United States firms in China still fear a trade war

United States firms in China still fear a trade war

The White House announced that it will impose a 25 percent tariff on $50 billion of goods "imported from China containing industrially significant technology", a move targeted at Chinese theft of intellectual property from US companies.

Trump has long said that China has taken advantage of the United States with unfair trade practices, including industrial subsidies and prohibitive trade barriers.

The final tariff list will be made public by June 15 with the new import taxes taking effect shortly thereafter.

The import duty is part of multiple steps the U.S. would take to protect domestic technology and intellectual property from certain discriminatory and burdensome trade practices by China, the White House said.

The White House also says that it will announce and impose investment restrictions and enhanced export controls on Chinese individuals and organizations, to prevent them from acquiring US technology.

Trump has focused on pressing Beijing to narrow its multibillion-dollar trade surplus with the United States, but Zarit said American companies see other issues such as easing restrictions on their operations in the Chinese market as higher priorities. Ross is expected to try to get China to agree to firm numbers to buy more USA goods during a June 2-4 visit to the Chinese capital.

The tariffs and investment restrictions, as well as a case brought by the U.S. against China before the World Trade Organisation, are the outcome of an investigation launched a year ago into intellectual property practices in China.

China's Commerce Ministry criticized Tuesday's announcement as "contrary to the consensus we reached" in talks in mid-May, when American officials postponed a tariff hike after Beijing promised to buy more USA goods.

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"On hold now", another person familiar with Qualcomm's talks with the Chinese government said on Wednesday, declining to be identified as the negotiations are confidential. Then, just today Trump said he's moving ahead with plans to impose tariffs on $50 billion of Chinese imports. But on Wednesday, Trump reversed and signaled that he still planned to impose $50 million in tariffs on Chinese imports.

She urged the U.S. to "follow the spirit" of the recent consensus reached between Washington and Beijing, to abandon trade wars and back off imposing tariffs on each other.

China said last month that it would respond to the United States tariff threat with similar measures on $50 billion of American exports, including aircraft, automobiles and soybeans.

The U.S. Commerce Secretary Wilbur Ross' talks in Beijing were meant to flesh out a potential deal with China on the purchase of more U.S. goods from agriculture to energy.

It will also continue to pursue a World Trade Organization (WTO) dispute settlement against China originally initiated in March to address its discriminatory technology licensing requirements. Of the more than a million foreign students who enrolled at universities in the USA in 2016-17 over 3.50 lakhs or about 35 per cent, were Chinese, the Open Doors study by the Institute of International Education, a non-profit organisation supported by the U.S. government, said.

In mid-May, China agreed to boost imports of USA grain as well as oil and gas.

"Certainly, we're ready for anything the Chinese state wants to do in response to our legitimate defense of our intellectual property and technology".

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