Chinese President Xi Jinping made a massive announcement on Tuesday, pledging to cut China’s hefty tariff’s on foreign cars and improve his nation’s “intellectual property” protections. The announcement is an excellent sign that Beijing is willing to adhere to President Trump’s tough talk on international trade deals.
President Xi was speaking at a business and industry conference when he commented on President Trump’s decision to hit China with billions of dollars in new taxes.
“China’s door of opening up will not be closed and will only open wider,” said Xi.
He went on to say he was willing to negotiate on key topics most important to the Trump administration; including reducing Chinese tariffs on American goods.
“President Xi’s speech could create a very good platform to launch U.S.-China dialogue at the WTO to find a deal on intellectual property rights,” one economist told the Associated Press and other journalists. “This would be a victory for the world trading system and an important step away from the abyss of rising global protectionism.”
The announcement comes only days after China threatened the United States with stiff tariffs and taxes -some exceeding 25%- on American products and goods; including meat, vegetables, and cars.
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