White House puts $50 billion worth of tariffs on China

White House puts $50 billion worth of tariffs on China

The change would come as the administration of President Donald Trump attempts to crack down on what it says is theft of United States intellectual property by China.

"The administration also said new restrictions on Chinese investment and enhanced export controls will be announced by June 30 and then implemented shortly after. The final list of covered imports will be announced by June 15, 2018".

The White House said Tuesday the tax will affect goods worth $50 billion and include products related to the Made in China 2025 program, a 2015 initiative promoting the country's information technology, robotics, aerospace, marine, rail, auto, power, agriculture and bio-medical industries.

The latest talks focus on U.S. claims of intellectual property theft by China.

Pelosi said strong, smart and strategic action not reckless and rash floundering was needed to confront China's brazen trade cheating.

Office of Trade and Manufacturing Policy Director Peter Navarro on the Trump administration's tariffs and trade talks with China. China hit back at that, with a foreign ministry spokeswoman saying on Wednesday that China would respond accordingly if the USA insisted on unilateral measures. According to China this decision announced by the United States contradicts the decisions made between two in a meeting held in Washington.

After an announcement on Tuesday that tariffs on US$50 billion in Chinese goods were coming soon, Navarro lamented that Treasury Secretary Steven Mnuchin's suggestion that the tariffs were on hold was erroneous.

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. The group cited research from Iowa State University economist Dermot Hayes, who estimates that US pork producers have lost $2.2 billion on an annualized basis as a result of events leading up to and following China's 25 percent punitive tariff on pork. However, none of the tariffs above came into effect.

"From now on, we expect trading relationships to be fair and to be reciprocal", in a statement, which spelled out a list of long-standing United States trade grievances", Trump said in a statement.

The trademark approvals were dated May 7, a week before President Donald Trump extended an olive branch on ZTE in his trade tussle with China. However, the US has yet to publish a list of target products for the $100 billion, and the White House statement makes no reference to the second potential tranche of duties.

But on Tuesday, the White House accused China of pursuing unfair industrial policies and trade practices - including dumping, discriminatory non-tariffs barriers, forced technology transfer, over capacity, and industrial subsidies.

The tariff threat could still disrupt Ross's China talks.

Trump administration officials last month proposed a ban on sales of crucial American technology to ZTE, a giant Chinese telecom company that employs 80,000 people.

In a statement on its website, posted under the heading "China-US Trade Conflict", the Ministry said: "As the two largest economies in the world, cooperation is the only correct choice for China and the US".

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