White House announces tariffs, trade restrictions to be placed on China

30 May, 2018, 17:16 | Author: Diane Mills
  • Ivanka Trump and her husband Jared Kushner dine with Chinese officials

In the same statement on Tuesday, the White House said that the US will "continue to pursue litigation at the World Trade Organization" over allegations that China steals USA intellectual property. The Ministry said the White House's announcement "is contrary to the consensus the two sides have previously reached", according to China's official news agency, Xinhua. After Trump administration officials traveled to China at the start of the month, a Chinese delegation came to Washington two weeks later.

Other punitive steps include implementing stronger investment restrictions and enhanced export controls for Chinese citizens and companies related to the acquisition of industrially significant technology to protect national security.

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

The tariff threat could still disrupt Ross's China talks.

In a statement, China's Commerce Ministry said the announcement is "obviously in violation" of this recent agreement.

In a statement Tuesday, President Donald Trump's administration said the us will take steps against China's "certain discriminatory and burdensome trade practices" - including a 25 percent tariff on Chinese imports "containing industrially significant technology".

Hua gave no indication whether Beijing planned to act on its own threat to retaliate by raising duties on a $50 billion list of American goods including beef and soybeans. He said the two countries were in talks and had made "meaningful progress".

More news: Thompson scores 35, Warriors force Game 7 in West finals

The full list of imports that will be subject to the 25% tariffs will be announced by 15 June, the White House said.

William Zarit, the chairman of the American chamber, said that if trade tensions were to escalate again he could not rule out the possibility of Beijing issuing countermeasures, such as putting more tariffs on American goods, prolonging the review process for takeover bids and tightening visa controls. But blowback from senators from both parties has been severe, eliciting questions about whether Trump will move forward with his reprieve.

A US business group says American companies in China are uneasy about Washington's threat of export and investment controls in a trade dispute with Beijing but see them as a possible way to achieve fairer operating conditions. The United States had wanted China's trade surplus with America to shrink by $200 billion in two years, a figure seen as fanciful by most economists and trade experts.

On Friday, Trump said he had reached a deal that would allow the embattled Chinese telecom firm ZTE to remain in business, raising criticism from Congress that he was backing off from his tougher promises on trade.

A United States official, who spoke on condition of anonymity, said that under directions sent to U.S. embassies and consulates, Chinese graduate students would be limited to one-year visas if they are studying in certain fields, such as robotics, aviation and high-tech manufacturing, AP reported.

"We're putting the trade war on hold", Mnuchin said at the close of those meetings on May 20.

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