U.S. tech leaders headed for China to lobby at forum

25 March, 2018, 01:40 | Author: Rachel Mcdaniel
  • Steel Stocks Fall on Trump Tariffs

In a second phase, a 25 percent duty would be imposed on a eight goods totalling almost $2 billion, including pork and aluminium scrap, after "further evaluating the impact of the U.S. measures on China", it said in a statement.

After President Donald Trump announced plans to impose tariffs on products including Chinese steel, Beijing responded Friday with a threat to slap an equal 25 percent charge on US products such as pork, and a 15 percent tariff on such things as wine, apples, ethanol and stainless-steel pipe.

"Reports indicate that "apparel" and "textiles" will be on the list, but there has been nothing more specific than that to date", HPFA counsel Robert Leo noted in an email to association members yesterday afternoon.

"At the end of the day it's us common people who will pay the bill because fruits will become pricier", said one user on China's Twitter-like Weibo service, where the potential U.S. But in a sign that he will still turn to the WTO when it suits his interests, Trump had his government file a complaint through the organization to try to stop China from allegedly stealing technology from USA companies that operate there.

Products made in Taiwan and sold directly to the United States might benefit, however, if their Chinese competitors face higher tariffs, Lee said. The WTO allows a country to set up tariffs for that reason, but it is something of a taboo among countries to do so because if one country invokes national security, it increases the chance that others might as well.

But while the USA government's move on steel and aluminum weakens the WTO, its complaint against China's technology-poaching suggests it may yet rely on the body when convenient.

The Section 301 investigation report "violates worldwide trade rules and is beneficial to neither Chinese interests, US interests nor global interests", Xinhua cited Liu as saying. Once the World Trade Organization began moderating global trade in 1995, use of Section 301 virtually disappeared.

"China and the United States as the worlds top two economies, cooperation is the only right choice for the two countries", the commerce ministry statement said. Next came steel and aluminum tariffs, prompting an outcry from trading partners and criticism that those tariffs will have only a small impact on China.

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In a retaliatory move, China unveiled plans yesterday to impose higher tariffs on Dollars 3 billion worth of American goods including pork and pipes in retaliation to United States tariffs on steel and aluminium imports from Beijing. He has shown few signs of acquiescing to US pressure. "But China is not afraid of, and will not recoil from, a trade war".

Beijing says the new law is meant to strengthen the protection of personal information and combat online fraud.

Instead, the Trump administration wants Chinese leaders to address more basic structural issues that interfere with market forces, said the official.

The tensions reflect the dueling nationalistic ambitions of Trump and his Chinese counterpart, Xi Jinping.

Many countries went to the WTO on Friday to express concern about the US move, with China and Russian Federation specifically calling on the U.S.to follow WTO rules and uphold its commitment to the trade body.

"China has already prepared, and has the strength, to defend its national interests", Liu said, adding that China hopes both sides can work hard to protect the broad picture of generally stable Sino-U.S. trade and business relations.

Noting that consultations are the first step in the WTO dispute settlement process, the USTR said if the USA and China are not able to reach a mutually agreed solution through consultations, the Trump Administration may request the establishment of a WTO dispute settlement panel to review the matter.

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