China pledges to work seriously with US ahead of Ross' visit

Hugh Fox
May 31, 2018

Trump has bemoaned the massive USA trade deficit with China — $337 billion previous year — as evidence that Beijing has been complicit in abusive trading practices.

In order to protect its national security, the USA administration will also implement specific investment restrictions and enhanced export controls for Chinese persons and entities related to the acquisition of industrially significant technology.

The list of specific imports subject to the tariff hike will be released on June 15, with the list on investment restrictions set to be posted on June 30.

Days after U.S. and China reached an agreement on how to avoid a trade war and instead engage in trade enhancing measures, the White House on Tuesday announced that it will impose a hefty 25 per cent tariff on $50 billion worth of Chinese goods containing "industrially significant" technology.

U.S. President Donald Trump and Chinese President Xi Jinping shake hands during a meeting in November.

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"We urge the United States to keep its promise, and meet China halfway in the spirit of the joint statement", Chunying said, according to Reuters, adding that China would be "resolute and forceful" in protecting its interests if Washington continues to act in an "arbitrary and reckless manner". But on Wednesday, Trump reversed and signaled that he still planned to impose $50 million in tariffs on Chinese imports.

On March 22, Trump signed a memorandum announcing that the US would take steps in protecting US IP and domestic technology from "discriminatory" trade practices, announcing plans to enforce tariffs of up to $60 billion on China.

"No matter what the actions that the U.S. plans to take, China has the confidence, the capability and the experience to defend the core interests of the people and the nation", the statement said.

"We are putting the trade war on hold", Mnuchin said. However, he said tariffs are a tax on American consumers and a blunt tool to address "very complex problems that hamper trade and investment relationships".

The exchange of tough messages has made it more unlikely that the two sides will reach a compromise on their trade disputes at scheduled talks this weekend - if they are happening at all.

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Meanwhile, Matthew Shay, CEO of the National Retail Federation (NRF) in the United States, said the group is disappointed the administration has announced plans to move ahead with tariffs, which will lead to higher costs for consumers, fewer jobs and retaliation. Officials have long contended that China has engaged in theft of intellectual property and unfair practices such as forced technology transfers.

The trademark approvals were dated May 7, a week before President Donald Trump extended an olive branch on ZTE in his trade tussle with China.

He said technological self-reliance was central to China's world standing and innovation was the way forward to becoming a leading player.

FILE - In this May 4, 2018, file photo, U.S. Commerce Secretary Wilbur Ross leaves his hotel in Beijing.

But Navarro told host Maria Bartiromo on Wednesday: "This is a trade dispute that we are having with China".

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The training will include "a conversation and learning session on race, bias and the building of a diverse welcoming company". A sign at one store in Chicago says it's locking its doors at 2:30 p.m. and reopening on Wednesday, for instance.


The American Chamber of Commerce in China said companies are uneasy about the threat of export and investment controls but see them as a possible way to make progress on longstanding complaints about market access and investment curbs.

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