BEIJING (AP) – China unveiled a slew of changes under mounting pressure from U.S. President Donald Trump over technology.
Beijing promised to cut tariffs, open its auto industry and buy American exports. But none of that was what Trump wanted: An end to development policies Washington says are based on theft of know-how and might erode U.S. industrial leadership.
Exporters scrambled to replace lost orders after Trump pulled the trigger in July with his first round of tariff hikes on $50 billion of Chinese imports. Waves of job losses loom over factory towns. So far, however, Chinese leaders express confidence in their $12 trillion-a-year economy and are refusing to budge on tactics they see as a path to prosperity and global influence.
The communist leadership appears no more likely to back down after Trump escalated their dispute Monday by approving penalties on an additional $200 billion of Chinese goods, according to economists, political analysts and business groups.
“Contrary to views in Washington, China can – and will – dig its heels in,” said the chairman of the American Chamber of Commerce in China, William Zarit, in a statement. “We are not optimistic about the prospect for a resolution in the short term.”