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Trump targets US-China corporate deals on Beijing visit

Release time:2019/07/12 丨 Source of articles:sialiy 丨 Browse times:

US President Donald Trump arrived in Beijing for his first official visit to China, with North Korea and billions of dollars in trade deals high on the agenda. Mr Trump and First Lady Melania will spend two days in China`s capital, hosted by China`s President Xi Jinping and his wife Peng Liyuan, which senior Chinese officials are describing as a [state visit plus". Analysts said the summit would feature plenty of pomp, ceremony and corporate deals, but likely little substantive progress on trade and investment imbalances between the world`s two largest economies. Likewise few are expecting much progress on tackling the problem of North Korea. Mr Trump has signalled that this trip would be unlike previous US presidential visits to China, which usually include meetings with human rights representatives, much to the annoyance of Chinese hosts. Mr Trump`s schedule included no reference to any such meetings. Shen Dingli, a professor of American studies at Fudan University in Shanghai, said: [Such meetings are very unlikely to happen. Such a move would hinder [Trump`s] agenda to make American great again. This would annoy China, and it doesn`t look like Trump will do this." Share this graphic Instead Mr Trump congratulated Mr Xi on his re-anointment as paramount leader by the 19th Communist party Congress last month, tweeting before his flight to Beijing: [I very much look forward to meeting with President Xi who is just off his great political victory". The first item on the itinerary was a tour of Beijing`s Forbidden City, the former imperial residence in Beijing. Mr Trump and first Lady Melania are scheduled to attend a private dinner with Mr Xi and Ms Peng, with more substantive meetings between the two presidents scheduled for Thursday. The famously smoggy skies in Beijing were uncharacteristically clear for the occasion, while Beijing was under virtual lockdown - the Forbidden City had been shut to tourists since late on Tuesday to prepare for Mr Trump`s visit, many roads were closed, and Beijing was blanketed with a heavy police and military presence. China-US deals agreed during Trump visit JD.com, the Chinese ecommerce group, agreed to buy $1.2bn of US pork and beef over the next three years, one of the biggest deals signed during the state visit on Wednesday. The agreement includes buying at least $200m of beef over three years from the Montana Stockgrowers Association, a deal made possible after China lifted a ban on beef exports from the US in May, one of the few concessions granted to the Trump administration during its first 100-day period of talks with China. JD will also invest $100m to build the first beef-processing facilities in Montana to build up its supply chain there. Separately, Minnesota-based wastewater treatment company Viroment also signed $800m of deals to build plants with various partners in China. Aside from individual business deals, many of which were agreed separately to the state visit, no broader trade deal was announced. Wilbur Ross, the US commerce secretary, said that $9bn in new corporate deals had been signed on Wednesday between Chinese and US companies, with more to come on Thursday. The US trade delegation accompanying Mr Trump is dominated by manufacturing and industrial companies, such as Boeing and DowDuPont. [Addressing the imbalance in China trade has been the main focus of collaborative discussions between Presidents Trump and Xi. Achieving fair and reciprocal treatment for the companies is a shared objective," Mr Ross said. However, observers are sceptical that the contracts can make a dent in the US`s $347bn annual trade deficit in goods with China. [We are hoping the contracts do not overshadow the need for structural changes in the economic relationship," said Bill Zarit, a former US diplomat who now heads the American Chamber of Commerce in China. [There are ways for the Chinese to show they are addressing the deficit without addressing the structural issues."
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