China tariffs back on Trump's trade agenda

31 May, 2018, 22:23 | Author: Angel Logan
  • Ivanka Trump granted China trademarks

A day after the United States announced 25 per cent tariff on Dollars 50 billion of Chinese tech goods, China on Wednesday said that it did not want a trade war and remained undeterred.

Fears of a trade war between the world's two biggest economies had also receded after the administration of President Donald Trump said it had reached a deal that would put ZTE Corp back in business after banning China's second-biggest telecoms equipment maker from buying USA technology parts.

The White House said a list of products would be announced on June 15.

In an unexpected change in tone, the USA said on Tuesday that it still held the threat of imposing tariffs on $50 billion of imports from China unless it addressed the issue of theft of American intellectual property.

In a May 24 meeting with President Xi Jinping, German Chancellor Angela Merkel said market access and reciprocity will play a big role in trade relations.

"China urges the United States of meet us halfway with the spirit of our joint statement", the representative said.

President Donald Trump on Tuesday announced that tariffs on $US50 billion worth of Chinese goods would go forward despite a broad trade agreement.

"Whatever measures the United States takes, China has the confidence, capability and experience to defend the interests of Chinese people and the core interests of the country", the ministry said in a statement published by official new agency Xinhua.

"I wouldn't say we are in favor of, specifically, export controls, investment restrictions", Zarit said at a news conference. He also said that imposing tariffs now will ratchet up tensions just before Commerce Secretary Wilbur Ross is set to arrive in Beijing this week for further talks.

The president has made a point of singling out China for what he says are years of unfair trade practices.

This reductions may help the two nations reach a consensus at trade talks scheduled for this weekend.

It will also continue to pursue a World Trade Organization (WTO) dispute settlement against China originally initiated in March to address its discriminatory technology licensing requirements. Politico's profile notes that Ross, who was brought in as a trade hardliner, has been eclipsed by USTRO Robert Lighthizer, who wrote the damning report on China's intellectual property theft in March.

When Trump announced the initial plan to impose tariffs, he also instructed the Treasury Department to draw up new curbs on investments in the U.S.by Chinese companies. China had promised to retaliate in a move that threatened a tit for tat trade war.

Commerce Secretary Wilbur Ross is to visit Beijing this week to try and get China to agree to firm numbers for additional U.S. exports to the country.

The White House announcement came on the heels of stiff criticism from lawmakers of the White House 's negotiating tactics and willingness to soften tough penalties in some cases with no benefit to the US.

According to China, it was a surprise movement that totally opposes the two countries' agreement.

Such practices "champion Chinese firms and make it impossible for many U.S. firms to compete on a level playing field", the White House said.

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