US Announces 25 Per Cent New Tariffs On Chinese Tech Goods
01 June, 2018, 21:39 | Author: Ted Wilson
The sudden policy shifts are amplifying an impression of unpredictability that the president believes gives him an edge at the bargaining table even as US trading partners complain that it erodes American credibility.
The decision comes after top administration officials have tried to dampen fears of a trade war.
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In retaliation, China announced plans to impose newtariffs of 25 per cent worth Dollars 50 billion on 106 American products including items like soybeans which could hurt American farmers.
A crackdown of Chinese investment into "industrially significant technology". Also, China was made to make a promise that they will buy more of United States agricultural and energy products. Over the last two weeks, it appeared that the Trump administration had retreated from their aggressive policies to contain China's economic expansion in this effort.
On Tuesday, the White House released a statement in which it said the US would continue to pursue trade actions against China.
The investment restrictions and strengthened export controls will aim to curb Chinese acquisition of "industrially significant" technology and will be announced by June 30. In midday trading, the Dow Jones industrial average was down more than 400 points, or 1.7 percent, on renewed concerns over the unsettled Italian political situation and U.S.
"However, tariffs or the threat of tariffs are a very useful, a very powerful negotiating tactic", he argued.
Members of both parties in the House and Senate slammed the agreement the Trump administration reached with ZTE Friday, in which the Chinese firm agreed to remove its management team, hire American compliance officers, and pay a fine.
The American Chamber of Commerce in China (AmCham) said in a report published yesterday that its member companies are anxious that investigations into China's intellectual property practices and industrial policies could cause tensions to flare again. "He likes Ross even if he does not consider him a killer", said one former administration official.
During the media briefing, the Foreign Ministry spokesperson also expressed concern over reports that the USA is planning to restrict visas of Chinese students studying advanced subjects like robotics, aviation and high-tech manufacturing to one year.
ZTE said the U.S. move threatened it with collapse.
Many experts and USA companies, however, warn that China's efforts to protect its high-tech industries and capture US technology represent the larger threat.
By June 15, Washington will release a list of some $50 billion worth of Chinese goods that will be subject to a 25-percent tariff, the White House said in a statement. The list of targeted goods will be announced by June 15 and imposed shortly after, the White House said.
The surprise White House statement drew qualified support from the leading Senate Democrat.
"I hope the actions on intellectual property theft mean the mixed signals we've seen from the Trump administration on China are coming to an end", he said in a prepared statement.
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Meanwhile, Mexico has answered the U.S. tariffs with its own on products including pork bellies, grapes, apples and flat steel. President Emmanuel Macron has couched Trump's tariffs as a "nationalist retrenchment" reminiscent of Europe in the 1930s.
The dispute was initiated in March over Beijing's "discriminatory technology licensing requirements", the White House said. Additionally, Trump has faced significant political pressure to be tough on China from Capitol Hill in recent days.
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