Unlike most politicians who promise one thing and then do another after the election, Trump has followed through on his campaign promises on trade.
Meanwhile, world markets rose yesterday as fears of a China-US trade war were offset by hopes the two sides would be able to come to an understanding, dealers said.
"Mr Xi threw the ball into the USA court but it appears China is laying the groundwork to achieve an agreement with the U.S". Business groups welcomed the commitment but said breaking into China's state-dominated financial industries would be hard for new competitors and Beijing might impose restrictions that would make such an effort unprofitable. "When a vehicle is sent to China from the United States, there is a Tariff to be paid of 25%". "We can appropriately hold China accountable for its unfair trade practices without holding our agricultural industry hostage".
Washington and Beijing are going toe-to-toe in a trade spat, and Vietnam is set to become embroiled in the conflict, for better or for worse.
The FBI raided the NY office and residence of Michael Cohen, the personal attorney to President Donald Trump.
There's also a tougher regulatory environment in the United States.
Xi also promised to open up China's shipbuilding and manufacturing sectors, though Andrew Collier, the managing director of Orient Capital Research, noted that manufacturing had been relatively accessible to foreign investors since China joined the World Trade Organisation in 2001. He said that "China's door of opening up will not be closed, and will only open wider". So instead this handout to China was passed as a non-treaty.
In its early years of access to the American market, China profited by paying extremely low wages to people making ultra-cheap products.
However, China was not willing to accede to a key US demand-that it stop subsidizing the 10 high-tech industries targeted in the "Made in China 2025" program.
How did the Chinese get their hands on the latest American high tech know-how?
Trump's move last week to threaten China with tariffs on $50 billion in Chinese goods was aimed at forcing Beijing to address what Washington says is deeply entrenched theft of United States intellectual property and forced technology transfers from United States companies. Last September, Chinese officials told Burke they were likely to impose tariffs on soybeans if trade tensions started to escalate.
The additional tariffs are being considered "in light of China's unfair retaliation" against earlier US trade actions, which included a proposed $50 billion worth of tariffs on Chinese goods, Reuters quoted Trump as saying in a White House statement. For the time being, the Eurasia Group's Hirson says, "Trump has a lot of confidence in Lighthizer and the approach he's taking".
Even long-time free-traders are starting to see the light.
"Mr Xi was responding to the Trump administration's accusation against China".
US companies invested US$14 billion in China a year ago, an increase of about US$200,000 from 2016, bringing cumulative investment in the country to US$256 billion, according to one of two studies released yesterday by the National Committee on US-China Relations and Rhodium Group.
"This is a very important action by China".
"We want them to stop stealing our stuff". He reiterated general pledges to open up financial services, strengthen intellectual property rights protection, and improve the investment climate in order to attract more foreign investment.
China has far more to lose in a trade war than the United States does.
"China has become the biggest or the second biggest trade partner for a majority of Latin American countries", Jia said.