India offers soybean exports to China amid trade war with US

The stand-off lies in the Trump administration´s ire at the massive trade imbalance and what it considers unfair practices by China that he says are costing American jobs.

World Bank data shows China now produces 1,177 R&D researchers per million of its population, three times the level in the 1990s and in line with the world average.

China's first-quarter exports to the USA rose 14.8 percent from a year earlier, despite a 5.6 percent drop in March.

That produced an unexpected trade deficit of $4.98 billion for the month, but such shortfalls are not uncommon for China early in the year, again likely due to holiday distortions.

"We have repeatedly told the USA side that steel and aluminum imports from its ally Japan will not adversely affect America's national security, and that Japan should be excluded", said Chief Cabinet Secretary Yoshihide Suga.

Xi also showed a willingness to compromise, saying that China did not "seek a trade surplus" and would open the market further to imports.

"We hope that the United States will listen patiently to rational and pragmatic voices on the trade balance issue". Accounting for only 2.9 percent of steel/aluminum exports to the U.S., China ranks tenth on the list of all exporters of these products to the U.S. Canada (16.7 percent), Brazil (13.2 percent), and South Korea (9.7 percent) are the largest exporters of steel/aluminum to the U.S. Or is Mr. Xi merely trading his promises for relaxation of the Trump tariff position?

They explained that in recent years, China has expanded openness, and created a business environment of more stability, transparency and predictability for foreign enterprises.

Trump the competitor understands that China is not just engaging in a trade war with the USA, but an all-out contest for global economic dominance in the 21st century.

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Commerce Ministry spokesman Gao Feng told reporters during a regular briefing, however, that Xi's remarks had nothing to do with the trade row and should not be mischaracterized as a concession to Washington.

This is why the mid-term elections are so critical: to keep the GOP's control of the House, to enable Trump to continue to make America great again.

"(The Chinese) are very successful in what they're doing in some large companies, but if you look beyond that they're not particularly innovative", Kennedy said. "I think we´re having some great discussions", he told the gathering of lawmakers in Washington, though he repeated that the USA would win a trade war between the two sides.

Treasury Secretary Steven Mnuchin appeared on CBS' Face the Nation last Sunday and said: "I don't expect there will be a trade war". Back in 2014, USA sanctions against Russian Federation halted as much as US$500 billion of ExxonMobil's investment in the Kara Sea.

The US ordered the launch of air strikes on Syria in retaliation to the alleged chemical attacks by President Bashar al-Assad.

"Yes it's true China and USA have differences, but if you take the business and economic view of difference, you see it is productiveness, because difference allows for complementarity, compatibility and win-win collaboration", he said.

"Trade is vitally important to both countries", he says of China and the US.

The dueling tariffs could shave.3 percentage points off both US and Chinese annual economic growth, according to estimates by Gregory Daco, head of USA economics for the research firm Oxford Economics.

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