U.S. President Donald Trump has turned down China’s trade concession offer, saying, “It’s not acceptable,” while Chinese President Xi Jinping has made it clear that he will not give up “China Manufacturing 2025” that Washington demands Beijing to let go. The two heads of state are conducting psychological warfare in the run-up to the G20 summit to be held in Argentina on December 1.
CNN reported that the list of concessions were falling short of many of the core demands the White House has repeatedly said are must-haves including addressing intellectual property theft. According to Hong Kong’s South China Morning Post, the list includes increasing import of liquefied natural gas and agricultural products, but no promise to abandon “China Manufacturing 2025."
“China Manufacturing 2025” aims to strengthen governmental support to manufacturing industry such as providing subsidies with the goal of becoming the top manufacturing powerhouse in the world by 2025.
U.S. Vice President Mike Pence said that his country would double the tariff against China in his keynote speech at the APEC CEO Summit 2018 held in Papua New Guinea on Saturday.
“All countries have a right to earn profits by innovation science and technology through international cooperation,” said Xi who spoke before Pence at the forum. “The results of scientific innovation should not be taken away.” Xi emphasized he has no intention of abandoning "China Manufacturing 2025" and refuted the argument that China is stealing America’s intellectual property. Xi and Pence both left the forum during each other’s speech.
Wan-Jun Yun email@example.com · Yong Park firstname.lastname@example.org