Recently, the President of the United States, Donald Trump, said that he is ready to resume the trade negotiations with China. Shortly after the decision was made public, the business groups in the United States said that they were happy that the President was willing to resume trade talks but they need more details from the White House. They said that the only way to solve the problem is to negotiate a lasting change to the unfair trade practices by China.
United States Chamber Of Commerce Praises Trump But Insists On Lasting Change
The United States Chamber of Commerce stated that it needs an enforceable agreement that would involve Beijing committing to keeping its markets open. The business group also stated that it needs the Chinese capital to increase protection for intellectual property. An official of the body, Myron Brilliant, said; “We hope that China and the United States are prepared to do what is necessary to achieve a comprehensive, enforceable agreement of the highest standard. Beijing must commit to tackling unfair industrial policies and trade practices that give them an edge over the United State companies.”
The business group asked both China and the United States to make an agreement that will fix the structural challenges and remove unfair tariffs for the benefit of American companies in China and Chinese companies in America. The CEO of the National Association of Manufacturers, Jay Timmons said; “For a long time, manufacturers have been required to pay unfair prices while China reaped the rewards through the exploitation of trade agreements, theft of intellectual property and unfair trade practices.”
Another business group, the Semiconductor Industry Association said that they need more details about Trump’s comments about Huawei. The President had initially placed a sales ban on Huawei but his latest comment sounded like a reversal of that ban.
Hopefully, as talks resume, both countries will come to a mutually beneficial agreement that will put an end to the trade war.