国产av不卡一区二区_欧美xxxx做受欧美_成年人看的毛片_亚洲第一天堂在线观看_亚洲午夜精品久久久中文影院av_8x8ⅹ国产精品一区二区二区_久久精品国产sm调教网站演员_亚洲av综合色区无码一二三区_成人免费激情视频_国产九九九视频

Global EditionASIA 中文雙語Fran?ais
Opinion
Home / Opinion / Op-Ed Contributors

How significant is the 'Truce of Osaka'?

By Stephen Roach | China Daily | Updated: 2019-07-02 07:54
Share
Share - WeChat
Song Chen/China Daily

Call it the "Truce of Osaka". Presidents Donald Trump and Xi Jinping agreed, as expected, on the sidelines of the G20 Summit in Osaka on Saturday to stand down from the escalation of economic conflict between the United States and China. That is certainly good news. While it beats the alternative of expanded tariffs and company-specific sanctions, it leaves one obvious unanswered question: what comes next?

Reading between the lines, three tentative answers emerge.

First, there appears to be a return to the negotiations framework that fell apart in early May. According to the Trump administration, this "bilateral plus structural" framework was fairly advanced-90 percent complete as per US Treasury Secretary Steven Mnuchin-and provides a reasonable template of what to expect once negotiations resume.

Here, "bilateral" refers to multi-year efforts to narrow the outsize merchandise trade imbalance, which totaled $419 billion in 2018, while "structural" refers to seven memorandums of understanding on systemic conflicts between the two nations. These memoranda will focus on tensions in agriculture, services, technology, intellectual property, technology transfer, non-tariff barriers.

The bilateral part of this framework is easy. Widely popularized as the "soybean strategy", it features a Chinese commitment, to purchase US agricultural products. According to President Trump, the US will quickly follow up with a "list of (other) things we want them to buy."

Bilateral solution can't fix US trade deficits

Two aspects of the bilateral trade approach are worth stressing. One, the "open wallet" approach has in the past been a fairly standard Chinese practice to address US trade and currency concerns. Two, the US has a multilateral trade problem: trade deficits with 102 nations in 2018, which cannot be fixed with a bilateral solution.

For a US economy that suffers from a chronic deficiency of domestic saving-a shortfall that will only worsen in the face of a widening federal budget deficit over the next decade-a China-centric bilateral effort will most likely backfire by shifting US imports to higher-cost foreign producers.

Bilateral solutions, though, are always inherently political. The "Truce of Osaka" is no exception in this regard.

The structural piece of this framework is a significantly tougher aspect of the US-China conflict to resolve, and the Osaka agreement doesn't offer much encouragement that a breakthrough is imminent. If anything, President Trump's statement that the "US does not feel rushed to do a deal" points to protracted negotiations over the multiplicity and complexity of structural issues that divide two very different systems.

The same conclusion can be drawn from a pre-Osaka Chinese white paper published on June 2, China's Position of the China-US Economic and Trade Consultations, which underscores that "China will not compromise on major issues of principle".

These issues include China's commitment to indigenous innovation, the important role played by State-owned enterprises, and the country's strategic focus on emerging industries such as artificial intelligence, fintech, e-commerce, and health science technologies.

This in mind, the conflict looks intractable. China's non-negotiable principles strike at the heart of what the Trump administration considers existential threats to America's future economic prosperity.

In the words of Trump's most hawkish China adviser, Peter Navarro, "China has targeted America's industries of the future… If China successfully captures these emerging industries, America will have no economic future." Structural conflict is therefore likely to endure well into the upcoming 2020 US presidential election campaign. This aspect of the conflict is both strategic and political for both sides, and Osaka did little to change this part of the calculus.

Case of Huawei hangs over the talks

The case of Huawei underscores a second conclusion from the "Truce of Osaka": industry-or company-specific sanctions are likely to remain an important tool in America's policy arsenal to deal with China. In his post-Osaka news conference, President Trump expressed great satisfaction in Mexico's new efforts at border security and stressed that without the threats of tariffs this progress wouldn't have occurred.

This illustrates how trade policy can be "weaponized", such as in the earlier case of ZTE or now with Huawei. While Trump conceded that US technology companies' concerns on supply-chain sourcing to Huawei may have played a role in this decision, he stressed that his options remain open.

By taking Huawei off the front burner for the time being, saving the issue until the "very end" of these negotiations, the threat of an ever-present use of tariffs or sanctions hangs over the US-China conflict.

One of the last questions in President Trump's post-Osaka news conference focused on an issue I have long written about: the nature of the US-China relationship (see my 2014 book, Unbalanced the Codependency of America and China).

