management

The financial landscape has undergone radical transformations over the years, shifting from traditional models of financ... Read more

Emerging Cybersecurity And Compliance Trends In The Hedge Fund Industry

The hedge fund industry, a central force in the global investment landscape, faces both the promise and peril of ever-ad... Read more

Understanding Key Compliance Challenges For Hedge Funds In The Post-Pandemic Era

As societies grapple with the aftermath of a globally destructive pandemic, exploring the intricate operations of hedge ... Read more