China slams USA trade announcement & says ready to fight

01 June, 2018, 21:35 | Author: Clarence Schmidt
  • President Trump

Such complaints have gained prominence amid US pressure, backed by President Donald Trump's threat to hike tariffs on $150 billion of Chinese goods, for Beijing to narrow its multibillion-dollar trade surplus with the United States.

When Trump announced the initial plan to impose tariffs on Chinese goods, he also instructed the Treasury Department to draw up new curbs on investment in the Chinese companies.

The tariffs will target goods "containing industrially significant technology" related to the "Made in China 2025" program, the statement said. "The list of restrictions and controls will be announced by June 30, 2018".

That deal was separate from the U.S. investigation into China's alleged theft of intellectual property.

The merry little trade war with China appears to be back on, as the White House announced tariffs on a broad range of imports.

Just over a week ago, Treasury Secretary Steven Mnuchin said the trade war with China was "on hold".

"China is confident, capable and experienced to defend Chinese people's interests and national core interests, regardless of whatever measures the USA side could take", the ministry said.

"They engage in a whole range of unfair trade practices, they run up a US$370 billion trade surplus with us, which costs us over a million factory jobs a year", Navarro said in an interview with National Public Radio.

There is room to increase exports to China by selling more agricultural commodities and energy products and China has agreed in principle to import more, but the two sides do not have a firm agreement. "As the U.S. and China prepare for another round of negotiations, we hope the administration has clearly defined objectives and concrete solutions to resolve this trade dispute without tariffs".

The White House has planned to send Wilbur Ross, the commerce secretary, to China on June 2 to continue the trade negotiations.

United States companies still fret that they will get caught in the crossfire of a trade war between the U.S. and China. "China imposes much higher tariffs on USA exports than the United States imposes on China", the White House complained.

A truce between China and the U.S. said to put a trade war on hold has dissolved in less than two weeks.

"We are surprised by the strategic statement released by the White House, but, at the same time, it is somewhat expected", the statement said.

The official said the instructions also stated that Chinese citizens seeking visas would need special clearance from multiple US agencies if they work as researchers or managers for companies on a US Commerce Department list of entities needing higher scrutiny.

The tariff threat could still disrupt Ross's China talks.

Other analysts, however, say the newly confrontational stance may be meant to appease congressional critics of a deal the Trump administration made Friday that allowed Chinese telecom giant ZTE stay in business.

The US will move forward with a complaint against China at the World Trade Organization.

These actions were announced following a report of the Office of the US Trade Representative regarding China " s practices with respect to technology transfer, intellectual property and innovation.


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