The US government will impose investment restrictions and customs duties against China. This was to punish People’s Republic for ft of US technology and pressure on US companies to pass on technology, White House shared. The new tariffs concerned imports worth up to 60 billion dollars (around 49 billion euros), said U.S. president Donald Trump in Washington. He signed a memorandum with which he ordered concrete preparation of measures.
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Trump said y were negotiating with China, but y were moving forward in meantime. The trade deficit with China will immediately be reduced by 100 billion US dollars through measures. The Times are over when China is at expense of US economy.
The US government is particularly upset about Chinese practice of obliging foreign companies to access Chinese market to enter into joint ventures with Chinese companies and share ir technological know-how with m.
According to White House, Office of Trade Representative Robert Lighthizer has selected 1,300 product lines with a volume of approximately 48 billion dollars (39 billion euros), which could be charged with customs duties. Trump will instruct office to publish a list of proposed duties within 15 days. The president also asked Finance Minister Steven Mnuchin to present a list of restrictions on Chinese investment. This list would n be examined before measures were finally decided.
China threatens to take countermeasures
Trump’s trade adviser Peter Navarro said that US was strategically defending itself against China’s aggressive economic behavior. “If we allow China to exploit all key industries of future in principle, n we have no future,” said Navarro. They have been talking to China since 2003. “Since n, y have in principle robbed our technology completely.”
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Trump is committed to a central electoral pledge with move. He had often accused China of robbing United States in past. “I have an excellent relationship with China’s head of State XI Jinping,” he said. And again, he does not want to blame China, but must act for sake of America.
For US consumers, customs duties against China could also have unpleasant consequences. They are expected to increase price of many consumer electronics products. Moreover, Chinese government warned US government that it would react with “necessary measures”. China would not “sit idly by” and allow legitimate rights and interests of country to be violated, trade ministry in Beijing shared.
China is also already affected by US punitive tariffs on steel and aluminum, which will enter into force on Friday. The EU and six or states, on or hand, were exempted from se duties, as US trade Representative Lighthizer.
