White House: China 301 tariffs coming soon after June 15

02 June, 2018, 10:47 | Author: Dustin Murphy
  • Trump Moves Ahead With Tariffs and Other Trade Sanctions Against China

China threatened to retaliate in kind, leading to fears of a broad trade war.

The Trump administration said Tuesday that it plans to shorten the length of validity of some visas issued to Chinese citizens as part of a push to counter alleged theft of US intellectual property by Beijing.

Initial Chinese reaction to the surprise White House statement was restrained. However, the USA has yet to publish a list of target products for the $100 billion, and the White House statement makes no reference to the second potential tranche of duties.

In response, China says it has the confidence, capability and experience to defend the interests of Chinese people and the core interests of the country.

The Commerce Ministry's statement gave no details of possible new initiatives but promised to "conscientiously implement" the joint statement by China and the US issued May 19 in which Beijing agreed to "substantially reduce" America's trade deficit with China.

The news comes just ten days after US Treasury Secretary Steve Mnuchin suggested the Trump administration would "put the trade war on hold" - along with the tariffs.

Meanwhile, Trump's team continues to negotiate to achieve Trump's pet project of reducing the trade deficit.

A statement from the White House yesterday (29 May), said China has consistently taken advantage of the American economy with practices that undermine fair and reciprocal trade.

It's the most specific the administration has been about the timing for the duties to take effect. In midday trading, the Dow Jones industrial average was down more than 400 points, or 1.7 percent, on renewed concerns over the unsettled Italian political situation and U.S.

But on Tuesday evening it said that sanctions announced in March - largely focused on China's theft of U.S. intellectual property - were still in the works and details would be announced in the coming month. The United States had wanted China's trade surplus with America to shrink by $200 billion in two years, a figure seen as fanciful by most economists and trade experts.

The move signals a move back to offense on China's CM2025 project. "The tariffs and the other stuff are totally discretionary and can be waived", said Jeff Moon, a former US trade negotiator.

The relationship between Navarro and Mnuchin appears to have been souring for a while over U.S.

"I think this is a bone to the Congress". China said the claims were unproven and sometimes speculative.

Trump has moved this year to increase trade pressure on Beijing.

State news agency Xinhua said China hoped that the United States would not act impulsively but stood ready to fight to protect its own interests. "He likes Ross even if he does not consider him a killer", said one former administration official.

"He wants no part of it", Scissors said of the Treasury chief.

The US trade sanctions proposed in March include restrictions on Chinese investment, export controls and 25 percent tariffs on as much as $50 billion in Chinese tech goods. It said the final list of goods subject to a new 25% tariff would be released June 15, with more details on investment restrictions coming by the end of the month.

"We lost the trade war long ago".

The United States, Europe and other trading partners are increasingly pressing for such reciprocal access as Chinese companies expand overseas while Beijing limits access to large swathes of its domestic economy.

Navarro was part of the delegation Mnuchin led to Beijing in early May for the first round of talks, which produced no consensus and reportedly included a shouting match between the two men over the United States negotiating stance.

The trade spat between the top two economies of the world began last month with Trump imposing tariffs on steel and aluminum imports into US.

On Monday, representatives of the two countries met at the WTO, where, Reuters reports, the us said Chinese laws allow Chinese countries to demand sharing of technology from foreign firms that want to do business.

The White House said the policies included forced technology transfer; requiring licensing at less than economic value; state-directed acquisition of sensitive U.S. technology for strategic purposes; and outright cybertheft.

If the resumption of Trump's tariff threat is created to put pressure on Beijing in advance of Ross' arrival on Saturday, it could backfire.

Story by David J. Lynch.


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