Chinese state media slam U.S. trade announcement, say Beijing ready to fight
May 30 2018
The United States said on Tuesday it still held the threat of imposing tariffs on $50 billion of imports from China and would use it unless Beijing addressed the issue of theft of American intellectual property. The Trump administration will announce the final list on June 15, with the tariffs taking effect "shortly thereafter", the White House said. The Trump administration has sought to reduce the USA trade deficit with China by increasing the amount of U.S. exports to the country.
When he announced the initial plan to impose tariffs, the president also instructed the Treasury Department to draw up new curbs on investments in the U.S.by Chinese companies.
Either way, repeated changes to the U.S. strategy on China may only bog down talks with Beijing moving forward, Reinsch said.
The decision comes as Commerce Secretary Wilbur Ross is scheduled to be in China early next month for talks to reduce the tensions over trade between the two countries.
After that meeting, the two sides announced that Beijing would buy significantly more US agricultural and energy products in a bid to reduce the bilateral trade deficit, and they said they established a framework for addressing technology trade irritants.
And doubts remain about whether China will address allegations the Chinese engage in cybertheft of trade secrets, force US companies to transfer some of their technology in exchange for market access or back away from its China 2025 plan to dominate emerging technologies.
The US watchdog said the approvals, and other Trump family business connections to China, "raised potential ethics issues".
"We're putting the trade waron hold", Mnuchin said at the close of those meetings on May 20.
"China's attitude, as always, is: we do not want to fight, but we are also not afraid to fight", it said in the commentary by Xinhua reporter Yu Jiaxin. The order followed a report from the U.S. Trade Representative's office regarding Chinese trade practices and stealing of U.S. intellectual property.
The White House issued a second statement listing the details of many complaints against China, including dumping of goods into the United States market at below market value, high tariffs and overcapacity - likely referring to steel and aluminum, which are subject to another set of harsh USA tariffs. Trump has said that ZTE is part of the larger trade talks.
But adding fuel to the fire this time is the fact that, at around the same time that his daughter's brand was approved for its trademarks, President Trump announced that he would work with President Xi to help rescue the Chinese communications firm ZTE, which was threatened by new sanctions.
The deal to reduce China's trade surplus with the USA was separate from the United States probe into China's alleged theft of intellectual property.