The facts and China's position on China-US trade friction
The US Tore up the Joint Statement Regarding Trade Consultations Reached with China on May 19, 2018
On May 19, 2018, China and the United States issued a joint statement regarding trade consultations in Washington D.C. "There was a consensus on taking effective measures to substantially reduce the US's trade deficit in goods with China. To meet the growing consumption needs of the Chinese people and the need for high-quality economic development, China will significantly increase purchases of US goods and services. This will help support growth and employment in the United States. Both sides agreed on meaningful increases in US agriculture and energy exports. The United States will send a team to China to work out the details. The delegations also discussed expanding trade in manufactured goods and services. There was consensus on the need to create favorable conditions to increase trade in these areas. Both sides attached paramount importance to intellectual property protection, and agreed to strengthen cooperation. China will advance relevant amendments to its laws and regulations in this area, including the Patent Law. Both sides agreed to encourage two-way investment and to strive to create a fair, level playing field for competition. Both sides agreed to continue to engage at high levels on these issues and to seek to resolve their economic and trade concerns in a proactive manner. "Yet only 10 days later on May 29, the White House released a statement about imposing tariffs on US$50 billion of imports from China, implementing specific restrictions on Chinese investment in the US, and tightening export controls on China. This is a blatant violation of the consensus the two sides reached on May 19.
