“He’s not the first president who’s promised he would do something about China”.
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President Trump is following through on his threats to impose steep tariffs on China in retaliation over Beijing’s intellectual property theft.
The US trade deficit with China ran to a record $375 billion past year – but US exports to the country were also at a record.
“We hope that both parties can maintain reason, not act emotionally, and avoid a trade war”.
Trump plans to unveil his tariff package for Chinese goods by Friday, The Washington Post reported on Tuesday, citing four unnamed senior administration officials. “What we want to see is balanced trade, otherwise this kind of trade will not be sustainable”. The decision on further action against China is expected soon, perhaps this week.
“Intellectual property rights will be fully protected”, he said.
“The Chinese economy has deeply integrated into the global economy, closing our doors would mean blocking our own way”, he said.
A WTO spokesman said a day after the USA announcement that there was still time to discuss the measure.
“We urge the administration not to impose tariffs and to work with the business community to find an effective, but measured, solution to China’s protectionist trade policies and practices that protects American jobs and competitiveness”, the groups wrote.
It also gave qualified support to Trump’s tough stance. “This is not a guy that wants to create isolationism or a trade war”. The mill, which is projected to produce up to 1 million tons of steel from recycled scrap in 2018, is considered a “mini mill” by U.S standards.
“We’re continuing to use various methods to try and talk to the U.S.”, Japanese Trade Minister Hiroshige Seko said at a press conference on March 16. As you continue to investigate harmful technology and intellectual property practices, we ask that any remedy carefully consider the impact on consumer prices. Depending on what happens to USA negotiations over the North American Free Trade Agreement, Japan’s steelmakers could also suffer further setbacks.
Despite the good intentions, large USA retailers that have high-volume trade partnerships with Chinese suppliers and manufactures worry the plan will backfire at the cost of American consumers.
Li said there would be “no mandatory requirements for technology transfer”, a key complaint from foreign investors in the past.
Mr Li also said China will further open up its economy and its door to the outside will only get bigger and bigger, with foreign and domestic firms allowed to compete on an equal footing. But he also suggested China would not make unilateral concessions. “Otherwise it will just keep spinning at the same place”.
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Many worry that if Trump follows through with these proposed tariffs, China might retaliate, triggering a trade war that could have drastic effects on the USA economy. It requires that existing trade arrangements be dismantled or their effects be reversed, as is being done in the push for renegotiating the North American Free Trade Agreement (Nafta).
