Published: Fri, June 01, 2018
Global Media | By Jackie Banks

United States firms in China still fear a trade war

United States firms in China still fear a trade war

The new tariff is part of one of three major steps that the USA is taking based on the 22 March memorandum signed by President Donald Trump.

The White House said it will also implement "specific investment restrictions and enhanced export controls" for Chinese individuals and entities related to technology in the coming weeks.

By June 15, Washington will release a list of some $50 billion worth of Chinese goods that will be subject to a 25-percent tariff, the White House said in a statement.

Trump announced in April he planned to impose tariffs on $150 billion worth of Chinese goods, and Beijing responded by declaring it will retaliate by imposing similar amount of tariffs of imported American goods.

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

"China urges the United States of meet us halfway with the spirit of our joint statement", the representative said. China hit back at that, with a foreign ministry spokeswoman saying on Wednesday that China would respond accordingly if the USA insisted on unilateral measures.

The import duty is part of multiple steps the U.S. would take to protect domestic technology and intellectual property from certain discriminatory and burdensome trade practices by China, the White House said.

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 the same statement on Tuesday, the White House said that the USA will "continue to pursue litigation at the World Trade Organization" over allegations that China steals US intellectual property.

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Commerce Secretary Wilbur Ross is to visit Beijing this week to try and get China to agree to firm numbers for additional US exports to the country.

While US tariffs would have a direct impact on China's economy, such uncertainty would likely have an even greater indirect impact as it came to affect consumption, investment confidence and financial markets, he explained.

China's Ministry of Commerce said yesterday that the United States statement is contrary to the consensuses the two sides previously reached in Washington. However, the US has yet to publish a list of target products for the $100 billion, and the White House statement makes no reference to the second potential tranche of duties. "It is obviously against the consensus reached by the United States and China in Washington recently".

President under pressure to stay tough in cold China trade war.

Separately, on Friday, the USA reached a deal on ZTE Corp. that will allow the Chinese telecommunications giant to remain in business.

Investor Wilbur Ross was brought into the administration as one of President Donald Trump's "killers" - but in recent months, the commerce secretary has been increasingly marginalized, with his agency widely seen in the White House as a mess.

The other area the U.S.is targeting is China's acquisition of high technology know how either by legitimate investments or what the USA labels intellectual property theft and forced technology transfers.

"We must vigorously defend our market and interests with every tool available, including tariffs, investment restrictions, and actions at the World Trade Organization".

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