Trade war: China and the United States renegotiating and the IMF announces a storm in the global economy – 02/11/2019

China and the United States resumed their trade talks on Monday The International Monetary Fund (IMF) warned of a "storm" that threatened the global economypartly linked to the increase in customs duties imposed by Pekin and Washington.

Less than three weeks before the deadline set by Donald Trump before the application of a new round of trade sanctions against China, his deputy sales representative, Jeffrey Gerrish, arrived in Beijing to participate in preliminary discussions.

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Monday to Friday afternoon.

Gerrish, who has already participated in the negotiations in early January in the Chinese capital, He left his hotel early in the morning without making a statement to the press..

This Thursday and Friday will be the main people responsible for this phase: on the US side, trade representative Robert Lighthizer and Treasury Secretary Steven Mnuchin; Vice Premier Liu He and Governor Yi Gang.

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These discussions follow those that took place last month in the United States, which inspired optimism even though Washington warned that there was still a lot of work before the two major economic powers of the world managed to achieving their goals. overcome their multiple differences.

In December, during the Argentinian G20, Presidents Xi Jinping and Trump They set March 1 to agree.

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The US has announced that "in the near future" there will be another bilateral between the two, and the press speculates Monday that it could be in Mar-a-Lago, the exclusive club that the tycoon has in Palm Beach, state of Florida.

If they do not agree at this date, customs duties on the equivalent of 200 000 million dollars in Chinese annual imports will increase from 10% to 25%.

In addition, Washington calls on China to end practices considered unfair like the forced transfer of American technology, the "theft" of intellectual property and its mbadive subsidies to public companies to make them leaders.

The two powers occupy a dominant position in the high technology of the future.

"Technology is the most important benefit which Americans have. We innovate, we are technologically excellent, "said Trade Representative Robert Lighthizer.

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The talks this week in Beijing "could lead to progress in the face of the imminence of the deadline of March 1," said Societe Generale economists in a note. they do not expect either to a "fast forward".

Preoccupation

The prospect of a worsening of the trade war between Chinese and Americans worries the financial markets, which they fear the consequences on the global economy.

The Managing Director of the International Monetary Fund (IMF), Christine Lagarde, is in this line and warned in the last hours for a possible "storm" worldwide.

Lagarde said that 4-cloud craft: trade tensions, rate adjustment, Brexit uncertainties and the slowdown of the Chinese economy.

According to Lagarde, the battle between China and the United States has already begun to affect globally.

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"When there are too many clouds, it takes a radius to trigger the storm," warned the IMF president, who also urged governments to be prepared to avoid protectionism.

Source: AFP. (JD, AEZ)