US Announces 25 Per Cent New Tariffs On Chinese Tech Goods

US Announces 25 Per Cent New Tariffs On Chinese Tech Goods

The change would come as President Donald Trump's administration attempts to crack down on what it says is theft of USA intellectual property by China.

In retaliation, China announced plans to impose new tariffs of 25 per cent worth Dollars 50 billion on 106 American products including items like soybeans which could hurt American farmers.

While the USA export ban on Chinese telecommunications giant ZTE Corp.is more than just a trade issue, removing the ban is a major priority for China in trade talks - even if it comes at the cost of accepting US tariffs.

"Mnuchin's "trade war on hold" comments look to have been repudiated this morning, and possibly his investment stance, too", said Derek Scissors, a China analyst at American Enterprise Institute in Washington.

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 U.S. Congress has demanded that President Donald Trump do more to pressure ZTE, potentially giving China a small window to negotiate with the administration before Congress steps in. The final list of covered imports will be announced by June 15, 2018.

U.S. Commerce Secretary Wilbur Ross will visit China from June 2 to June 4, the official Xinhua news agency reported recently.

A foreign ministry spokeswoman complained the USA decision to renew a threat to raise duties on a $50 billion list of Chinese goods conflicts with an agreement in mid-May aimed at settling that dispute.

However, the list of products imported from China on which new tariffs could apply does include machinery used in the domestic manufacturing of apparel, footwear, and textile products. China has said it will respond in kind to threats by Trump. In response, Beijing vowed to retaliate against USA exports to China with a matching value.

More news: Official says Cohen prosecutors will get phone contents soon
More news: Ex-FBI Deputy Director McCabe wrote memo on Comey firing
More news: Trump escalates fight with ABC after 'Roseanne' cancellation

The American Chamber of Commerce in China said companies are uneasy about the threat of export and investment controls but see them as a possible way to make progress on longstanding complaints about market access and investment curbs.

Navarro was not involved in the most recent round of talks in Washington.

Recent talks between US and Chinese trade officials in Beijing and Washington seemed to produce a tenuous truce, but that has apparently fizzled.

USTR will continue [the] WTO dispute settlement against China originally initiated in March to address China's discriminatory technology licensing requirements.

In a statement Tuesday, a representative for the Chinese Ministry of Commerce took a subtle dig at Trump's constant back-and-forth on trade issues.

According to a press release issued by the White House, the U.S. will announce investment restrictions and enhanced export controls on China by June 30. The problem we have now is every time we innovate something new, China comes in and either buys it or steals it. "It is obviously against the consensus reached by the U.S. and China in Washington recently".

Wilbur Ross is scheduled to go to Beijing this weekend to continue negotiations, making his position a bit awkward, to say the least.

The document said officials would consider restrictions on visas for science and technology students from some countries to ensure "intellectual property is not transferred to our competitors".

Related Articles

  • Takeaways From Kanye West's New Album 'Ye'

    Takeaways From Kanye West's New Album 'Ye'

    Musically, ye's production seems quite lazy considering what we know he's capable of. Hopefully, we've all taken some time out to run through the seven-song album.
    Spanish PM Mariano Rajoy ousted

    Spanish PM Mariano Rajoy ousted

    The vote of no-confidence came after 29 former members of his conservative Popular Party were convicted of corruption last week. It also ordered the party to pay back €245,000 (US$290,000) received from the scheme to help finance election campaigns.
    Trump Receives North Korean Envoy in Historic White House Visit

    Trump Receives North Korean Envoy in Historic White House Visit

    Until this year, Kim had made no visits outside his country since taking over from his father as leader in 2011. Gen Kim was accused of masterminding attacks on the South Korean warship Cheonan and Yeonpyeong Island in 2010.
  • Canadian NFL player becomes first doctor in league history

    Canadian NFL player becomes first doctor in league history

    Duvernay-Tardif wants to enjoy the moment, but getting back to football as the Chiefs resume OTAs tomorrow is his top priority. Last year, he signed a five-year contract extension with the Kansas City Chiefs worth more than US$40 million.
    LeBron James: 'It's not about me and Dan [Gilbert]'

    LeBron James: 'It's not about me and Dan [Gilbert]'

    Kevin Durant was driving to the basket with his team down 104-102 and 36.4 seconds left. That's if you're lucky, you'll get to that point", James, 33, said Wednesday.
    European Union  plots counterstrike to American tariffs

    European Union plots counterstrike to American tariffs

    Huge tariffs on imported steel and aluminium from Europe, Canada and Mexico have come into effect in the United States. French Finance Minister Bruno Le Maire termed the U.S. tariffs as "unjustified unjustifiable and dangerous".
  • Peru captain Paolo Guerrero CLEARED to play at World Cup

    Peru captain Paolo Guerrero CLEARED to play at World Cup

    However, the CAS judges increased the ban to 14 months, upholding a counter-appeal by WADA. Federal judges can intervene if they suspect abuse of legal process.
    Bridgepoint sells majority stake in Pret A Manger

    Bridgepoint sells majority stake in Pret A Manger

    The restaurant chain Pret A Manger is being acquired by the European investment firm that bought Panera Bread past year . The sale is reportedly worth £1.5bn but Pret, JAB or Bridgepoint have not confirmed further details.
    JR Smith Photos, News and Videos

    JR Smith Photos, News and Videos

    Thompson lay grimacing in pain then went to the locker room with what was called a bruised left leg that needed re-taping. With just seconds left on the clock, the Cavaliers had George Hill shooting free throws that could have won the game.
  • Visa outage: Reports Northern Ireland shoppers' cards declined

    In a tweet, Permanent TSB said: "There is now an error affecting Visa Debit And Credit Cards across all banks". The cause remains unknown and Visa offered no information of when the problem will be fixed.
    Zoo animals escape German zoo, some are captured in the afternoon

    Zoo animals escape German zoo, some are captured in the afternoon

    Two lions were among the six animals that escaped their enclosures at a flooded western Germany zoo, before five were recaptured. An entire west German town was on lock down after lions, tigers, a bear and a jaguar broke out of a local zoo Friday (June 1).
    ‘Murdered’ Russian journalist actually alive after faking death

    ‘Murdered’ Russian journalist actually alive after faking death

    He said they had two suspects in custody: the one who ordered the killing and the hitman who would have carried it out. Babchenko left Russian Federation past year after he said he received a slew of death threats for his reporting .