China-US Trade Tensions: Beijing says China is looking forward to trade talks with US delegation

World
Europe

02:28

China says it's welcoming and looking forward to an upcoming visit by a US delegation which includes Treasure Secretary Steve Mnuchin. The delegation is expected to visit China on May 3rd and 4th. Chinese Vice Premier Liu He will meet the delegation to exchange views on trade issues.

The United States continues to have trade tensions with the European Union. This follows the failure of French President Emmanuel Macron and German Chancellor Angela Merkel to reach a deal with President Trump on tariffs. Meanwhile, a US delegation is on its way to China to discuss trade. What do trade organizations and economists have to say about ongoing disputes? Take a listen.

President Trump has decided to take 30 more days to decide whether to impose tariffs on steel and aluminum imported from US allies like the European Union, Canada, and Mexico. France and Germany want a total, permanent, and unconditional exemption. Industry experts say no one wants to see a trade war.

FRANK SPORTOLARI, PRESIDENT AMERICAN CHAMBER OF COMMERCE IN GERMANY "The worst thing we could do would be to respond tit-for-tat with duties of our own on whatever American products we pick out to show the president that we're also tough. Certainly, that's an impulse that I think everyone has, but we need to calm down, not let ourselves be pulled into a trade war."

The World Trade Organization says the US and China, which are the world's two largest economies, can settle trade issues through talks.

One expert says America's protectionist policies pose a threat to cooperation and division of labor among economies.

TOSHIHIRO NAGAHAMA, EXECUTIVE CHIEF ECONOMIST DAIICHI LIFE RESEARCH INSTITUTE "Every country should do what they are good at and import what they lack. Free trade is beneficial to every one. On the contrary, trade protectionism does nothing but harm. I think we must be doing our best to prevent protectionism."

Manufacturers and trade groups around the world have Trump's deadline marked in their calendars, as they work to solve disparities among major economies.