Door to US-China trade talks seems to open after IMF meeting

GST Rate

In his speech to the IMF's policy committee Saturday, Yi Gang, the head of China's central bank, said that global growth could be hurt by "an escalation of trade frictions caused by unilateral actions", an obvious reference to America's threatened tariffs against China.

In a statement at the end of three days of meetings yesterday, the IMFC heeding to the voice of countries like India, the US, Britain and France, called on the International Monetary Fund and the World Bank to work on a multi-pronged programme to enhance debt transparency and sustainability.

He called for the realignment of quota shares of emerging market and developing economies (EMDEs) whose under-representation has increased further by 0.5 percentage points in the last update leading to underrepresentation of EMDEs by 7.5 per cent. While many International Monetary Fund member countries would object to such a broadening of the IMF's powers, the final communique did state, "We will work together to reduce excessive global imbalances in a way that supports global growth". He noted that in addition to rising trade tensions, the G-20 finance officials focused on two other threats to growth from geopolitical risks and rising interest rates as the Federal Reserve and other central banks accelerate rate hikes to guard against inflation.

Other countries have used the gathering to protest Trump's protectionist trade policies, which mark a reversal of seven decades of US support for ever-freer global commerce. LeCompte has monitored International Monetary Fund meetings since the onset of the financial crisis.

"The trade dispute is not between China and the US people, but between China and Trump's protectionist-minded administration". "But they need to articulate actions to be taken", said Robert Holleyman, a former deputy U.S. Trade Representative in the Obama administration.

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China retaliated with tariffs of its own on USA imports, particularly from the agriculture and metal industries.

German Finance Minister Olaf Scholz met with US Vice President Mike Pence and Trump economic adviser Larry Kudlow at the White House, and afterwards told reporters that "all sides are really working on finding a good solution". Mnuchin said he discussed Xi's proposals with Chinese officials.

In a statement on Saturday to the International Monetary and Financial Committee, Yi said China would "vigorously" push forward the reform and opening of its financial sector, significantly relax market access restrictions, create a more attractive investment environment, strengthen the protection of intellectual properties, and actively expand imports. EU Economic Affairs Commissioner Pierre Moscovici expressed optimism that U.S. officials were coming around on resolving the trade issues.

The heated trade rhetoric comes at a delicate moment, as Washington and Beijing are both seeking to address North Korea's nuclear program - which Pyongyang said Saturday it would largely scale back.

Mnuchin said China has been "very helpful" in supporting USA sanctions against North Korea, and he welcomed Kim's suspension of nuclear testing that was announced less than a day earlier.

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