Trump endorsed the idea that China and the US could be "strategic partners", stressing the two nations can be "great for each other"-provided, of course that America's openness is matched by China.

Significantly, President Xi at the G20 Summit addressed this issue in an earlier speech, which highlighted a new set of initiatives in this area. These included China's new Foreign Investment Law, an updated negative list that narrows trade barriers in agriculture, mining, manufacturing, and services, six new free trade zones, and tariff reductions aimed at further encouraging imports.

Curiously, there were no follow-up questions to President Trump that asked him to react to China's latest initiatives-a missed opportunity for dialogue on a key issue dividing the two nations.

There were no major breakthroughs at Osaka. But it could have been a lot worse. Tariffs could have been increased and Huawei could have been squeezed further. While that didn't happen, the challenges ahead remain formidable, and the political considerations remain daunting for both sides.

Converting mistrust back into trust is an important first step on the road to a strategic partnership. The "Truce of Osaka" was a small step in that direction.

The author is former chairman of Morgan Stanley Asia and the firm's chief economist. He is now a senior fellow at Yale University's Jackson Institute for Global Affairs.
The views don't necessarily represent those of China Daily.

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1994 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
丁香婷婷综合网| 黄网址在线看| 最新版天堂资源中文官网| 欧美乱大交xxxxx另类电影| 亚洲视频视频在线| 精品国产乱码久久久久久夜甘婷婷 | 国精产品一区一区三区mba视频| 男人的天堂成人在线| 综合激情视频| 国产韩国精品一区二区三区| 超碰成人久久| 欧美男同视频网| 中国av一区| 午夜精品福利影院| 美女呻吟一区| 东京久久高清| 极品国产人妖chinesets亚洲人妖 激情亚洲另类图片区小说区 | 在线免费观看亚洲| 在线免费日韩片| 91精品论坛| 日韩电影免费观| 欧美日韩免费观看视频| 成人在线爆射| 影视一区二区三区| 国产精品原创视频| 99精品视频在线免费播放| 亚洲青青一区| 精品中文视频| 高清精品xnxxcom| 欧美重口另类| 欧美精品一区二区三区精品| 久久精品国产www456c0m| 91久久夜色精品国产按摩| 日本一区二区高清不卡| 大片网站久久| 亚欧美无遮挡hd高清在线视频 | 国产成人精品在线看| 国产成人精品综合在线观看| 99麻豆久久久国产精品免费| 久久婷婷综合激情| 