Published: Thu, May 31, 2018
Global Media | By Jackie Banks

China says Trump hurts credibility with tariffs

China says Trump hurts credibility with tariffs

The NRF cited a study which estimated the tariffs on $50 billion in Chinese imports could shave $3 billion off of US GDP and eliminate 134,000 jobs.

In order to protect its national security, the United States administration will also implement specific investment restrictions and enhanced export controls for Chinese persons and entities related to the acquisition of industrially significant technology.

In mid-May, China agreed to boost imports of USA grain as well as oil and gas. The announcement raises the stakes for the third round of talks between the two economies.

It comes as Commerce Secretary Wilbur Ross prepares to travel to Beijing this week for another round of talks aimed at resolving the conflict.

Trump has vacillated in recent weeks on how hard to push Beijing over issues such as tariffs and intellectual property. Mnuchin also forecast a doubling in sales of USA energy products to the Chinese market, increasing energy exports by $50 billion to $60 billion in the next three to five years. And last month, the US began announcing specific tariffs, prompting a tit-for-tat of escalating proposals and retaliatory threats.

The tariff will apply to products "containing industrially significant technology".

US President Donald Trump has outlined plans to proceed with the proposed additional 25% tariff on US$50bn worth of imports from China, just ten days after US Treasury Secretary Steve Mnuchin suggested the administration would "put the trade war on hold".

Embracing market forces means reducing public sector dominance over many industries, opening markets to the private sector, and ensuring competition, the fund said, adding that the trade and investment remain restrictive.

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The latest talks focus on USA claims of intellectual property theft by China.

"Once again, we don't want a trade war, but will never quail or recoil from a trade war". Ross is expected to try to get China to agree to firm numbers to buy more United States goods during a June 2-4 visit to the Chinese capital.

Trump is also under pressure from Congress to stay tough on China, especially Chinese telecoms-equipment maker ZTE Corp.

In return, the Commerce Department lifted a seven-year ban on ZTE's purchase of USA components that it had just imposed earlier in May. Republican Senator Marco Rubio and other lawmakers from both parties have criticized Trump's leniency toward ZTE, arguing that doing business with the company presents a risk to national security. The United States had wanted China's trade surplus with America to shrink by $200 billion in two years, a figure seen as fanciful by most economists and trade experts. "But the president must stick with it and not bargain it away".

But there had been some hope among free traders and the anti-tariff camp that the stiffer tariffs would ever ultimately go into effect after the two countries launched a trade dialogue earlier this month in Beijing.

Treasury Steven Mnuchin said then that the conflict was "on hold" after Beijing promised to buy more US goods to help narrow its multibillion-dollar trade surplus with the United States.

"Whatever measures the U.S. takes, China has the confidence, capability and experience to defend the interests of Chinese people and the core interests of the country", it said.

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