China Vows to Retaliate After US Imposes Fresh Tariffs
China Vows to Retaliate After US Imposes Fresh Tariffs
US surprises markets with revival of China tariffs
31 May, 2018, 22:19
The White Housesaid the USA "will impose a 25 per cent tariff on $50 billion of goods imported from China containing industrially significant technology, including those related to "Made in China 2025".
The change would come as the administration of President Donald Trump attempts to crack down on what it says is theft of USA intellectual property by China. "It is obviously against the consensus reached by the USA and China in Washington recently". "Right now, we have agreed to put the tariffs on hold while we try to execute the framework".
China and the U.S. announced measures to avert a trade war on 20 May under which Beijing agreed to "significantly increase" its purchases of American goods and services to reduce China's $375 billion trade surplus with the United States.
"Every flip-flop and U-turn of a country will be simply depleting and squandering its own credibility", Hua said at a regular briefing.
"If we're trying to change Chinese behavior, these noisy signals aren't going to get us there", said Phil Levy, senior fellow on the global economy at the Chicago Council on Global Affairs and a former senior economist in the George W. Bush administration.
China's Ministry of Commerce responded in a mild fashion Tuesday. Commerce Secretary Wilbur Ross is scheduled to be in Beijing on June 2 to 4 for the latest round of negotiations.
Tariffs of 25 percent will be applied to Chinese imports containing important technologies, including those related to Beijing's Made-in-China 2025 development program, the White House said.
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The US is preparing to send a trade delegation back to Beijing later this week to continue talks aimed at easing trade tensions.
The declaration of further sanctions had been expected last week but was apparently delayed. Trump has said that ZTE is part of the larger trade talks.
"Trump is insane. crazy tactics might work, though", the person added.
"I don't think it is only a tactic, personally", he told reporters on Wednesday, adding that the group does not view tariffs as the best way to address the trade frictions.
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"The Chinese side remains consistent: we don't want to fight, but we are not afraid of it", said the official XinhuaNews Agency. "China urges the United States to act in accordance with the spirit of the joint statement". Also on Tuesday, a White House official said the U.S. China's commerce ministry responded hours later with a statement, saying it was surprised by the USA announcement and remains confident the country can protect its interests.
The American Chamber of Commerce in China said companies are uneasy about the threat of export and investment controls but see them as a possible way to make progress on longstanding complaints about market access and investment curbs. He blamed the destruction of industries such as steel on cheap Chinese imports.
Anything above that level "can lead to certain problems for consumers, which also isn't good for producers", he said. The US West Texas Intermediate ( WTI ) crude futures ended at $66.78 per barrel, down $1.1 or 1.6 percent.
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