中文字幕精品综合| 亚洲日本丝袜连裤袜办公室| 亚洲在线视频免费观看| 欧美日韩亚洲精品内裤| 欧美亚洲动漫制服丝袜| 日韩一级欧美一级| 亚洲精品国产综合区久久久久久久| 亚洲精品日韩久久久| 最好看的2019年中文视频| 久久天天躁狠狠躁夜夜av| 韩国精品美女www爽爽爽视频| 一区二区三区网| 欧美极度另类videos高清| 91极品女神私人尤物在线播放| 黄网址在线看| 亚洲男男gay视频| 水莓100国产免费av在线播放| www日韩tube| 精灵使的剑舞无删减版在线观看| 欧美精品日日操| 久久av网站| 亚洲深夜福利在线观看| 亚洲最新色图| 久久久青草婷婷精品综合日韩 | 深夜福利一区二区| 色综合五月天导航| 中文天堂最新版本在线观看| 国产又粗又大又长| 可以免费观看av的网站| 污视频网站在线看| www.视频在线.com| 高清在线视频不卡| 国产精品一级在线观看| 精品中文一区| 亚洲福利一区| 国产九九视频一区二区三区| 国产亚洲欧美一区在线观看| 亚洲综合一区二区三区| 欧美唯美清纯偷拍| 日韩av影片在线观看| 久久av在线看| 欧美日韩亚洲第一页| 北条麻妃av毛片免费观看| 亚洲欧美日本免费| 成人在线播放免费观看| 91久久久久久白丝白浆欲热蜜臀| 久久亚洲道色| 国精品一区二区三区| 精品一区二区三区免费视频| 久久精品人人做| 偷拍亚洲欧洲综合| 精品美女在线播放| 美女撒尿一区二区三区| 精品全国在线一区二区| 7878视频在线观看| 91欧美在线视频| 成人黄色免费短视频| 女同久久另类99精品国产| 午夜久久一区| 国产精品1024| 亚洲欧美日韩国产综合在线| 欧美男人的天堂一二区| 中文字幕在线亚洲| 四虎精品影院在线观看视频| 国语对白在线视频| 蜜桃av在线免费观看| 国产精品天堂蜜av在线播放| 日本一区二区三区视频| 美女性感视频久久| 国产精品美女久久久久久久网站| 欧美视频一区二区三区在线观看| 国产亚洲欧美一区| 亚洲精品自产拍在线观看app| 明星乱亚洲合成图.com| 久久久久久久久免费视频| 国产黄色精品| 99久久婷婷| 国产中文一区二区三区| 亚洲美女在线一区| 日韩欧美高清dvd碟片| 欧美乱大交xxxxx另类电影| 丝袜脚交免费网站xx| 噜噜噜噜噜在线视频| 日韩欧美精品电影| 日本欧美国产| 国产一区二区三区精品欧美日韩一区二区三区 | 美女精品视频| 欧美一性一交| 日韩高清国产一区在线| 国产精品乱人伦中文| 欧美精品三级日韩久久| 欧美激情中文网| japanese在线| 麻豆视频网站在线观看| baoyu135国产精品免费| 亚洲免费综合| 国产精品二三区| 日韩美女在线视频| 97视频在线播放| 很黄很污的网站| free性欧美| 亚洲宅男一区| 久久99精品久久久久久久久久久久| 亚洲日本丝袜连裤袜办公室| 亚洲成人黄色网| 四虎.com| 日韩一区av| 欧美91在线|欧美| 亚洲天堂偷拍| 欧美国产在线观看| 欧美大片日本大片免费观看| 色偷偷av男人的天堂| 色影视在线视频资源站| 四虎4545www精品视频| 欧美国产91| 2017欧美狠狠色| 制服.丝袜.亚洲.另类.中文 | 四虎成人免费电影| 三级毛片在线免费看| 色噜噜成人av在线| 亚洲黄色视屏| 国产精品美女久久久久久久久久久| 欧美一级日韩不卡播放免费| 亚洲综合激情另类专区老铁性| 色视频www在线播放| 亚洲成人高清| 日韩精品一二三四| 亚洲午夜免费视频| 一区二区三区精品99久久| 全彩无遮挡全彩口工漫画h#| 在线午夜影院| 久久美女视频| 国产亚洲制服色| 亚洲第一福利视频| 国产美女在线看| 免费在线观看av网站| 日韩美女精品| 国产999精品久久| 欧美视频一区在线| 亚洲一道本在线| 日韩精品系列| 欧美爱爱网站| 国产成人午夜99999| 欧美日韩国产一二三| www.男人天堂.com| 蝌蚪视频在线播放| 欧美调教在线| 成人av在线资源网站| 91精品国产色综合久久ai换脸 | 精品影视av免费| 日韩欧美有码在线| 97精品在线视频| 奇米影视888狠狠狠777不卡| 国产主播性色av福利精品一区| 国产酒店精品激情| 日韩一区二区三区视频在线观看| 久久er这里只有精品| 中文在线观看免费| 欧美成人日本| 亚洲黄色性网站| 另类专区欧美制服同性| 色视频www在线播放| 国产精品18hdxxxⅹ在线| 国产成人午夜电影网| 欧美tickling网站挠脚心| 初体验·韩国| 极品在线视频| 99热这里只有精品8| 婷婷国产在线综合| 91sa在线看| 午夜在线免费观看视频| 91免费精品| 亚洲欧美激情小说另类| 久久国产天堂福利天堂| 三级在线观看| 国产一区二区三区探花| 91丝袜美腿高跟国产极品老师| 欧美岛国在线观看| 