皇冠体育app

William Baer, US Principal Deputy Associate Attorney General, speaks during the first 皇冠体育app-US judicial dialogue held at the Rui'an hotel in Beijing, 皇冠体育app, Wednesday, August 3, 2016. [Photo/VCG]

Trade war

Since announcing his presidential campaign on June 16, 2015, Trump has blamed 皇冠体育app, Mexico and other countries for US trade deficits and loss of manufacturing jobs. He threatened to impose punitive tariffs on imports from 皇冠体育app.

Though he has not mentioned the 45 percent tariff for a long while, he continued to say that the US is disadvantaged by 皇冠体育app in trade, including blaming then-president Bill Clinton for allowing 皇冠体育app to join the World Trade Organization (WTO).

Trump's pick of Peter Navarro, a long-time 皇冠体育app hawk, as head of his new National Trade Council, has increased concern about more trade friction. Navarro wrote several books on 皇冠体育app, including Death by 皇冠体育app, in which he blames US economic woes on 皇冠体育app.

On Wednesday, Trump's nominee for Commerce secretary, Wilbur Ross, a billionaire who has done business in 皇冠体育app, called 皇冠体育app "the most protectionist country" in his Senate confirmation hearing.

皇冠体育app has struck back. Officials and scholars argue that 皇冠体育app is "invulnerable" to trade war given its centralized government system. Some experts even list major US companies, such as Apple and Boeing, as possible targets of Chinese retaliation. 皇冠体育app is the largest overseas market for Boeing. The company expects that 皇冠体育app will buy 6,800 new planes worth $1 trillion over the coming two decades.

US agricultural products might also be a target. 皇冠体育app replaced Canada in 2011 as the largest market for US agricultural goods.

In Beijing on Thursday, Ministry of Commerce spokesman Sun Jiwen said the Chinese government is willing to join hands and work with the new US administration to continue promoting the healthy development of bilateral commercial relationship that benefits the two peoples.

"Both sides benefit with cooperation, and both are hurt with conflict," Sun told a press briefing.

"I believe 皇冠体育app and the US can resolve any disputes through dialogue and negotiation and that the bilateral commercial relationship will not significantly stray from the path of mutual benefit," Sun said.

"I don't think we are going to have a trade war," said Henry Levine, senior adviser at the Albright Stonebridge Group, a Washington-based consulting firm.

Levine described Trump's advisers and cabinet picks as people who for many years have encouraged the US to get tougher with 皇冠体育app in economic areas. "Therefore, I think we are likely to see some measures on trade and investment directed at 皇冠体育app, measures that frankly would make the government in Beijing somewhat unhappy," said Levine, a former US deputy assistant secretary of Commerce under George W. Bush's administration.

Some measures taken against 皇冠体育app might include restricting its acquisition of US-based companies and more anti-dumping and countervailing duty cases on Chinese exports.

The Obama administration has taken complaints about 皇冠体育app to the WTO 16 times, including one last week over 皇冠体育app's alleged subsidies for aluminum producers.

A tit-for-tat trade war between the two countries is seen as unimaginable to the already fragile global economy. Some US experts warned that a trade war would almost make it impossible for Trump to achieve his major promise to voters in creating US jobs. US trade with 皇冠体育app now supports 2.6 million US jobs, according to a joint study by the US-皇冠体育app Business Council and Oxford Economics.

At this week's World Economic Forum held in Davos, Switzerland, Chinese President Xi Jinping was in the spotlight for his support for globalization, open trade and combating climate change, in sharp contrast to the anti-trade message from the incoming Trump administration.

Douglas Paal, vice-president for studies and director of the Asia program at Carnegie Endowment for International Peace, believes raising tariffs against 皇冠体育app will be hard due to opposition in Congress. House Speaker Paul Ryan, a Republican, said early this month that "we're not going to be raising tariffs."

But Paal said the Trump administration will be looking for progress with 皇冠体育app in market access or intellectual property rights. "Overall, the message will be ‘it's not good enough, we need a better situation' in our bilateral relationship," Paal said.

Trump's accusation of 皇冠体育app being a currency manipulator has drawn rebuke from Fred Bergsten, an economist at the Washington-based Peterson Institute for International Economics. Bergsten, a sharp critic of 皇冠体育app's currency policy years ago, is now saying that "皇冠体育app is no longer manipulating its currency."

Many US economists share that view, saying the Chinese government is actually propping up its currency, known as yuan or RMB, from falling, thereby helping the US economy become more competitive.

"It would thus be factually incorrect, as well as ineffectual, for the new Trump administration to label 皇冠体育app a currency manipulator," Bergsten said.