China will pursue changes in its economic policies amidst continuing trade war between the US and the country. Chinese President Xi Jinping stated that this administration is working to build an open world Chinese economy even though the tariff war with the US continuous.
President Donald Trump is firm in imposing tariffs on Chinese products to counter the claim of the large trade imbalance with Chinese exports. The president stated lately that the trade between China and other countries is a way of stealing from the US people.
China has been very vocal in criticizing the United States for his policy that promotes a protectionist and unilateral measure and the Chinese government assures that they will continue on implementing policies that open up investment to global investors and they will provide a fair and transparent business environment for overseas investors.
President Xi did not express his reactions to the trade tensions with the United States directly, instead, he referred to the US trade policies as "unilateralism and protectionism rearing its head."
China's Foreign Ministry quoted Xi in a conversation with UN Secretary-General Antonio Guterres stating that China's determination to fully deepen economic reforms will not change. He added that the country is willing to use practical actions to encourage involved parties to agree to trade liberalization and facilitation that promotes an open world economy.
Talks between the US and Chinese officials ended without clear positive results on agreements on trade policies. The trade war even fired up with the implementation of tariffs on $16 billion worth of investments on both sides.
The trade war between the two countries increases the concern that the conflict between the two will negatively affect the global economy. The two countries are reported to have plans of implementing tariffs amounting to $50 billion of each other's products and threatened duties on their bilateral trade.
Trump administration officials have divided opinions on how to counter China's moves. The White House, however, believes that the administration is working fine and the country is winning the trade war as reflected by the decreased Chinese economy and the falter of its stock market.
Economic expert's analysis shows that every $100 billion of imports affected by the tariffs reduces global trade by 0.5 percent. The tariffs war significantly affects other countries that are in trade with the two countries causing their currencies and economies to depreciate at a noticeable rate. Business leaders are in hope that the tariff war between the countries gets resolved to stabilize the future of their investments.
