China urges USA away from "brink" as Trump picks trade weapons

25 March, 2018, 00:53 | Author: Regina Lloyd
  • China vows to fight US sanctions over alleged technology theft

"It has been very expensive for America", said Navarro. "We've invested a lot of time, talent and treasure in developing markets around the world, and with the stroke of a pen, that investment has been jeopardized". In 2017, it was also the second-largest importer of USA agricultural products, buying US$19.6 billion of goods, with 63 per cent of that money going on soybeans.

White House officials told a briefing ahead of the trade announcement that the administration was eyeing tariffs on $50 billion in Chinese goods. Shen Dingli, deputy dean of the Institute of International Affairs at Shanghai's Fudan University, said the numbers announced so far were "actually quite small" compared to overall trade flows.

On Thursday, Trump slapped China with $60 billion in tariffs on imports, adding that "this is the first of many" trade actions, as he signed the memo. Now that Trump has threatened harsh new tarrifs in an escalating trade war, Beijing has announced that it will not overturn a new ban on accepting shipments of garbage from the USA and other countries, leaving industrialized nations scrambling for options on how to dispose of an ever-mounting landscape of trash. "Our past presidents should never have allowed this to happen".

So, what's the point of tariffs on steel if they don't apply to the biggest foreign suppliers?

In a separate case, he also ordered tariffs on about $60 billion of Chinese goods, again bypassing WTO arbitration.

"Hearing all this noise of late, sometimes makes me think of what Confucius said: 'The gentleman is easy of mind, while the small man is always full of anxiety, '" Hua said. A commentary published by the official Xinhua news agency said the United States had adopted a "Cold War mentality", and "panic" over China's economic rise was driving Washington's confrontational approach. The administration said the suspensions can be renewed or revoked then, "pending discussions of satisfactory long-term alternative means to address the threatened impairment to US national security". It also includes a willingness to rely on the World Trade Organization to help mediate parts of the disputes, surprising some experts who thought Mr. Trump might go it alone. It allows unrestricted travel by US officials to meet with members of Taiwan's government and for Taiwanese officials to visit the USA under "respectful conditions", during which they are allowed to meet with their counterparts, including those from the departments of state and defence.

US apple growers just got their foot in the door in China in 2015, and the country is now their 10th-largest market, with demand growing.

While the full details of the tariffs have yet to be released, it's clear they'll cause at least two immediate problems.

"The United States is taking action at the World Trade Organization (WTO) to address China's unfair technology practices that run counter to WTO rules", the statement from the US Trade Representative's office said.

Before Lighthizer's congressional testimony, Germany's economy minister, Peter Altmaier, said he had found officials in Washington "open to our arguments" during a recent visit with the European Union trade commissioner, Cecilia Malmstrom.

Trade Representative Robert Lighthizer told a Senate panel that Mr Trump had made a decision to "pause" the import duties while further discussions took place. Meanwhile, business groups representing companies ranging from Walmart Inc. are warning US tariffs could raise prices for consumers and sideswipe stock prices.

The trade office will target Chinese goods "with an annual trade value commensurate with the harm caused to the US economy resulting from China's unfair policies", according to the Section 301 Fact Sheet. He said the industry could end up losing market share for years to come.

Wine imported from the displayed at a supermarket in Beijing in 2011.



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