China responds to Trump tariffs

Alyssa Bailey
March 25, 2018

Chinese officials are trying to figure out how to address US concerns, said Jake Parker, vice president for China operations of the U.S.

What he really seems to want is more made-for-TV moments where he can stand in front of the camera with a world leader or business executive and take credit for something changing because of him.

China plans tariffs on imports of United States pork, recycled aluminium, steel pipes, fruit and wine, according to a Commerce Ministry statement on Friday.

Noting that consultations are the first step in the WTO dispute settlement process, the USTR said if the United States and China are not able to reach a mutually agreed solution through consultations, the Trump Administration may request the establishment of a WTO dispute settlement panel to review the matter. "American business wants to see solutions to these problems, not just sanctions such as unilateral tariffs that may do more harm than good", said John Frisbie, president of the US-China Business Council.

"They also jeopardize global trade order and world economic stability", it said.

In addition, the United States launched a challenge at the World Trade Organization on Friday, saying in a statement that China appears to be breaking WTO rules by denying foreign patent holders rights "to stop a Chinese entity from using the technology after a licensing contract ends".

But a senior U.S. official later said that Washington was "not interested in creating terms for a dialogue".

Chinese purchases of those goods a year ago totaled $3 billion, the ministry said. Trump said that the amount could be even bigger, at "about $60 billion".

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On Friday (NZ time) he announced $60 billion in sweeping tariffs on imported Chinese goods, targeting around 1300 products, many coming from strategic, high-tech sectors.

Russia's delegation at the WTO raised concerns about the tariffs at a meeting of the trade body on March 23, Russian state-run news agency TASS reported. He told reporters that the threat of the steel and aluminum tariffs was already having an impact.

The president's plan also includes imposing new restrictions, making it more hard for the Chinese to invest money in the US, along with additional measures from the US Treasury Department.

"The American and Chinese governments should resolve existing trade frictions in a way that averts a trade war and promotes open markets and fair economic exchange", said AmCham Shanghai President Kenneth Jarrett". The American pork industry sent $1.1 billion in products, making China the No. 3 market for American pork.

As a result, foreign investment, particularly from China, has become increasingly critical to financing USA economic growth. This waiting periods will give industry lobbyists and United States lawmakers a chance to water down a proposed target list that runs to 1,300 products, many in technology sectors. He noted Beijing began a probe of US sorghum in February after Trump announced the steel and aluminum tariffs. A probe was launched a year ago under Section 301 of the 1974 U.S. Trade Act. It held $1.17 trillion in Treasuries as of January, or about 19 percent of all foreign holdings of US government securities. The president has frequently taken aim at China's huge surplus in goods trade with the United States, which reached $375 billion a year ago.

Australia exported $US60 billion of products to China in 2016, according to International Monetary Fund figures - more than 30 per cent of our total exports. The 25% tax will be introduced after "a further evaluation of the impact of US measures on China" is completed, the ministry statement said.

Chinese Premier Li Keqiang said recently there would be no forced technology transfers.

Other reports by GlobalViralNews

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