China slams US for 'sudden flip-flops' in trade policy
31 May, 2018, 18:18 | Author: Priscilla Morrison
China has repeatedly said that it will push ahead with its development of high-tech industries and will not back down in the face of what it sees as threats from Washington. "But it's also a signal that they are not expecting a whole lot".
The tariffs will target goods "containing industrially significant technology" related to the "Made in China 2025" program, the statement said.
The US government has threatened to impose tariffs on $50bn of imports from China unless Beijing addresses the issue of the theft of American intellectual property, once again raising the prospect of a trade war. The WTO case is based on U.S. allegations that Chinese firms unfairly acquire United States intellectual property through forced transfers and mandated partnerships.
The statement further read, "The United States will continue efforts to protect domestic technology and intellectual property, stop noneconomic transfers of industrially significant technology and intellectual property to China, and enhance access to the Chinese market".
The United States said that it will continue pursuing steps regarding trade with China, days after Washington and Beijing stated a tentative solution to their dispute and suggested that tensions had cooled.
China today said the Trump adminstration is hurting its own credibility by every "flip-flop and U-turn" on trade tariffs, and warned that it does not want a trade war but will take forceful measures to defend its legitimate interests.
The rollback in the situation takes place just after China rejected USA accusations on the alleged theft of technology transfer before the World Trade Organization (WTO), and prior to the third round of bilateral talks, scheduled from June 2-4 in this capital.
Beijing has previously pledged to retaliate against the 25 percent tariffs. The proposed investment restrictions will be published by June 30 and take effect at a later date. In March, the USA filed a complaint at the WTO accusing China of breaking WTO rules by denying United States companies "basic patent rights".
"The Chinese government will have the necessary measures in place to deal with a USA withdrawal from any settled agreement".
The investigation found, among other things, that Chinese firms require licensing from USA companies at a less than economic value and highlighted "Chinese state-directed acquisition of sensitive U.S. technology for strategic purposes".
Some trade experts said the tariff announcement is likely meant to strengthen Ross's hand. "President Obama, Bush, Clinton lost this when we got into bad trade deals like NAFTA".
Economists estimate that U.S. exports could rise by up to $90 billion over a period of years.
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