成年人看的羞羞网站| 97欧美成人| 久久99国产乱子伦精品免费| 91精品在线麻豆| 三级黄色小视频| 理论不卡电影大全神| 久久久久99| 欧美日韩国产在线播放网站| 国产精品免费视频一区二区三区| 九色porny丨国产首页在线| 乱人伦精品视频在线观看| 欧美曰成人黄网| 国产字幕在线看| 成人性生活视频| 美国一区二区三区在线播放| 欧美精品丝袜中出| 欧洲日本不卡| 日韩成人影音| 国产一区二区三区四区五区美女| 精品久久五月天| 制服丝袜影音| 成人春色在线观看免费网站| 91女神在线视频| 色噜噜久久综合伊人一本| 天堂av在线免费观看| 久久综合99| 午夜伦欧美伦电影理论片| 四虎a级欧美在线观看| 欧美aa一级| 久久国产精品72免费观看| 欧美大片顶级少妇| av一级二级| 亚洲激情播播| 亚洲三级在线播放| 69看片网站| 蜜桃视频在线网站| 精品一区二区综合| 亚洲理论在线a中文字幕| 最新日本视频| 日韩精品免费一区二区在线观看| 亚洲一区二区三区四区在线观看| 九九久久久久午夜精选| 竹内纱里奈兽皇系列在线观看| 国产在线精品一区二区夜色| 精品亚洲永久免费精品| 欧美变态视频| 先锋资源久久| 在线观看网站黄不卡| 国内拍拍自拍视频在线观看| 亚洲网址在线观看| 国产精品久久久久久亚洲毛片 | 欧美成a人片在线观看久| 国产精品一二三在| 中文字幕国内精品| 在线免费看a| 麻豆久久婷婷| 亚洲成人黄色在线| 亚州av中文字幕在线免费观看| 91精品国产成人观看| 欧美在线小视频| jizz在线播放| 亚洲人成网www| 亚洲韩国一区二区三区| 国产精品亚洲色图| 日本超碰一区二区| 欧美激情综合在线| 亚洲大肥女ass| 国产精品扒开腿做爽爽爽视频软件| 暴力调教一区二区三区| 久久综合网hezyo| 羞羞污视频在线观看| 麻豆精品一区二区三区| 亚洲精品自拍偷拍| 番号集在线观看| 男人的天堂亚洲| 国产视频久久久| 国产尤物视频在线| 久久电影一区| 亚洲摸下面视频| 黄色小视频在线观看| 日本电影中文字幕| 黄色在线网站噜噜噜| 国产aⅴ综合色| 欧美激情欧美激情| 理论片午夜视频在线观看| 成人免费观看视频| 欧美精品激情在线观看| 末成年女av片一区二区下载| 成人av免费网站| 97激碰免费视频| 日本欧美一区| 中日韩免费视频中文字幕| 小说区图片区综合久久88| 亚洲爽爆av| 亚洲欧美一区二区三区极速播放| 国产亚洲精品一区二区在线观看 | 亚洲无中文字幕| 91精品国产综合久久小美女| 欧美成人明星100排名| 国产农村妇女毛片精品久久莱园子 | 91成品视频入口| 香蕉视频一区二区三区| 一本久道久久综合中文字幕| www.1024| 欧美高清一区| 亚洲精品成人久久久| 男人的天堂在线视频免费观看 | 久久久久久久久久久免费精品| 亚洲精品成人图区| 国产调教视频一区| 欧美精品xx| 香蕉视频一区| 欧美精选在线播放| 日韩大片b站免费观看直播| 爽好久久久欧美精品| 色偷偷av一区二区三区乱| 美女扒开腿让男人桶爽久久软| 久久久久久**毛片大全| 国产一级影视| 成人情趣视频| 欧美一级欧美三级在线观看| 国产在线一二三区| 激情综合亚洲精品| 国内精久久久久久久久久人| 成人久久精品| 欧美日韩视频在线| av福利导福航大全在线播放| 亚洲影院一区| 久久香蕉国产线看观看av| 另类中文字幕国产精品| 樱桃视频在线观看一区| 成人图片小说| 国产欧美激情| 久久久久999| 国产成人精品一区二区三区视频| 亚洲黄色av一区| 91在线观看入口| 亚洲女同在线| 久久91精品国产91久久跳| 国产成人福利夜色影视| 午夜欧美视频在线观看| 美国成人av| 国产一区二区三区视频在线播放| 影音先锋男士资源站| 日韩av网址大全| 日韩亚洲欧美在线| 中文字幕资源网在线观看| 久久精品人人做人人综合| 开心婷婷激情五月| 欧美久久久久| 在线观看欧美成人| 99久久婷婷国产综合精品首页| 亚洲成av人片一区二区| 超碰在线12| 国产一区二区精品久久99| 久久久久88色偷偷| 精品国产精品| 亚洲精品一区二区网址| 亚洲精品福利电影| 亚洲成av人片观看| 日本国产在线| 国产1区2区3区精品美女| 久久精品国产麻豆| 亚洲色图二区| 日韩在线精品视频| 成人国产精品久久| 欧美日韩高清一区二区| 免费在线观看黄色| 日本一区二区三区久久久久久久久不| 可以免费看黄色的网站| 香蕉视频成人在线观看| 97免费视频在线播放| 亚洲精品白浆高清| 亚洲精品国产精品国自产观看浪潮 | 欧美午夜电影网| 久久久久久久久免费视频| 国产精品网站在线| 黄色一级影院| 国产福利一区二区三区视频 | 日本免费网站| 制服诱惑一区二区| 91精品国产色综合久久不卡98口|