China's Xi pledges greater openness amid Trump trade dispute

Stocks dive then recover somewhat as U.S.-China trade war escalates

A logo for the New York Stock Exchange is displayed above the trading floor

"I'm not saying there's not going to be any pain", he told WABC radio in NY, but "we're going to be much stronger for it".

On the other hand, the value of announcements for new Chinese transactions in the USA fell by almost 90 percent in 2017, and the value of completed deals dropped by more than a third to $29 billion, one of the reports showed. Ford plans to assemble some Focus sedans there, as well, Bloomberg reports.

Washington called for its initial $50 billion in extra duties after it said an investigation had determined Chinese government policies are created to transfer USA intellectual property to Chinese companies and allow them to seize leadership in key high-technology industries of the future. "China will take down its Trade Barriers because it is the right thing to do" and that "a deal will be made on Intellectual Property".

Chinese President Xi Jinping reiterated pledges to open sectors from banking to auto manufacturing, in a speech that also warned against returning to a "Cold War mentality" amid trade disputes with USA counterpart Donald Trump.

Trump ordered the tariffs after the US Trade Representative's office concluded China abuses American intellectual property and forces US companies to transfer technology.

He pledged to cut import tariffs on cars and relax requirements for foreign firms investing in China. Since December 2016, Beijing also has charged an additional 10 percent on "super-luxury" vehicles priced above 1.3 million yuan ($200,000). Those imports enable U.S. companies to remain competitive and keep assembly of final products here in the United States. On last Thursday, the U.S. threatened additional $100 billion in tariffs on Chinese goods and China reverted on Friday that it is "ready to fight back resolutely".

"China does not seek trade surplus; we have a genuine desire to increase imports and achieve greater balance of global payments under the current account", he said.

Jake Parker, the vice-president for China of the U.S.

"The consumer segment that focuses on the domestic market will be shielded from the negative impact of the escalation in the trade fights between the U.S. and China".

A moment later, he said of China: "It's not nice when they hit the farmers, specifically, because they think that hits me". Wang Changlin, a researcher at the National Development and Reform Commission has claimed that China can still hit its 2018 GDP growth target of approximately 6.5 percent even if the trade war continues or escalates. "Yet the order contained no immediate action and left the door open for talks".

Trump's latest proposal intensified what was already shaping up to be the biggest trade battle in more than a half century. The US is considering tariffs on as much as US$150 billion (RM580 billion) worth of Chinese imports, while China has vowed to respond with levies of its own on everything from US soybeans to planes.

First, globalization and trade have caused significant disruption to the USA economy, but this has had little to do with the trade agreements of the past generation.

Further escalation could be in the offing.

This all seems to boil down to the fact that the president of the United States may be well versed in Atlantic City bankruptcies, but he doesn't have a clue what he's talking about when it comes to trade policy, and he refuses to listen to people who do.

Russian woman mistakenly 'embalmed alive' during routine surgery
'Panic, Cries, Chaos' in India as School Bus Crash Kills 27