An escalation of trade tensions represents a growing downside risk to our baseline global forecast as the US administration looks determined to reduce the US trade deficit and curb China's strategic ambitions stated in its "Made in China 2025" plan. With the US international trade data showing a rising trade deficit in February－the widest since 2008－and a cumulative deficit vis-à-vis China on the rise－the deficit was $65.2 billion year-to-date, up almost $11 billion than the same period in 2017－we (at Oxford Economics) fear trade tensions will escalate further in the coming weeks.
And on Tuesday, the office of the US Trade Representative issued a list targeting 1,300 Chinese products, but there will be a discussion period before implementation. In response, the Chinese Ministry of Commerce announced on the same day that Beijing has decided to impose tariffs on 106 items originating in the US.
The agency's main tasks are drafting strategic guidelines, plans and policies for foreign aid, coordinating and providing policy advice on major issues, and drafting plans and evaluating foreign aid tasks.
"We have worked closely with Chinese cultural officials to assure the security of these artifacts. We also as an art museum have a very high standard for security and respect for objects on loan to the museum," said museum Director Cameron Kitchin.
China will set up an international development cooperation agency, according to the plan on reforming institutions of the State Council unveiled on Tuesday.
Wang said that the momentum of improvement in bilateral ties did not come by easily and should be cherished, and with a better and more stable relationship, the two sides could have closer exchanges and extended cooperation, which would be in the interests of people in both countries as well as the region.