Published: Thu, April 05, 2018
Medical | By Bryan Strickland

China gets out big stick to retaliate against Donald Trump on trade

China gets out big stick to retaliate against Donald Trump on trade

US authorities say Beijing denies foreign companies the right to block use of technology by a Chinese entity once a licensing period ends.

He said: "We have never had an economy like we have right now, and we are going to make it bigger, and better and stronger'. If they want to negotiate, the door is open".

"In attempting to block China's rise the Trump administration has launched an attack not only on China but on US companies, workers and farmers".

"We hope the US can relax the restrictions of export of high-tech products to China", he said."The US boasts many advantageous industries but is self-restricted in terms of exports to China".

USTR has scheduled a May 15 public hearing on the tariffs, which were announced as the result of an investigation under Section 301 of the 1974 US Trade Act.

If enforced, the measures announced by Beijing earlier would increase tariffs on cars from the United States to 50 per cent from the usual 25 per cent.

"The Chinese government has nonetheless responded more aggressively to the tariff list than many had expected", noted Julian Evans-Pritchard, senior China economist at Capital Economics, in a research note.

Japan was also hit with these tariffs, while most countries got a temporary exemption.

Why it matters: The tariffs show that Trump is serious about wanting to slow China's rise as a tech power.

For example, beyond the current trade dispute is "the battle to see which country will control the world's next cutting-edge technologies and emerge as the dominant global power", Katsoras says. "It serves neither China's interest, even less, the interest of the global economy".

Chinese officials said they were obliged to act after the US announced plans for retaliatory tariffs in an escalating dispute over China's technology program and other trade issues. The Trump administration has threatened to impose tariffs on $50 billion in imports from China. After plunging in early trading, the Dow Jones industrial average ended up rising 231 points, or almost 1 percent, to 24,264.

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Nixon, best known for playing Miranda Hobbes on " Sex and the City ", said she and her character are a lot alike. Nixon also addressed the tragic shooting and death of an unarmed African-American man, Stephon Clark.

But Commerce Secretary Wilbur Ross is brushing off concern over trade war with China.

A commenter on the Global Times article said, "if they resist Chinese products, the United States won't be able to find an alternative".

The prospect of a drawn-out trade war with China, the world's second largest economy and the top consumer of many raw materials, tends to weigh on commodity prices.

China's aim to become dominant in 10 advanced industries through its "Made in China 2025" plan-especially manufacturing of semiconductors and integrated circuit boards-puts the country in fierce competition with companies in the West.

Shares in U.S. aerospace giant Boeing Co were last down 3.3 per cent, making it the biggest drag on the Dow, although it was not immediately clear how much the tariffs would affect Boeing's newer products.

After a flat open, European markets fell sharply once the China tariffs were announced.

The Chinese yuan also suffered its biggest daily fall against the dollar in two weeks after the measures were proposed.

Backstory: Last month, Trump vowed to place 25 percent levies on some imports from China. He asks US Trade Representative Robert Lighthizer to look into unfair China's trade practices, with a particular focus on alleged Chinese theft of US intellectual property.

A USTR official said the list got an initial scrub by removing products identified as likely to cause disruptions to the USA economy and those that needed to be excluded for legal reasons.

China hoped the U.S. could relax its export restrictions on technology products, increase the savings rates and increase services trade. The goods include soy beans and aircraft.

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