Beijing vows to fight back on Washington tariff hike

Beijing vows to fight back on Washington tariff hike

President Trump said Tuesday that he would proceed with tariffs on $50 billion in Chinese imports and introduce new limits on Chinese investment in USA high-tech industries as part of a broad campaign to crack down on Chinese acquisition of US technology.

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.

Days after USA 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. Those restrictions will be announced by June 30, the Trump administration says, and will also be implemented "shortly thereafter".

President Donald Trump's unpredictability has made President Xi Jinping look rather prescient. -China trade tariff talks, President Donald Trump's trade adviser Peter Navarro is disputing the words of his less protectionist colleague, Treasury Secretary Steven Mnuchin.

The actions, based on recommendations of the Office of the US Trade Representative, are part of an effort to force Beijing to grant American companies easier access to its markets and balance the bilateral trade relationship.

In addition to affecting Chinese companies that export products into the US, the tariffs could also affect multinational OEMs that have shifted their manufacturing to China to take advantage of lower labor costs.

In a further indication of the Trump administration striking a tougher tone before the negotiations later this week, the White House issued a separate statement running through its major grievances over China's trade practices from forced technology transfers to automobile import tariffs.

According to AP, the official said the instructions also stated that Chinese citizens seeking visas would need special clearance from multiple United States agencies if they work as researchers or managers for companies on a USA commerce department list of entities needing higher scrutiny.

The back-and-forth comes just days before Commerce Secretary Wilbur Ross is scheduled to visit Beijing to continue talks with Chinese officials.

Liu said a fortnight ago that a deal had been struck for China to increase imports of United States energy, agricultural, health, high-tech products and financial services.

However, none of the tariffs above came into effect.

China retaliated by imposing additional tariffs worth about $3 billion on 128 American products.

The statement added. "This is obviously contrary to the consensus reached between the two sides in Washington not long ago".

The deal to reduce China's trade surplus with the US was separate from the USA probe into China's alleged theft of intellectual property.

It will also continue to pursue a World Trade Organization (WTO) dispute settlement against China originally initiated in March to address its discriminatory technology licensing requirements. China accused Trump of flip-flopping on trade.

Commerce Secretary Wilbur Ross is to visit Beijing this week to try and get China to agree to firm numbers for additional USA exports to the country.

That case was filed in March, and is now being disputed.

In response, China says it has the confidence, capability and experience to defend the interests of Chinese people and the core interests of the country.

The White House also said on Tuesday the USA plans to continue litigation at the World Trade Organization for China's intellectual-property practices.

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