United States to impose 25% tariffs on Chinese goods
31 May, 2018, 22:25 | Author: Donnie King
Now Washington plans to impose 25-percent tariffs, worth 50 billion dollars, on Chinese products that contain technology of industrial importance, including those related to the "2025 Made in China" project, which is the Chinese government's bet on keeping sustained growth based on innovation and high quality.
The White House outline for imposing the tariffs announced on Tuesday "represents the kind of actions we have needed to take for a long time", Schumer said in an emailed statement.
In a May 24 meeting with President Xi Jinping, German Chancellor Angela Merkel said market access and reciprocity will play a big role in trade relations.
The US President had threatened to impose tariffs of up to $150 billion on Chinese goods to combat what he claimed were unfair trade practices on the part of Beijing.
Trump's trade and economic officials have been divided on how hard to go after China, but have nonetheless been pressing China to cut down its large trade surplus with the United States and curb its aggressive policies to build up domestic companies at the expense of foreign competitors.
Mr Trump had already fuelled uncertainty over trade talks with China, after saying last week that any deal between Washington and Beijing would need "a different structure".
"From now on, we expect trading relationships to be fair and to be reciprocal", President Donald Trump said in a statement.
China lashed out on Wednesday at renewed threats from the White House on trade, warning that it was ready to fight back if Washington was looking for a trade war, days ahead of a planned visit by US Commerce Secretary Wilbur Ross.
Donald Trump is gearing up for a trade war with China.
Alongside this, it said it will continue to pursue litigation at the World Trade Organisation against China's "discriminatory technology licensing requirements". The status of the agreement is unclear now that United States tariffs look set to go forward.
Likewise, the U.S. will request that China remove all of its many trade barriers, including non-monetary trade barriers, which make it both hard and unfair to do business there, it said.
"For many years, China has pursued industrial policies and unfair trade practices - including dumping, discriminatory non-tariff barriers, forced technology transfer, overcapacity, and industrial subsidies - that champion Chinese firms and make it impossible for many U.S. firms to compete on a level playing field", it said.
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