Thursday, 21 June 2018
Latest news
Main » U.S. To Continue Trade Actions Against China: White House

U.S. To Continue Trade Actions Against China: White House

30 May 2018

The countries said China would "significantly increase" purchases of U.S. goods and services to reduce their trade imbalance, a top Trump administration demand.

"We are surprised by the strategic statement released by the White House, but, at the same time, it is somewhat expected", the statement said.

At the same time, the Trump administration is tackling several other trade issues.

The White House said China had "pursued industrial policies and unfair trade practices including dumping, discriminatory non-tariff barriers, forced technology transfer, over capacity, and industrial subsidies that champion Chinese firms and make it impossible for many United States firms to compete on a level playing field".

More news: Trudeau to Trump: Auto tariffs would hit U.S. just as hard

"With so many head-spinning reversals on trade from the U.S.in recent weeks, we suspect the Chinese negotiators and the markets have started to tune out the noise and focus on the substance", Tom Orlik, Bloomberg's chief Asia economist in Beijing, wrote in a report.

The U.S. State Department will implement measures from June 11 to "enhance security for some Chinese visa applicants", the official said.

As a result of Trump's tariff threat, Washington is in very intense negotiations with Beijing "in a way that we haven't been for so many years", said the chamber chairman, William Zarit.

On Friday, temporary exemptions to steel and aluminum tariffs that the White House granted to the European Union, Canada, and Mexico are set to expire, raising the question of whether the countries will fold to Trump's trade requests or fight back with retaliation of their own. In retaliation, China announced plans to impose new tariffs of 25 per cent worth Dollars 50 billion on 106 American products including items like soybeans which could hurt American farmers. Those come on top of the $3 billion in tariffs in place as of early April on Chinese imports of US shipments of pork, fruit, nuts, recycled aluminum and other goods. The group cited research from Iowa State University economist Dermot Hayes, who estimates that USA pork producers have lost $2.2 billion on an annualized basis as a result of events leading up to and following China's 25 percent punitive tariff on pork.

More news: Israel starts building fortified maritime barrier on coastal border with Gaza

"China urges the United States of meet us halfway with the spirit of our joint statement", the representative said. On Tuesday, the White House said it would detail the final list of goods that will be subject to the tariffs by June 15, and the duties that would be imposed shortly after that.

"When it comes to worldwide relations, every time a country does an about face and contradicts itself, it's another blow to, and a squandering of, its reputation", Hua said.

"The lack of clarity surrounding the administration's plans is creating significant uncertainty for American businesses, disrupting supply chains and threatening to undermine the economic gains we've seen over the past year". Treasury Steven Mnuchin said then the conflict was "on hold" after Beijing promised to buy more USA goods to help narrow its multibillion-dollar trade surplus with the United States.

A crackdown of Chinese investment into "industrially significant technology".

More news: Warriors roar back to take West, setting up fourth finals against Cavs

U.S. To Continue Trade Actions Against China: White House