- Dec 19, 2018 -
On December 14, the Ministry of Finance of China quoted the State Council Tariff Commission to issue an announcement, and decided to suspend tariffs on cars and parts originating in the United States for three months starting from January 1, 2019, involving 211 tax items.
According to foreign media, US President Trump predicted on the 14th that China and the United States will reach a major trade agreement in the near future. AFP reported on December 14 that Trump wrote on Twitter: "China hopes to reach a very comprehensive and major agreement. This situation is possible, and it can be quite fast!"
Agence France-Presse reported on the 16th that after Beijing announced that it would suspend tariffs on US-made cars three months ago, Washington also decided to postpone the punitive tariffs on US$200 billion of Chinese goods. On the 14th, the US Trade Representative Office officially changed the tariff on China's $200 billion product from 10% to 25% in the Federal Register to 12:01 on March 2, 2019.
According to the report, the world is now paying attention to the trade negotiations between Washington and Beijing. It is hoped that the 90-day tariff truce will continue and the two sides can end this trade war. Kohlwen, vice chairman of the US Foreign Trade Committee, said that although it is impossible to solve every problem with China within 90 days, he hopes that "(negotiation) progress can be institutionalized" and "the two sides need to find a way to achieve a win-win situation."
Why is the United States postponed to impose tariffs on March 2, 2019?
According to the consensus of the two heads of state during the G20 summit, no new tariffs can be imposed within 90 days, and Trump, who is carefully budgeted, has done this to the extreme. From December 2, the 90-day “major limit” happens to be March 2019. 2nd.
Why did China announce the suspension of the import tariffs on US imports on December 14?
December 18, 2018, is the 40th anniversary of China's commemoration of reform and opening up, and coincides with the anniversary of the establishment of diplomatic relations with the United States. If China does not announce major trade decisions before December 18, then the follow-up Sino-US trade negotiations will be in a very passive situation. Therefore, this time China is pre-emptive and retreats.
China-US contest: Can the 'ceasefire' be turned into a 'final war'?
"The Voice of Germany" said that the United States can only achieve the effect of "killing one thousand and self-destructing eight hundred" through trade tariffs. It is strongly criticized in the country. Therefore, the trade war can only be used as a means of pressure during negotiations. It is impossible to solve all the economic frictions between the two countries. The report quoted scholars as saying that while the Chinese economic situation is about to rebound, the US economy is likely to cool down again. The reason why the current economic figures in the United States is outstanding is the foundation laid by the Obama era plus Trump. The government reduces the role of “stimulants” such as corporate taxes. However, the effect of these measures is time-limited. By then, the United States, which has lost its “stimulant effect,” will want to negotiate with China to solve the problem.
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