Tariff Announcement Resurrects Threat of US-China Trade War
04 June, 2018, 00:34 | Author: Samuel Sharp
Trump's administrationannounced plans Tuesday to slap $50 billion worth of tariffs on Chinese technology while taking steps to impose new investment restrictions and export controls, aimed at pushing China to remove trade barriers that make it hard for USA companies to do business in China.
An American business group has appealed to China to allow more access to its state-dominated economy ahead of a visit by U.S. Commerce Secretary Wilbur Ross for trade talks.
This week the White House announced that it would be moving forward with plans to impose a 25 percent tariff on $50 billion of goods imported from China.
Trump has also threatened to impose tariffs on an additional $100 billion in Chinese goods if Beijing retaliates.
Ross, who was preceded by more than 50 US officials in Beijing, met Chinese Vice Premier Liu He for dinner on Saturday night and the two were due to meet again on Sunday, a USA official said. More imports and tariffs will also be announced at a later date. He also claims as the country that is exporting more, the US has more leverage in tough negotiations.
China hopes its people and those of the United States, especially consumers, will continue to gain from mutually beneficial U.S. -Sino trade relations, Vice Finance Minister Guangyao Zhu said on Friday. The Commerce Ministry didn't respond to questions about the status of the meeting, but the American Embassy said a delegation of trade, agriculture and treasury officials had arrived in the Chinese capital to make preparations.
The Trump administration also said it would impose curbs on Chinese investment and purchases of USA technology, as well as visas for Chinese students. Under the deal, ZTE will oust its management team, hire American compliance offers and pay a fine - on top of the $1 billion it's already paid for selling equipment to North Korea and Iran in violation of US sanctions. He said, according to multiple news outlets,"Tariffs or threat of tariffs are a very useful and powerful negotiation tactic, and it has brought China to the negotiating table more seriously than ever before".
Citing a document issued by the Trump administration in December, the official said the United States government would consider restrictions on visas for science and technology students from some countries.
"It's hard to say, but I think both scenarios are likely".
China now charges an import tariff on finished vehicles of 25%.
The retaliatory tariffs they've promised make no more sense in narrow economic terms than the US tariffs they're objecting to. She added: "We have no intention to escalate this, the door for dialogue is always open.the ball is in (the US's) court".
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