US, China Discussing Deal on ZTE, Agricultural Tariffs
15 May, 2018, 22:34 | Author: Diane Mills
President Trump has directed the Commerce Department to look into easing USA economic sanctions against China's major telecommunication company linked to illicit trade with rogue states.
"The President's Tweet underscores the importance of a free, fair, balanced, and mutually beneficial economic, trade and investment relationship between the United States and China".
Kudlow, speaking in a live interview with Politico news outlet, said he backed U.S. Treasury Secretary Steven Mnuchin's efforts to reach an agreement with Beijing and that both countries must take action.
The two delegations addressed issues relating to expanding US exports to China, bilateral trade in services, bilateral investments, intellectual property protection and tariffs. "It's not clear, of course, if he's planning to really reverse it or think of a solution in a larger context, but it is something that is just out of the norm", said Amanda DeBusk, the chair of the worldwide trade and government regulations practice at the firm Dechert, LLP.
The U.S. -China Business Council (USCBC), which represents 200 American companies that are engaged in business with China, also urged the Trump administration to reconsider its tariff plan.
President Donald Trump has threatened tariffs on imports of Chinese goods, and China has threatened to retaliate with duties on USA products, including food items such as pork, beef and soybeans. Washington has proposed imposing tariffs on up to $150 billion in Chinese products.
Ikenson said the administration's focus on the $200 billion was "silly", adding that if the US accepts China's offer to import more goods, Trump can "claim mission accomplished and turn the page".
The move was announced in a tweet by Trump on Sunday and comes amid pressure from China's government to back off the sanctions on ZTE, a major Chinese government-linked telecommunications giant.
This week's meetings follow U.S. Last month, the U.S. Commerce Department banned it from buying U.S. technology or components for seven years after it misled regulators by failing to discipline employees involved in illegal exports and instead paid them bonuses.
The first round of trade talks between China and the US took place in Beijing on May 3 to 4.
"The Chinese have said 'we want to see the specifics.' We gave them all the specifics in terms of trade issues".
"The Company and related parties are actively communicating with the relevant USA government departments in order to facilitate the modification or reversal of the Denial Order by the USA government and forge a positive outcome in the development of the matters", said ZTE.
Branstad said China has not met pledges to open up its insurance and financial services area, as well as reduce auto tariffs, and that Trump would like to see a "dramatic increase" in food exports to China.
Tensions between China and the United States have escalated in recent months.
The widening trade dispute between the world's two biggest economies has taken a toll on both sides.
The French oil firm Total is in a similar boat, having agreed to help Iran develop the world's largest gas field, South Pars. Several US military officials told CNN that there are increasing concerns Iran is on the cusp of an attack against Israel.
Israel however, which has always been concerned about Iranian influence in the Middle East welcomed Trump's decision. Tehran has not completely walked away from the nuclear deal, since the Europeans are still participating.
He also said that the two sides had agreed to an informal timeline to discuss all matters by September this year. Following the meeting, Modi reportedly said that "all misunderstandings with Nepal are over".
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