Ahead of Ross visit, USA group calls on China to open markets

Charlene Craig
June 2, 2018

While the USA export ban on Chinese telecommunications giant ZTE Corp.is more than just a trade issue, removing the ban is a major priority for China in trade talks - even if it comes at the cost of accepting us tariffs.

The White House outline for imposing the tariffs announced on Tuesday "represents the kind of actions we have needed to take for a long time", Schumer said in an e-mailed statement.

US Treasury Secretary Steven Mnuchin said earlier that the United States and China had both put a hold on tariffs and agreed to a framework for a trade deal.

"We on the Chinese side do not want to fight but are not afraid to fight a trade war", she said.

The new tariff is part of one of the three major steps that the U.S. is taking based on the March 22, memorandum signed by President Donald Trump.

In a policy change set for next month, the Trump administration is moving to shorten visas for Chinese students in fields like tech and engineering.

But that was before the US said it will unveil new potential investment restrictions in the hi-technology sector by the end of June and start imposing tariffs as early as mid-June.

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Now that Washington is increasing the pressure on Beijing, China will be contemplating its response ahead of U.S. Commerce Secretary Wilbur Ross' visit to China during June 2-4. The statement did not reiterate China's own previous threats to impose $50 billion in retaliatory tariffs on USA goods. Those restrictions will be announced by June 30, the Trump administration says, and will also be implemented "shortly thereafter".

China has made their points that if nothing is agreed upon between two and the United States still imposes any tariffs then China will show no cooperation and retaliate from their tariffs on U.S. exports such as that of soya beans.

It said technology transfers between U.S. companies and their Chinese partners were the result of normal business practices, not coercive policies.

"China has consistently taken advantage of the American economy with practices that undermine fair and reciprocal trade".

The Chinese government on Wednesday lashed out at Washington's unexpected statement on pressing ahead with tariffs and restrictions on investments by Chinese companies, saying it was ready to fight back if Washington was looking to ignite a trade war.

The White House said Tuesday the tax will affect goods worth $50 billion and include products related to the Made in China 2025 program, a 2015 initiative promoting the country's information technology, robotics, aerospace, marine, rail, auto, power, agriculture and bio-medical industries.

In a statement on its website, posted under the heading "China-US Trade Conflict", the Ministry said: "As the two largest economies in the world, cooperation is the only correct choice for China and the US".

White House slaps 25% tariff on $50 billion worth of Chinese goods
The final tariff list will be made public by June 15 with the new import taxes taking effect shortly thereafter. The tariff threat could still disrupt Ross's China talks.

Beijing is in the midst of talks with Washington on possible measures to narrow its trade surplus by increasing imports.

"China's trade practices raise serious concerns, but job-killing tariffs aren't the answer", he said. -China trade relations. While Navarro has advocated for a tougher stance on China, Mnuchin has proposed a lighter touch.

The United States and China have been tied-up in a constant bilateral trade war. It announced that the USA would take multiple steps to protect domestic technology and intellectual property from certain discriminatory and burdensome trade practices by China.

"I'm also thinking about what they're doing to help us with peace with North Korea".

After recent meetings, it appeared China and the US had reached somewhat of a truce in the ongoing saga of escalating trade tensions.

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

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