Trump to impose tariffs on $50 bn in Chinese imports: White House

Mar 24, 2018, 12:32

And China has struck back.

Its statement said: "China appears to be breaking WTO rules by denying foreign patent holders, including U.S. companies, basic patent rights to stop a Chinese entity from using the technology after a licensing contract ends".

It said China also appears to be breaking WTO rules by imposing contract terms that discriminate against and are less favourable for imported foreign technology. On Thursday, he said the WTO was "a disaster for us" and insisted its arbitrations were "unfair" to the U.S. The Associated Press reports the tariffs may target Chinese-made computers and IT systems.

Additionally, the government argued that the Trump administration's use of national security as the basis for tariffs on steel and aluminum was a smokescreen and the restrictions were economic-based.

The White House says the planned tariffs are aimed at punishing Beijing for allegedly stealing American technology and pressuring US companies to hand it over.

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Stocks sagged at the start of this month after the tariffs on aluminium and steel were announced, but they quickly recovered as the administration said the tariffs would not be as severe as they first looked.

The Retail Industry Leaders Association (RILA) and the Information Technology Industry Council (ITI) say the tariffs punish American consumers and businesses more than China.

USA should "pause on the brink of a precipice" and make prudent decisions so as not to put bilateral trade relations in jeopardy, the Chinese Commerce Ministry warned. Though Beijing's actions so far are seen by analysts as measured, there may be more to come.

The Chinese side is ready and capable of safeguarding its national interests, said Liu, who is also a member of the Political Bureau of the Communist Party of China Central Committee, director of the General Office of the Central Leading Group for Financial and Economic Affairs and the leader of the Chinese side in the bilateral Comprehensive Economic Dialogue.

As per USTR, the American US consultation request identifies apparent breaches by China of WTO rules, harming the intellectual property rights of US companies and innovators.

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Washington doesn't believe it needs to give Chinese leaders another list of requests because they already know what the United States wants, said a senior U.S. official. Trump stated Thursday that he is pressuring Beijing to develop a plan to reduce the trade deficit by $100 billion.

Chinese officials strongly condemned the move.

"Part of the reason, frankly, that we're able to do that is the fact that we have the tariffs on steel and the tariffs on aluminium". The 25% tax will be introduced after "a further evaluation of the impact of US measures on China" is completed, the ministry statement said.

State media have slammed Mr Trump's latest move, and said China will fight back against the US' misplaced attempts at shifting blame for its economic woes.

Yesterday, Trump gave Canada, Mexico, Argentina, Australia, Brazil and South Korea and the European Union temporary exemptions.

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Though Trump ultimately follows his own instincts, Bolton "will have a sort of influence on Trump's foreign diplomacy because they share a similar view on matters such as ideology, threats to USA national security and values", said Yu Wanli, professor at the Peking University's School of International Relations in Beijing.

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