Chinese state media slam US trade announcement, say Beijing ready to fight
May 30, 2018, 05:59
It noted that Chinese tariffs on US goods are much higher than corresponding USA tariffs, and said the USA government would "defend America's intellectual property and proprietary technology from theft and other threats" by imposing a 25% tariff on $50 billion in goods made in China that contained "industrially significant technology".
The list of specific imports subject to the tariff hike will be released on June 15, with the list on investment restrictions set to be posted on June 30.
"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", the statement said.
When Trump first directed US Trade Representative Robert Lighthizer to levy tariffs on $50 billion worth of Chinese exports in March, following a months-long investigation into intellectual property theft, the move was hailed as a victory for trade hawks in the Trump administration.
"For instance the United States charges a 2.5 percent tariff on Chinese cars, while China now maintains a 25 percent tariff on cars from the United States", the White House said.
The US will also continue to pursue litigation at the World Trade Organisation for violations of the Agreement on Trade-Related Aspects of Intellectual Property Rights based on China's discriminatory practices for licensing intellectual property, the statement said.
China has pledged to retaliate against any tariffs imposed by the US.
After that meeting, the two sides announced that Beijing would buy significantly more USA agricultural and energy products in a bid to reduce the bilateral trade deficit, and they said they established a framework for addressing technology trade irritants.
Either way, repeated changes to the United States strategy on China may only bog down talks with Beijing moving forward, Reinsch said.
Even though Washington had not withdrawn the threatened tariffs on imports from China, Beijing reacted harshly to the announcement, saying it was surprised by Tuesday's statement and would defend its interests.
In addition, the USA will continue efforts to protect domestic technology and intellectual property, stop noneconomic transfers of industrially significant technology and intellectual property to China, and enhance access to the Chinese market, the White House said. And Commerce Secretary Wilbur Ross is expected in Beijing on Saturday to help ease trade tensions between the two major trading partners. President Donald Trump's daughter was hosting a phone briefing Tuesday with reporters and abruptly left the call after one journalist questioned her recent acquisition of valuable trademarks for her fashion line in China.
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Sunda Evening Update on Subtropical Storm Alberto
Although the center of the system will stay away from us, it will funnel in deep tropical moisture along the eastern seaboard. Precipitation will likely remain under a quarter of an inch, possibly higher if thunderstorms roll through the area.