It's a 'squabble' says President Trump on trade war with China

President Donald Trump

President Donald Trump"Tariff Man."Kevin Dietsch Pool via Bloomberg

A worker cycles past containers outside a logistics center near Tianjin Port, in northern China, May 16, 2019.

Without new moves that show the U.S.is honest, it is meaningless for its officials to come to China and have trade talks, according to a commentary by the blog Taoran Notes, which was carried by state-run Xinhua News Agency and the People's Daily, the Communist Party's mouthpiece. -China talks, suffered a fresh bout and China's yuan slid to its weakest level against the US dollar in nearly five months.

The increasingly acrimonious trade dispute has rattled investors who fear that the countries are careening dangerously down a track that will badly damage global supply lines and put the brakes on an already slowing world economy.

Foreign ministry spokesman Lu Kang, asked about state media reports suggesting there would be no more U.S.

China remains intent on solving the current trade impasse with the US but it is prepared to fight a trade war to the bitter end to safeguard its legitimate interests, the country's ambassador to the United Kingdom has revealed.

Soybeans, which were the most valuable US agricultural export crop before the trade war, were among the targets of China's retaliatory tariffs a year ago.

Beijing has yet to say whether or how it will retaliate to the latest escalation in trade tensions, which saw Washington put telecoms equipment giant Huawei Technologies Co Ltd on a blacklist that will make it extremely hard for the telecom giant to do business with US companies.

Trump punctuated two days of talks in Washington last week with a decision to raise tariffs on $200 billion in Chinese imports to 25 per cent from 10 per cent.

BNN Bloomberg Commentator Andrew McCreath gives his take on the latest from the trade negotiations between China and the U.S.

"If the USA doesn't make concessions in key issues, there is little point for China to resume talks", said Zhou Xiaoming, a former commerce ministry official and diplomat.

The United States and Canada also announced on Friday a deal to remove tariffs on Canadian steel and aluminum in exchange for new curbs to keep dumped metals from China and other nations out of the USA market. "This will spur China to make adequate preparations in the long term".

China, which on Wednesday reported unexpectedly weak growth in retail sales and industrial output, yesterday said that the effects of trade frictions on its economy were "controllable".

Without sincerity there was no point in coming for talks and nothing to talk about, Taoran Notes, a WeChat account run by the Economic Daily, said in a post late on Thursday that was re-posted by the ruling Communist Party's official People's Daily.

Wang Yang, the fourth-most senior member of the Communist Party's seven-member Standing Committee, the top decision-making body, told a delegation of Taiwan businessmen on Thursday that the trade war would have an impact but would not lead to any structural changes, the paper said, citing an unidentified source who was at the meeting.

The metals tariffs were an aggravation for the Canadian and Mexican governments and had been a major hurdle to enacting the U.S. -Mexico-Canada Agreement, the deal that would replace the 25-year-old North American Free Trade Agreement.

Huawei unit HiSilicon Technologies Co (海思半導體), which purchases United States semiconductors for its parent, has been secretly developing backup products for years in case Huawei was one day unable to obtain the advanced chips and technology it buys from the U.S., its president told staff in a letter yesterday.

A front page commentary from the Communist Party's propaganda department headlined "No Power Can Stop the Chinese People from Achieving Their Dream" said "the trade war will not cripple China, it will only strengthen us as we endure it", citing the hardships China has overcome from the Opium War to floods to the SARS epidemic in 2002-2003.

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