Trump, allies play down concerns about effect of trade war with China

Panel displays a list of top active securities outside the Hong Kong Exchanges in Hong Kong | Reuters

Taxes will become Reciprocal & a deal will be made on Intellectual Property. This week it is Mr Xi's turn to respond to Mr Trump as the Chinese president again seeks to present himself as both a responsible worldwide statesman and a bold reformer, but also one who will not be pushed around.

Lawmakers have supported Trump's calls for stricter rules with China, but want a solid answer on where Washington's tit-for-tat tariffs are going to end. And I say to everybody on this, the problem here is China. Mike Rounds (R-S.D.) said Sunday on NBC News' "Meet the Press". "What we want from China is very clear". President Trump is exactly right, further adding that he would like to give the President "a big pat on the back".

But China had ample weapons and ammunition to fight a trade war, the Global Times said.

Trump said he and Xi would resolve their trade differences eventually and "will always be friends."

U.S. Treasury Secretary Steven Mnuchin said on the CBS program Face The Nation there was a risk of a trade war between the United States and China but that he did not expect one.

Rather than waiting weeks for United States tariffs to be implemented, Trump backed a plan by Robert Lighthizer, his trade representative, and was encouraged by Navarro to seek the enhanced tariffs. "We have a common objective to make sure that we reduce the trade deficit and President Trump is prepared to defend USA interests".

In the wake of Trump's decision in March to impose steep tariffs on steel and aluminum imports, primarily to target China, the USA on Tuesday published a list of $50 billion in Chinese goods to be hit by tariffs over what Washington says is widespread theft of intellectual property and technology.

The tweet comes just a few days after Trump asked American officials to identify tariffs on another $100bn (£71.3bn) worth of Chinese imports "in light of China's unfair retaliation", escalating the ongoing trade battle between the world's two largest economies.

"It's been a really tough week", Ron Heck, a soybean farmer in Iowa, told CNN on Saturday.

The enhancement of China's manufacturing capability and worldwide competitiveness is attributed to the country's huge investment in innovation and the competitive advantages of the manufacturing sector including a sound industrial system and a large number of skilled workers and innovative enterprises, Zhang said.

Top members of Trump's economic team, speaking on Sunday morning talk shows, defended the USA threats to impose tariffs on Chinese imports and framed the moves as part of a longer-term strategy for growth - while suggesting a trade war can be averted.

Larry Kudlow, Trump's new top economic advisor, has expressed interest in negotiating with the Chinese as the tariffs are all still proposals and nothing is official.

"Look, we have had to go in and fire a shot across the bow", he said on CNN's State of the Union".

Mr Trump's latest threat, issued via a formal White House statement rather than a casual tweet, has raised the stakes dramatically for Mr Xi as he prepares to address hundreds of Chinese and global dignitaries, financiers and captains of industry at Bo'ao.

The new economic chief stressed "no tariffs have been implemented yet", however, because enacting them "is a process".

"And those tariffs will be imposed, and then investment restrictions will be imposed", he said.

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