USA to continue trade actions, litigation at WTO against China - White House

Hugh Fox
June 1, 2018

The United States intends to impose restrictions on some of China's investments and customs duties of 25% on certain categories of its goods supplied to the U.S. market, the White House press service said on Tuesday.

The announcement intensifies the high-stakes trade confrontation between the world's two largest economies.

"We're putting the trade war on hold", Mnuchin said at the close of those meetings on May 20. Also, China was made to make a promise that they will buy more of United States agricultural and energy products.

In addition, the United States will implement specific investment restrictions and enhanced export controls for Chinese persons and entities related to the acquisition of industrially significant technology. The White House repeated it will slap a hefty 25 per cent tariff on as much as $50bn worth of imports. "The list of restrictions and controls will be announced by June 30, 2018".

The back-and-forth comes just days before Commerce Secretary Wilbur Ross is scheduled to visit Beijing to continue talks with Chinese officials. China has already pledged to retaliate against the 25pc tariffs.

"In global relations, an about-face or constant change of positions is bound to damage or squander a country's credibility", Hua said.

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"I think this is a bone to the Congress". "It is obviously against the consensus reached by the USA and China in Washington recently".

She said the US' threat to raise duties on Chinese goods goes against the consensus the two countries reached in Washington and jointly announced earlier in May.

While China agreed to buy more USA products earlier this month, "no numerical target was set, and we expect any reduction in the bi-lateral deficit will fall far short of United States demands for a cut of $200 billion", noted Nancy Vanden Houten, senior economist at Oxford Economics, in a research report published earlier this month. The new rules will prevent Chinese companies from investing in and getting access to technology developed in the U.S. that could be copied and used by Chinese firms or the Chinese government. In return, the U.S. Commerce Department will lift a seven-year ban on ZTE buying components from U.S. companies.

The relationship between Navarro and Mnuchin appears to have been souring for a while over U.S. Under that program, China aims to take a leading role in areas such as artificial intelligence, robotics, and electric cars. The list of targeted goods will be announced by June 15 and imposed shortly after, the White House said. Trump then upped the ante, threatening to slap tariffs on an additional $100 billion in Chinese goods. This list consists of items related to medical devices and industrial machinery.

A 25% tariff on $50 billion worth of Chinese goods.

China today said the Trump adminstration is hurting its own credibility by every "flip-flop and U-turn" on trade tariffs, and warned that it does not want a trade war but will take forceful measures to defend its legitimate interests.

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Embracing market forces means reducing public sector dominance over many industries, opening markets to the private sector, and ensuring competition, the fund said, adding that the trade and investment remain restrictive.

Trump's move also prompted an immediate rebuke from China.

China did not commit to cut the gap by any specific amount.

Trump said earlier that a resolution would help USA firms that supply ZTE with components, but members of Congress, including several Republicans, warned that the being too lenient on a company that has violated US sanctions.

"After lengthy second round of talks in Washington, the two sides issued a joint statement vowing not to launch a trade war against each other". President Trump subsequently said he was not satisfied with the negotiations, and that they had a "long way to go".

The White House announcement may be only the latest dizzying turn in Trump's carrot-and-stick approach to trade negotiations.

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