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China blames 'excuses' for lack of agreement at APEC, as US ties sour again

Ersin Çelik
11:05 - 20/11/2018 Salı
Update: 11:09 - 20/11/2018 Salı
REUTERS
Chinese Foreign Minister Wang Yi
Chinese Foreign Minister Wang Yi

China took a dig on Monday at Pence's pledge of $60 billion in development financing for what the Trump administration calls the Indo-Pacific region, a promise widely seen as Washington's answer to Xi's massive Belt and Road infrastructure plan.

"We take note that some voices worry whether the United States can make good on its promises and whether they're just paying lip service," foreign ministry spokesman Geng Shuang told reporters, in reply to a question.

"We hope these worries don't come to pass."

The trade spat between China and the United States, the world's two largest economies, has dragged down financial markets, with world stocks falling on Monday partly due to the persistent tension.

In one bright spot, however, Walt Disney Co on Monday received unconditional approval from China for its deal to buy Twenty-First Century Fox's entertainment assets, clearing one of the last major hurdles it faced.

Trump has imposed tariffs on $250 billion worth of Chinese imports to force concessions on a list of demands that would change the two countries' terms of trade. China has responded with import tariffs on U.S. goods.

Washington wants Beijing to improve market access and intellectual property protections for U.S. companies, cut industrial subsidies and reduce a $375-billion trade gap.

Last week, Reuters reported that China had delivered a written response to U.S. demands for wide-ranging trade reforms, though a senior Trump administration official said it was unlikely to bring a breakthrough during the two leaders' talks.

It appeared Trump and Xi had indicated to senior advisers that they wanted to flesh out a deal, Craig Allen, the president of the U.S.-China Business Council, told Reuters this month.

"This could be the basis for a ceasefire, a halt to new tariffs, and an opportunity for new negotiations," Allen said of the planned G20 meeting. "But I don't think it's a guaranteed slam dunk."

#US
#China
#Asia Pacific
#APEC
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