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.

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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".

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