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03 June 2018, 09:02 | Vera Richards
China Slates US Unilateralism And Protectionism After Tariff Move
It comes as Commerce Secretary Wilbur Ross prepares to travel to Beijing this week for another round of talks aimed at resolving the conflict. The White House this week announced the tariffs on Chinese goods are back on the table, after suggesting earlier that they would be postponed, pending negotiations.
In retaliation, China announced plans to impose new tariffs of 25 percent worth $50 billion on 106 American products including items like soybeans which could hurt American farmers.
Of the more than a million foreign students who enrolled at universities in the U.S.in 2016-17 over 350,000 or about 35 percent, were Chinese, the Open Doors study by the Institute of International Education, a non-profit organization supported by the US government, said. China is not willing to see an escalation in China-US trade frictions.
While it is expected the administration will claim a US$1.7 billion penalty for ZTE, sources said that after breaking the figure down, ZTE will likely actually pay about US$1 billion. "We will definitely take forceful measures to defend our legitimate interests".
The White House said on Tuesday: "Discussions with China will continue on these topics, and the United States looks forward to resolving long-standing structural issues and expanding our exports by eliminating China's severe import restrictions". They claim ZTE poses a national security risk, and that the company steals USA technology.
"I think he's gotten a fair amount of criticism from Congress and from the press and he seems to have hardened his attitude toward China in response to that", Dollar said. The final list of covered imports will be announced by June 15, 2018, and tariffs will be imposed on those imports shortly thereafter.
When not coaxing North Korean leader Kim Jong-un into a landmark nuclear disarmament summit, Trump has admiringly called Chinese leader Xi Jinping a "world class poker player" amid their own trade dispute. Beijing agreed to lower tariffs on US cars and vehicle parts, reduce barriers to USA agricultural products and begin to address Chinese theft of intellectual property. He said companies hope Beijing can be persuaded to "level the playing field" by easing curbs on foreign investment and business activity in its state-dominated economy.
One source said Washington also wants ZTE to replace its board and executive team as soon as 30 days, but a deal still has not been finalized and the sources cautioned that the penalties were fluid and the terms could change.
As Chinese companies expand overseas, the United States, Europe and other trading partners are pressing Beijing to ease controls that keep their companies out of industries including banking, insurance, telecoms and health care. However, he said tariffs are a tax on American consumers and a blunt tool to address "very complex problems that hamper trade and investment relationships".
Citing a document issued by the Trump administration in December, the official said the U.S. government would consider restrictions on visas for science and technology students from some countries.
Furthermore, the person said, the U.S.is expected to count US$361 million in civil penalties that ZTE paid the Commerce Department a year ago in its US$1.7 billion figure, even though that penalty was already collected as part of the US$892 million. The announcement follows last week's pledge to cut tariffs on foreign cars and auto parts.
Economists say the changes also can help generate jobs in China by allowing consumers to buy higher-quality goods locally instead of when they travel overseas.
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