Thursday, 21 June, 2018

Trade war back on with China?

The trademarks could allow Ivanka Trump to market a lifetime's worth of products in China SEBASTIAN SCHEINER AP The trademarks could allow Ivanka Trump to market a lifetime's worth of products in China
| 31 May, 2018, 22:20

"The United States will impose a 25% tariff on $50bn of goods imported from China containing industrially significant technology, including those related to the "Made in China 2025" programme".

President Donald Trump issued a memorandum on the tariffs in March, after U.S. Trade Representative Robert Lighthizer issued a lengthy report about China's long practice of coercing U.S. companies to give up their technologies and trade secrets to do business in China, as well as in some cases outright theft of intellectual property. The White House said a list of products would be announced June 15.

President Donald Trump's unpredictability has made President Xi Jinping look rather prescient.

Treasury Secretary Steven Mnuchin said on May 20 that tariffs targeting Chinese products were put "on hold" following China's agreement to reduce its trade surplus with the US.

The US state department will implement measures from June 11 to "enhance security for some Chinese visa applicants", the official said. In retaliation, China threatened to impose a 25 percent tariff on Dollars 50 billion worth of United States exports.

In a further indication of the Trump administration striking a tougher tone before the negotiations later this week, the White House issued a separate statement running through its major grievances over China's trade practices from forced technology transfers to automobile import tariffs.

"From now on, we expect trading relationships to be fair and to be reciprocal", said Mr Trump in a statement released with the fact-sheet. The latest move to announce the tariffs comes ahead of US Commerce Secretary Wilbur Ross's visit to China next month over the same.


China is ready to retaliate after the United States revived plans to hit it with new tariffs.

The United States said on Tuesday that it will continue pursuing action on trade with China, days after Washington and Beijing announced a tentative solution to their dispute and suggested that tensions had cooled. Some, like Mr. Mnuchin, have focused on a potential compromise deal that would require China to buy huge amounts of American products while still forestalling the possibility of a trade war.

But there had been some hope among free traders and the anti-tariff camp that the stiffer tariffs would ever ultimately go into effect after the two countries launched a trade dialogue earlier this month in Beijing.

The deal to reduce China's trade surplus with the US was separate from the USA probe into China's alleged theft of intellectual property.

But earlier this month, China and the U.S. pledged not to launch a trade war.

The fund's recommendations chime with the criticisms that the Trump administration has leveled at Beijing in the course of the current trade dispute.

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. The White House accused China of placing outrageous levies and requirements on stuff exported from the States to the Middle Kingdom, for allowing Chinese organizations to rip off American technology or steal blueprints through corporate espionage, and basically for making life hard for USA enterprises.

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