USA announces 25% new tariffs on Chinese tech goods

02 June, 2018, 04:17 | Author: Carlos George
  • A computer screen displays an announcement on the Chinese Trademark Office website approving of the Ivanka Trump trademark to be used in wide variety of products from beverages to instant noodles and spices in Beijing China. China has approved 13 Ivank

Pelosi said strong, smart and strategic action not reckless and rash floundering was needed to confront China's brazen trade cheating.

According to the Wall Street Journal, citing Chinese officials, China is looking to line up countries against the US.

If the two sides fail to reach an agreement and the United States moves forward with tariffs, Chinese officials have said they plan to retaliate with tariffs of their own on USA exports such as soybeans.

In mid-May, China had agreed to increase purchases of US agricultural and energy products and last week, the US Commerce Department told lawmakers it had struck a deal to put Chinese telecommunications firm ZTE back in business.

On March 23, Trump had imposed massive trade tariffs amounting to Dollars 60 billion on China, in an effort to stop the latter from stealing "intellectual property" from American companies.

Chinese state media criticised a USA announcement that it would press ahead with restrictions on investment by Chinese companies, saying on Wednesday that Beijing was ready to fight back if Washington was looking to reignite a trade war.

The White House has said it will impose 25% tariffs on $50bn worth of Chinese imports "shortly" after mid-June.

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It's the latest twist in a trade dispute between the United States and China that has roiled financial markets for months and prompted the International Monetary Fund (IMF) to warn of a trade war that could undermine the broadest global upswing in years.

"What we need to do as a country, and the president has the courage and vision to do this, we've got to stand up to Chinese economic predation". It said the final list of goods subject to a new 25% tariff would be released June 15, with more details on investment restrictions coming by the end of the month.

"That was an unfortunate sound bite", the trade adviser said, speaking on National Public Radio.

"If Beijing was under the impression that Trump's $50 billion of tariffs were actually on hold, they may find this confusing", Chad Bown, senior fellow at the Peterson Institute for International Economics, said.

"The two parties can reach a deal by China increasing imports", he said on Wednesday in a Bloomberg Television interview from Beijing. "From now on, we expect trading relationships to be fair and to be reciprocal", said President Trump.

And China's state-run news agency, Xinhua, published an editorial slamming the Trump administration's "flip-flopping", adding that China would protect its interests at all cost. In return, the U.S. Commerce Department will lift a seven-year ban on ZTE buying components from U.S. companies. The investments especially related to technology which is related to industries.

And doubts remain about whether China will address allegations the Chinese engage in cybertheft of trade secrets, force US companies to transfer some of their technology in exchange for market access or back away from its China 2025 plan to dominate emerging technologies.

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