10:19 GMT +317 October 2018
Listen Live
    Signs with the US flag and Chinese flag are seen outside a store selling foreign goods in Qingdao in China's eastern Shandong province on September 19, 2018

    US Considers 'Trade Coalition' With EU, Japan to Confront China

    © AFP 2018 / STR
    Business
    Get short URL
    2113

    The plan comes amid the ongoing trade row between the US and China which erupted in March 2018. In a separate development, US Vice President Mike Pence alleged on Thursday that China had influenced and interfered in US domestic policies and elections.

    The newspaper Business Standard has cited National Economic Council Director Larry Kudlow as saying that the US administration is allying with the world's major economies in a bid to contain what Washington sees as Beijing's unfair trade practices.

    "We're moving to what I characterize as a trade coalition of the willing to confront China. We are talking to the European Union again. We are talking to Japan again," Kudlow pointed out.

    READ MORE: US-China Trade Dispute: Why Beijing Will Win War Washington Started

    He said that although bilateral channels of communication were still open, there are no plans for more shuttle diplomacy between the US and China.

    "There's some thinking about maybe Presidents Xi and Trump might get together at the G20 in Buenos Aires [in late November] but that's not a lock. I'm just saying there's some thinking about that," Kudlow added.

    His remarks came after Washington, Tokyo and Brussels announced last month that they were jointly considering "possible measures" against what they described as unfair industrial practices by Beijing, including alleged overcapacity, cyber-theft and forced technology transfers.

    READ MORE: US Aims to Drive Foreign Investments Out of China Through Trade War — Analysts

    In a sign of deteriorating bilateral ties, China has rejected allegations by US Vice President Mike Pence that Beijing had meddled in US domestic policies and elections. Pence also claimed that Beijing was trying to influence business leaders to make them condemn US President Donald Trump's trade tariffs.

    The developments came against the background of the current trade spat between China and the US, which further escalated after Trump's fresh sanctions on $200 billion worth of Chinese goods and services took effect on September 24.

    READ MORE: Pentagon Sees China as a Threat to US Industry and National Security — Reports

    Since March, the Trump administration has introduced several waves of tariffs worth tens of billions of dollars against Chinese goods in an effort to rebuild the US industrial base.

    China has retaliated with its own tariffs against US goods, while continuing to maintain, however, that there can be no winners in a trade war. In 2017, the US recorded a $375.2 billion trade deficit with China, with total trade estimated to be worth some $710.4 billion at the time.

    Related:

    WTO Chief Warns US-China Trade War 'Worst-Case Scenario for the Global Economy'
    US-China Trade War Causes Airbus to Conceal Clients’ Identity - Reports
    Only the First Chapter: Tesla Raises EV Prices in China Amid Trade War With US
    US Soybean Business Warns Trump About Risks Posed by Trade War With China
    Tags:
    trade spat, economies, world, diplomacy, EU, Larry Kudlow, China, Japan, United States
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment