United States defends latest tariffs on China products

02 June, 2018, 09:16 | Author: Clarence Schmidt
  • Trump Moves Ahead With Tariffs and Other Trade Sanctions Against China

China hawk White House Director of Trade and Policy Peter Navarro was largely absent from last week's talks in Washington led by Liu He, China's top economic advisor.

The White House says it will impose a 25 percent tariff on $50 billion of Chinese goods with "industrially significant technology".

The US will impose a hefty 25 per cent tariff on the United States dollars 50 billion worth of Chinese goods containing "industrially significant" technology, the White House said today, days after the two sides reached an agreement and vowed not to launch a trade war against each other.

Donald Trump is gearing up for a trade war with China. "Without a coherent strategy, it's hard to see the renewed commitment to threatening tariffs and investment restrictions as anything but more bluster and chaos", Neal said.

The spokeswoman, Hua Chunying, declined to say whether Tuesday's announcement might disrupt plans for Commerce Secretary Wilbur Ross to visit Beijing on Saturday for more talks. Both sides said they had agreed not to impose new tariffs on one another as talks continued, and that China would increase purchases of American goods and services to reduce the $375 billion trade imbalance.

According to a press release issued by the White House, the USA will announce investment restrictions and enhanced export controls on China by June 30.

The White House also says it will announce and impose investment restrictions and enhanced export controls on Chinese individuals and organizations to prevent them from acquiring US technology.

The White House issued a second statement listing the details of many complaints against China, including dumping of goods into the USA market at below market value, high tariffs and overcapacity - likely referring to steel and aluminum, which are subject to another set of harsh U.S. tariffs.

China pressed the U.S.to give ZTE a break after the Commerce Department cut off the company from USA suppliers to punish it for allegedly lying to American officials in a sanctions case.

The White House statement also said the USA plans to continue litigation at the World Trade Organization for China's intellectual-property practices.

William Zarit, chairman of the American Chamber of Commerce in China, said Washington's threat of tariffs appeared to have been "somewhat effective" thus far.

"With so many head-spinning reversals on trade from the U.S. in recent weeks, we suspect the Chinese negotiators and the markets have started to tune out the noise and focus on the substance", Tom Orlik, Bloomberg's chief Asia economist in Beijing, wrote in a report. "It is obviously against the consensus reached by the United States and China in Washington recently".

Among other actions, the White House said it will also "continue WTO dispute settlement against China originally initiated in March to address China's discriminatory technology licensing requirements".

The ban was meant to be punishment for what U.S. officials said were false statements by ZTE over actions it claimed to have taken regarding the illegal sale of goods to Iran and North Korea. He said the two countries were in talks and had made "meaningful progress". China clearly stated that it is ready to fight back if a trade war is started by the USA.

Economists estimate that USA exports could rise by up to $90 billion over a period of years.



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