U.S. President Donald Trump said he doesn’t expect much to come out of this weeks’ trade negotiations with China. The President also said he had “no time frame” for ending the trade dispute with China.
“I’m like them, I have a long horizon,” Trump said Monday in an interview with Reuters.
Beijing is sending a delegation, led by Vice Minister of Commerce Wang Shouwen, to Washington for two days of talks starting Wednesday. Ahead of the talks, the U.S. Trade Representative’s Office is holding a week of hearings to get feedback on proposed tariffs targeting $200 billion worth of Chinese goods.
CGTN’s Nathan King spoke with U.S. business leaders concerned American consumers will end up paying the price.
There are of hundreds of witnesses who will testify this week. Most U.S. companies oppose tariffs and the trade war, emphasizing that China and the U.S. have deep economic ties that benefit Chinese manufacturers, U.S. importers and U.S. consumers.
Happening soon: Public Hearings on the Proposed Section 301 Tariff List
— USTR (@USTradeRep) August 20, 2018
Some suspect the Trump administration of wanting to disrupt those supply chains and bring jobs back to U.S. or motivate U.S. firms to move out of China. Whatever the long-term plan, the short-term pain here in the U.S. is becoming more obvious.
USTR Panel: “Is there any product for which higher tariffs might improve US competitiveness?” Stephen Lamar, American Apparel & Footware Assoc.: “Absolutely not.” @cgtnamerica @CGTNOfficial #TariffsHurt #tariffs #china #USA
— Jessica Stone (@JessicaStoneTV) August 20, 2018
After the U.S. backed out of a potential deal with Beijing in May, talks have been stalled. But, this week a Chinese delegation arrives for two days of negotiations. The talks are at a lower level than before, but pressure from U.S. companies might make a difference. The tariff clock is ticking once again.
Bo Yi talks about public hearings in the U.S. on proposed new tariffs
CGTN’s Mike Walter talks with international legal expert Bo Yi about this week’s public hearings in the U.S. to impose new tariffs on Chinese goods.