US business groups praise Trump's trade war truce, but want an 'enforceable agreement' with China

U.S. business groups praised President Donald Trump's decision to restart trade talks with China, but also made clear they expect further details from the White House and want lasting change to "unfair trade practices" by Beijing.  The U.S. Chamber of Commerce said it wants an "enforceable agreement" in which Beijing commits to opening its markets and to increasing protection for intellectual property. 

"We hope each side is now prepared to go the last mile to achieve a high-standard, comprehensive, enforceable agreement," said Myron Brilliant, the Chamber's executive vice president and head of international affairs. "China must commit to addressing longstanding unfair trade practices and industrial policies that prevent a level-playing field for U.S. companies," Brilliant said.  The Business Roundtable, which represents American CEOs, urged "both parties to conclude an agreement that addresses structural issues in China and removes tariffs." 

The Semiconductor Industry Association -- which advocates for chip companies like Broadcom, Qualcomm and Intel among others -- said they want additional details on Trump's comments regarding Huawei. Trump said Saturday he would let Huawei buy American products so long as it does not pose a national security threat, seeming to reverse a sales ban on the Chinese tech giant. 

And the Information Technology Industry Council, which represents tech giants like Google and Microsoft, praised what it called the "pragmatic and direct discussions" between Trump and Xi. 

"We are also relieved that President Trump has reconsidered his threat to impose additional tariffs, which would have accelerated harm to all American consumers, workers, and businesses of all sizes,"  said Jason Oxman, the group's president and CEO. 

The U.S. Chamber of Commerce is encouraged by today's announcement by Presidents Donald Trump and Xi Jinping that both governments will return to the negotiating table and refrain from further escalatory actions, including new tariffs that would damage businesses, workers, consumers and the global economy. We hope each side is now prepared to go the last mile to achieve a high-standard, comprehensive, enforceable agreement. China must commit to addressing longstanding unfair trade practices and industrial policies that prevent a level-playing field for U.S. companies. Opening markets, increasing IPR protection, and promoting fair and reciprocal opportunities in trade are in China's own interest as it works to build a stronger and more innovative economy. If China makes the necessary commitments, the administration should take the necessary steps to lift tariffs that are harming U.S. manufacturers, farmers and consumers.

We are encouraged that China and the United States have agreed to continue negotiations without further escalation of the mutually damaging trade war. We are also relieved that President Trump has reconsidered his threat to impose additional tariffs, which would have accelerated harm to all American consumers, workers, and businesses of all sizes. Given the size and influence of both the U.S. and Chinese economies, we must address and resolve our differences in the interest of the global economy. This weekend's pragmatic and direct discussion between the two leaders is a step in the right direction towards stabilizing the bilateral relationship. The tech industry recognizes that the U.S. and Chinese negotiating teams are working hard, and we urge both sides to continue to confer in good faith and conclude a deal that addresses longstanding tech trade issues and moves towards a more open and reciprocal U.S.-China economic relationship.

Source: CNBC

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