The real motive behind Trump's trade war with China?

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Pascal Lamy, former director-general of the World Trade Organization and Xiao's fellow panelist at Boao on Wednesday, said state capital accounts for about half of the Chinese economy, adding that such a ratio is "too large".

"The measures to increase opening announced by China are a major decision to open to the outside and have nothing to do with Chinese-U.S. trade frictions", Gao was paraphrased as saying.

"China is opening sectors where they already have a distinct advantage, or a stranglehold over the sector", Short said, citing China's banking industry, which is dominated by domestic players. "When you are shut out of dollar funding markets, a lot of your business will just stop working", Saxo Bank's Garnry said, while cautioning Russia's smaller role in global financial markets would limit the wider fallout.

Talks between the US and China to resolve the trade spat were said to have broken down after the Trump administration demanded that China take steps to curtail support for high-technology industries. Trump responded via Twitter he was "thankful" for Xi's remarks on tariffs and access for USA automakers, and said both countries would "make great progress together". "If the United States takes any action to escalate the situation, China will not hesitate to fight back".

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Washington has announced the new tariffs in response to accusations that Chinese firms are stealing the trade secrets of United States companies and forcing them into joint ventures to acquire their technology. Towards the end of March he announced tariffs on up to $60bn of annual Chinese imports and stated that Beijing needs to pay the price for decades of unfairly acquiring U.S. intellectual property.

While most of the pledges were reiterations of previously announced measures, Xi's comments sent USA stock futures, the dollar and Asian shares higher. "When a auto is sent to China from the United States, there is a Tariff to be paid of 25%". But the current dynamics between the two countries make it hard to sit down and negotiate. China also pledged US$ 9.8 billion (P508.6 billion) in investments in the Philippines. "Every time the administration talks tough, the market drops. We will make great progress together!", Trump said on Twitter.

"Does that sound like free or fair trade".

"What you are seeing in the market is an alleviation of trade war fears and people trying to get back in and reposition themselves for what they hope - no trade war", said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in NY.

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Xi earlier Tuesday pledged to open Chinese markets and lower tariffs, remarks that helped global investors breathe a sigh of relief after weeks in which Beijing and Washington appeared on a collision course.

The Chinese leader promised to encourage "normal technological exchange" and to "protect the lawful ownership rights of foreign enterprises". "New" offers mostly old news, no movement on core issues like Made in China 2025.

CHINA FACTOR: General Motors, which has major manufacturing operations in China, rose 3.3 percent after Chinese President Xi Jinping promised changes in some areas that the US has identified as priorities. "We want them to guard intellectual property, not take it from us", Navarro concluded. As Chinese Ministry of Foreign Affairs spokeswoman Hua Chunying put it: "We have good reasons to question the legality and legitimacy of many actions taken by the USA on the grounds of national security, like its plan to impose high tariffs on many industries of 'Made in China 2025.' Clearly they are targeting something else".

Technology companies have made some of the biggest swings on the market during the trade spat.

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"China is not afraid!" has been a social media campaign that has been spreading on Chinese websites in recent days, aimed at the tough talk from Washington on the trade front. Pat Roberts, R-Kan., chairman of the Senate Agriculture Committee, said at a meeting of agricultural reporters in Washington. While Tuesday was the best day for Facebook stock in two years, it is down 11 percent since the scandal emerged in March.

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