New Tariffs on Chinese Goods Could Affect US Ports
- Author: Carolyn Briggs Mar 28, 2018,
Mar 28, 2018, 15:46
Williams estimated that the $506 billion that China exported to the United States drove around 2.5 per cent of its total gross domestic product, and the $50-60 billion targeted by the USA tariffs contributed just around 0.25 per cent.
"There's no trade war; it's just a trick", he said."The U.S came with trade tariffs to say it's not happy".
The United States recorded a record $337.2 billion trade deficit with China past year, and Trump demanded it be reduced by $100 billion. Trump also said he is concerned about protecting US technology.
"I hope this will not spiral into a very broad set of sanctions on both sides", Mr. Prasad added.
However, China's Commerce Ministry also called on the U.S.to "pull back from the brink" and to reconsider its new trade punishments.
In a Presidential Memorandum signed on Thursday, Trump said an investigation by United States Trade Representative Robert Lighthizer concluded that China uses foreign ownership restrictions to require technology transfer from U.S. companies to Chinese organisations, as well as conducting espionage to acquire intellectual property and confidential business information.
Trump on Thursday asked trade officials to create lists of imported Chinese goods that should be subjected to tariffs; those are due in 15 days.
"No one wins in these tit-for-tat trade disputes, least of all the farmers and the consumers", said National Pork Producers Council President Jim Heimerl, a pig farmer from Johnstown, Ohio.
This proposed crackdown - which will involve public consultations before kicking off - comes after a almost seven-month investigation by the USTR into what the White House sees as "unfair" trade policies and practices from China.
The statement did not go into greater detail.
And the Trump Administration should be congratulated for its focus on China, as opposed to broad-based steel tariffs that harm allies.
Arthur Kroeber, managing director of Gavekal Dragonomics, said Beijing was sending a "carefully calibrated" message that it will stand up to Trump, while trying not to escalate the spat into a confrontation that could seriously threaten the global trading system.
"Holding China accountable for refusing to follow global trading rules is important and necessary, but instead, the tariffs proposed by the administration will punish ordinary Americans for China's violations", said NRF CEO Matthew Shay.
"Exports are extremely important to the Chinese economy, but have been trending less so in recent years and the United States has been shrinking as a share of China's export market", she said.
However, Liu said the investigation report "violates worldwide trade rules and is beneficial to neither Chinese interests, USA interests nor global interests", Xinhua cited him as saying.
"We urge the US to cease and desist", the embassy said, warning that by endangering China-US trade relations Washington will "eventually end up hurting itself".
"Years of talking about these problems with China has not worked".
"It's remarkable how badly Xi Jinping has mishandled and damaged the U.S". On copyright, China continuously can not act upon UNITED STATE worries regarding methods such as requiring UNITED STATE business to move modern technology to Chinese companies, an authorities from the United States Profession Rep's workplace claimed today. "We have a tremendous intellectual property theft situation going on", Trump said.
US, S Korea 'reach deal in principle'South Korea and the United States have reached an understanding on revising their free trade agreement (FTA) and on steel tariffs, Seoul's trade minister said on March 25.