President Xi Bends the Knee to Trump — Promises to Cut Auto Import Duties, Ease Limits on Foreign Auto Ownership

It’s over inverse ETF retards. President Trump is the best negotiator of all time. In a little more than a fortnight, he forced President Xi to bend the knee to his greatness and open up Chinese markets to US ownership, as well as REDUCING tariffs on foreign auto imports.

BREAKING: Chinese President Xi Jinping promises to cut auto import duties, ease limits on foreign ownership in auto industry.

— The Associated Press (@AP) April 10, 2018

Source: CNBC

Those measures included “significantly” lowering import tariffs for autos and other products, enforcing the legal intellectual property of foreign firms, and improving the investment environment for international companies.

Xi’s address — from the Boao Forum for Asia, an annual summit that’s been dubbed the “Asian Davos” — comes amid escalating trade tensions between China and the U.S. as the world’s two largest economies take turns announcing punitive trade measures against each other.

In his speech, Xi said China will take the initiative to expand imports this year and “work hard” to import products that are required by the population.

“China does not seek trade surplus. We have a genuine desire to increase imports and achieve greater balance of international payments under the current account,” Xi said, according to a translation of the speech.

“We hope developed countries will stop imposing restrictions on normal and reasonable trade of high-tech products and relax export controls on such trade with China,” he said.

In his speech, the Chinese president sold a vision of China as a benevolent leader of the global economy, emphasizing that open systems are the best course of action for the world.

“We should stay committed to openness, connectivity and mutual benefits, build an open global economy, and reinforce cooperation within the G-20, APEC and other multilateral frameworks. We should promote trade and investment liberalization and facilitation, support the multilateral trading system,” Xi said.

“This way, we will make economic globalization, more open, inclusive, balanced and beneficial to all,” he added.

China will continue opening up even further to the rest of the globe, he said throughout the speech. He discussed some of the ways the country plans to open further.

One of those is China pushing the state intellectual property office this year to step up law enforcement of relevant laws, Xi said.

“We encourage normal technological exchanges and cooperation between Chinese and foreign enterprise and protect the lawful [intellectual property] owned by foreign enterprises in China,” he said.

President Donald Trump’s administration is taking Beijing to task over China’s large trade deficit with the U.S., which Washington says is in part due to unfair trade practices.

This is in direct response to this tweet provided by the God Emperor himself today. Might I add, this makes Obama look like a man child retard.

When a car is sent to the United States from China, there is a Tariff to be paid of 2 1/2%. When a car is sent to China from the United States, there is a Tariff to be paid of 25%. Does that sound like free or fair trade. No, it sounds like STUPID TRADE – going on for years!

— Donald J. Trump (@realDonaldTrump) April 9, 2018

Nasdaq futures are +100. If you’re in the FAZmobile — prepare to crash.