China responds to Trump White House tariff, trade war reversal
China responds to Trump White House tariff, trade war reversal
White House slaps 25% tariff on $50 billion worth of Chinese goods
30 May, 2018, 17:13
President Donald Trumpsaid Tuesday he is moving to finalize trade sanctions against China even as a U.S. delegation is set to travel to Beijing for talks to resolve the dispute.
Ethics experts say this raises conflict-of-interest concerns, since Ivanka Trump and her husband, Jared Kushner, both serve as senior advisers in the White House.
At the same time, the Trump administration is tackling several other trade issues. The Trump administration has sought to reduce the U.S. trade deficit with China by increasing the amount of USA exports to the country.
The White House, and many American companies, say that China forces US firms to turn over technology as part of joint ventures with Chinese companies to gain access to its market. The White House repeated it will slap a hefty 25 per cent tariff on as much as $50bn worth of imports.
Its tougher stance comes as President Donald Trump prepares for a June 12 summit with North Korean leader Kim Jong Un, whose key diplomatic backer is China, and as Washington steps up efforts to counter what it sees as Beijing's efforts to limit freedom of navigation in the South China Sea. The merry little trade war with China appears to be back on, as the White House announced tariffs on a broad range of imports.
The White house said yesterday that the US' will impose a 25 per cent tariff on Dollars 50 billion of goods imported from China containing industrially significant technology, including those related to the "Made in China 2025' programme".
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"The United States will request that tariffs and taxes between the two countries be reciprocal in nature and value".
In addition, the United States will continue efforts to protect domestic technology and intellectual property, stop noneconomic transfers of industrially significant technology and intellectual property to China, and enhance access to the Chinese market, the White House said.
Trump himself has lashed out at Ross in Oval Office meetings, telling the man who once helped bail him out in Atlantic City that he's "past his prime" and "no longer a killer" and trying to bench him from making trade deals, according to three people familiar with the comments. "The Chinese government is known for using their military's cyber capabilities to hack into private USA tech firms, stealing IP, then transferring the technology to state-run companies who profit from its development", he 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 when Trump subsequently said he would ease penalties against ZTE in order to save Chinese jobs, this drew a sharp backlash from his supporters.
Trump's Treasury Secretary Stephen Mnuchin had said the trade war was "on hold".
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.
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