Lighthizer Says Much Remains to be Done to Get Trade Deal With China

February 28, 2019 12:39 PM
 
 

U.S. Trade Representative Robert Lighthizer gave members of the House Ways and Means Committee an update on trade talks with China. He said much remains to be done in order to get a trade deal, but also saying real progress is being made towards getting a deal.

He told committee members the administration is pressing for significant structural changes, especially when it comes to issues of intellectual property rights and technology transfers.

He said the issues between the two countries are too serious to be resolved with promises of additional purchases. 

"If we can complete this effort, and again I say if, and can reach a satisfactory solution to the all-important outstanding issue of enforceability, as well as some other concerns, we might be able to have an agreement that helps us turn the corner in our economic relationship with China," Lighthizer told lawmakers.

He said an agreement won't need Congressional approval because it would be an executive accord.

Later on Wednesday, the U.S. Trade Representative's office filed papers to "suspend the scheduled tariff increase until further notice".  That means the U.S. is abandoning, for now, its threat to raise tariffs to 25% on $200 billion of Chinese goods, but tariffs already in place have apparently hurt many Chinese manufacturers.

A new survey shows Chinese manufacturing activity fell to a three year low in February. 

Meanwhile, a Chinese ambassador says aspects of a possible trade deal with the U.S. that require legislation could take up to 10 years to put in place.

Back to news


Comments

 
Spell Check

Dee Jay
Geneseo, IL
3/4/2019 10:02 PM
 

  Hello to PJ Jahn! Trump is NOT the problem. The problems lie with many many of the politicians preceding Trump, save Harry Truman, Reagan & maybe JFK. They have looked after their own skins and financial fortunes, caring nothing financial & physical safety concerning the average citizen of the USA. The Chinese would not be a problem had the political class taken care of China's intrusions around the world and safeguarded our own intellectual property and BORDERS. Nixon initiated contact with China, and the politicians and swamp took over from there. Clinton gave North Korea billions as did Obama did Iran with no oversight.. John Boehner and Bob Dole became lobbists along with many others. Following is a quote about Dole: "Both his political leadership and his military heroics are good and notable. But they cannot camouflage the fact that Dole didn't so much register as a lobbyist as he dove through the revolving door. Giving Dole an award, honoring a man who embodies the special interest of Washington, doesn't bode well for a GOP supposedly serious about cleaning up D.C." Bribes don't work with rogue rulers and their henchmen. Nuff said.

 
 
Steve
Hazelwood, MO
3/4/2019 03:59 PM
 

  Hopefully the crescendo of tRump failures is FINALLY sinking in with a majority of farmers and citizens in general. As stated by others, the US is not powerful enough alone to bend the Chinese over a barrel. If tRump was half as brilliant as he claims then he would have enlisted support of the EU and others in reforming China. tRump is not a president, he dreams of being an autocrat like his pals Putin and Kim Jong Un. They don't have to answer to anyone. It's time to "Lock HIM up" (his gleeful Hillary chant) and resuscitate our country! No, I am not a Democrat or a Republican... I am a thinking Independent.

 
 
Cow Boss
SmallerTown, WI
3/4/2019 05:31 PM
 

  All spot on comments fellow posters. The task at hand (aka survival) is to put the pressure on legislators to (for once in their miserable pubic lives) do whatever is necessary to stop this carnage. Yes, might mean saying no to their big money handlers, their party, etc. History repeats, most of us weren't around for the '30's or the Dust Bowl. We're heading in that direction at lightning speed.

 
 

Corn College TV Education Series

2014_Team_Shot_with_Logo

Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!

Markets

Market Data provided by QTInfo.com
Brought to you by Beyer
Close