China says it will cut auto import tariffs on July 1

May 25, 2018, 21:23
China says it will cut auto import tariffs on July 1

Washington and Beijing are nearing a deal that would remove an existing us order banning American companies from supplying Chinese telecommunications equipment maker ZTE, two people briefed on the talks told Reuters.

China's high tariffs on vehicles - versus a 2.5 percent U.S. levy - has been a key focus of U.S. President Donald Trump's administration amid a simmering trade standoff between Washington and Beijing. Some of his loyalists led by former chief strategist Steven Bannon criticized the deal as a capitulation. China has been a chronic violator of basic rules of fairness by manipulating their currency, stealing our intellectual property.

Earlier Thursday, Trump had blamed the U.S. neighbors to the north and south for being "difficult" in talks to renegotiate the pact.

Trump declared he was "not satisfied" with the state of U.S.

The divisions are apparent in Trump's public actions. According to the Wall Street Journal, the two countries have agreed on a "broad outline" of a deal to settle a trade dispute sparked when the Commerce Department banned American companies from selling to ZTE for seven years after it violated sanctions against Iran and North Korea. "Too many jobs in China lost", Trump tweeted. He said "too many jobs in China" were being lost after the US banned the sales of American-made components to ZTE.

Not everybody is happy about the outcome, and Republican Senator Marco Rubio is one of the most vocal critics of Trump's decision to save ZTE. He is threatening "veto-proof congressional action" to keep the sanctions in place.

"We caught them doing bad things", he said. But this is too important to be over. At a regular foreign ministry briefing in Beijing, a government spokesman said that the joint China-US statement on economic and trade consultations issued at the weekend had covered the matter.

U.S. Commerce Secretary Wilbur Ross was expected to visit China next week to help finalize an agreement.

He also said that he could "envision" a deal where ZTE got a fined as much as $1.3 billion, had to replace its board of directors and agree to purchase most components from American firms. "President Xi [Jinping] has played President Trump and Secretary [Steven] Mnuchin".

While Schumer is a Democrat, he has consistently complimented Trump's confrontation of China.

The Commerce Department's review of penalties against ZTE Corp. for the violations will bear in mind any threats to American security, Mnuchin said Tuesday during a hearing before a Senate Appropriations subcommittee in Washington. "So we'll see what happens".

And he made explicitly clear that the situation with North Korea is also on his mind as he deals with China on trade issues.

"Sinograin is in the market today asking USA suppliers to make offers for shipment of old-crop as well as new-crop beans for shipment August onwards", said a source who works at a private soybean crushing company in China. "Putting our nat'l security at risk for minor trade concessions is the definition of short-sighted". Several farm-state lawmakers expressed relief that a damaging round of tariffs is - for now - no longer on the horizon. Beijing has also pledged to slash ownership limits in the auto sector as well as in banking, and last November reduced import tariffs on nearly 200 categories of consumer products.

"We have made the case to the White House at least twice in the last four months", he said in an interview.

Trade advisor to Trump's campaign and transition Dan DiMarco lambasted the White House U-turn in the trade negotiations on Twitter.

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