NEW - China will "significantly broaden market access - lower import tariffs"

On Monday President Trump hammered unfair trade practices by China.

Donald J. Trump @realDonaldTrump

When a car is sent to the United States from China, there is a Tariff to be paid of 2 1/2%. When a car is sent to China from the United States, there is a Tariff to be paid of 25%. Does that sound like free or fair trade. No, it sounds like STUPID TRADE - going on for years!

On Tuesday President Xi Jinping announced China would open its economy and cut car tariffs from the US.

(The U.S. trade deficit with China was $375 billion in 2017)

CNBC

Chinese President Xi Jinping promised to open the country’s economy further and lower import tariffs on products including cars, in a speech seen as conciliatory amid rising trade tensions between China and the United States.

Speaking at the Boao Economic Forum on the southern Chinese island of Hainan, Xi pledged to "significantly broaden market access" for foreign companies, including a pledge to ease foreign equity restrictions in the automobiles industry "as soon as possible," and "significantly lower import tariffs" for vehicles.

While most of the pledges were reiterations of previously announced measures, Xi’s comments sent U.S. stock futures, the dollar and Asian shares higher. 

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It's got to be Fair Trade

From now on, it has to be fair trade.


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