Egypt's Foreign Minister holds talks with Lithuania's gov't chancellor    Trump officials rush to Turkey as Moscow advances to fill Syria void from US retreat    No final Brexit deal on Wednesday: BBC political editor    British Council announces its first 'Science Stars' competition in Egypt    Egypt in talks with World Bank over solid waste management loan    Kenya opens $1.5 bln Chinese-built railway linking Rift Valley town and Nairobi    Grand Nile Tower Arts & Cultural Centre launches second round    AUC students win prestigious award at SensUs 2019    UEFA punishes Lazio for fans' racism at Europa League game    Bulgaria detains 4 soccer fans following racist acts in England match    Egypt's coach Hossam El-Badry satisfied with winning start despite technical problems    Lebanon deploys water cannon, helicopters to fight wildfires across country    Debating local councils law    MPs vent their anger at government    Bulgaria boss Balakov apologizes to England over racist chants during Euro 2020 qualifier    Hundreds released    Petrochemicals hurt Qatar, Gulf stocks mostly quiet early on    Macron on course for clash with Merkel over starting membership talks    Making healthcare universal    Scientists find how deadly malaria parasite jumped from gorillas to humans    Sliding inflation    Luxor's new discoveries    IMF's head Georgieva hails Egypt's economic reforms    Egypt's agricultural exports to China rise in 8 months – report    Egypt's PM, US secretary of energy mull cooperation in energy, electricity    Moroccan film Nomades scoops awards in Alexandria Film Festival    British police order a halt to climate change protests in London    U.S. demands Syria ceasefire, imposes sanctions on Turkey over incursion    Toshiba's JV with Egyptian Elaraby opens regional HQ in South Africa    Six authors vie for Booker prize 2019, Atwood in the lead    In Photos: A sneak peek into rehearsals for the Cleopatra ballet world premiere    Sisi, Ethiopia's PM to meet in Moscow to discuss GERD issue    Sisi: army engaged in attrition phase against terrorism in Sinai since 2013    10K fans to attend Egypt's friendly against Botswana in Alexandria: EFA    Sisi, Ethiopia's PM agree to overcome obstacles in Nile dam talks    Farwell to Egyptian comic actor Talaat Zakaria    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Wilbur Ross says China doesn't need ‘preferential treatment' on trade anymore
Published in Amwal Al Ghad on 27 - 09 - 2017

China does not need the "preferential treatment" on trade anymore that would've been justified decades ago, U.S. Commerce Secretary Wilbur Ross told CNBC on Wednesday.
Ross said the U.S. doesn't mind competition — but that it wants the race to be "on a fair and level playing field."
"That means not so much in the way of trade barriers, not so much in the way of protectionist activities, not so much in the way of impediments in the way of companies operating there, not so much in the way of forced technology transfers, things of that sort," Ross added.
The presidential administration of Donald Trump has taken aim at what it says are unfair trade practices and industrial policies by other countries that harm the U.S. economy and workers. China is one of the countries under the microscope.
The Commerce Department said earlier this month that the U.S.-China trade deficit hit an 11-month high in July.
Ross also slammed the World Trade Organization system as "archaic," as it was designed for the post-war trade world, not the modern trade world.
The United States made a policy decision after World War II to help Asia and European countries recover from that conflict, but that policy is no longer is as relevant as it once was, he said.
"It's very hard to say that China as now the world's second largest economy needs the same sort of preferential treatment that it might be justified to have decades ago," Ross said.
Identifies sources of ‘imbalance'
What the U.S. is seeking, is an "overall improvement in trade," Ross said.
"If you look at our trade balance, there's one geographic source of our imbalance and that's most importantly China," he added.
In terms of products, he pointed to automobiles as a source of imbalance, although he did not single out a country linked to that product.
"If you solve the geographic problem and if you solve the product problem, you've pretty well solved our trade problem," he said.
Ross was speaking to CNBC's "Squawk Box" from Hong Kong aftera trip to Beijing that precedes President Donald Trump's visit to the mainland in November
US isolation a ‘fiction' invented by the media
Despite Trump's early abandonment of the Trans-Pacific Partnership trade deal — which would have created the world's biggest free trade bloc — the United States is not isolating itself from the rest of the world, Ross said.
"That was never our intention to isolate ourselves. That's a fiction that the media had invented. The idea though was we didn't think TPP was an advantageous deal for the U.S. so we rejected the deal, not the geography," the commerce secretary said.
The fact that Vice President Mike Pence and Ross himself have been visiting Asia since Trump's inauguration indicates "quite visibly" that the U.S. is "not forsaking the region at all."
"The region is hugely important to us," he said.
Ross will visit Thailand and Laos after his trip to mainland China and Hong Kong.
Rejecting a particular trade agreement doesn't mean rejecting an entire region, Ross said.
"Take for example, NAFTA. We're certainly not rejecting Mexico and Canada. We're just saying we think the commercial arrangements with them need to be reformed."
Source: CNBC


Clic here to read the story from its source.