China warns United States trade benefits hinge on stopping tariffs

Marcus Newton
June 3, 2018

Private sector analysts say that while Beijing is willing to compromise on its trade surplus, it will resist changes that might threaten plans to transform China into a global technology competitor. It announced that "the United States will impose a 25% tariff on $50bn of goods imported from China containing industrially significant technology, ..."

(U.S. Edition) Remember when Treasury Secretary Steven Mnuchin suggested U.S. tariffs on Chinese goods would be set aside?

As tracked by Bloomberg, during the ship's journey, in mid-April China announced a 179 percent tariff on sorghum imports in retaliation for earlier announced tariffs from the United States.

The trade-war rhetoric seemed to simmer down after both sides announced on May 19 a consensus on taking effective measures to substantially reduce the U.S trade deficit in goods with China, which amounted to $375 billion past year. He also claims as the country that is exporting more, the US has more leverage in tough negotiations.

Hua also called for handling trade disputes through talks on an equal basis and in a constructive way, which is "in line with the fundamental and long-term interests of both the Chinese and American people, as well as the common aspirations of the worldwide community".

Earlier this week, trade tensions between China and the USA flared after Washington threatened to enact 25% tariffs on USD50 billion worth of Chinese imports, despite previously having agreed to put the tariffs on hold.

The U.S. commerce secretary, Wilbur Ross, is due in Beijing this weekend for talks on details of China's promise in mid-May to buy more American goods.

In a statement, China's Commerce Ministry called on the U.S. to act in the spirit of earlier joint comments.

More news: China slams U.S. for 'sudden flip-flops' in trade policy
More news: Concerning update in Stamford Bridge redevelopment process amid Abramovich’s absence
More news: America Alone: Trump's trade move will bring real consequences

Also on Tuesday, a White House official said the usa government plans to shorten the length of visas issued to some Chinese citizens as part of a strategy to prevent intellectual property theft by United States rivals.

Investors monitor stock prices at a securities company in Shanghai, May 30.

"Chinese exports to the U.S.in value added terms is less than 3 percent of their economy now", he said.

That comes after Mnuchin said that the US and China trade tit-for-tat was "on hold" after the two nations agreed to pause tariff threats earlier this month.

As a result of Trump's tariff threat, Washington is in very intense negotiations with Beijing "in a way that we haven't been for so many years", said the chamber chairman, William Zarit. The two countries have not yet implemented their tariff increases.

The U.S. State Department stressed that the United States welcomes more and more Chinese citizens to visit the country.

The American Chamber of Commerce in China said companies are uneasy about the threat of export and investment controls but see them as a possible way to make progress on longstanding complaints about market access and investment curbs.

"People to people exchanges constitutes important foundation in worldwide relations", Hua said.

Other reports by MaliBehiribAe

Discuss This Article

FOLLOW OUR NEWSPAPER