Trump moves ahead with Chinese trade tariffs, threatening to reignite tensions

Trump moves ahead with Chinese trade tariffs, threatening to reignite tensions

Office of Trade and Manufacturing Policy Director Peter Navarro on the Trump administration's tariffs and trade talks with China.

In March, President Trump announced that his administration would consider $50 billion in tariffs on Chinese goods (and later threatened an additional $100 billion in tariffs).

"What we're having with China is a trade dispute - plain and simple".

"We lost the trade war long ago". In March, President Trump signaled his plans to put tariffs on Chinese-made goods.

Details of the investment and export controls will be announced by June 30 and the final tariff list will be published by June 15. Commerce Secretary Wilbur Ross is scheduled to visit Beijing on Saturday for a round of talks.

That comes after Mnuchin said that the USA and China trade tit-for-tat was "on hold" after the two nations agreed to pause tariff threats earlier this month.

The Trump administration will also move to restrict USA investments and the export of certain US technology to China in what the White House portrayed as an effort to protect national security.

U.S. Treasury Secretary Steven Mnuchin said yesterday that Ross is aiming to negotiate "a framework" that could then turn into "binding agreements. between companies", CNBC reported.

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

The United States will continue to pursue litigation in the World Trade Organization against China's technology practices.

Hua gave no indication of 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.

The White House said the policies included forced technology transfer; requiring licensing at less than economic value; state-directed acquisition of sensitive USA technology for strategic purposes; and outright cybertheft. Ross's trip was originally meant to work out the details of a vague promise by China May 19 to increase its purchases of USA farm goods and natural gas.

The changes come as Trump seeks to crack down on China's trade practices, especially those related to cutting-edge industries that Beijing wants to dominate.

The National Retail Federation on Tuesday said it was "disappointed" with the new White House communications, saying the tariffs would raise prices, kill jobs and spur costly retaliation.

China's Commerce Ministry says it's surprised and sees it as contrary to the recent consensus both sides reached on resolving their trade row.

China has made progress on reforms but should allow market forces to play a more decisive role and accelerate its opening up to the rest of the world, the International Monetary Fund (IMF) said.

"The United States will request that China remove all of its many trade barriers, including non-monetary trade barriers, which make it both hard and unfair to do business there".

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

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