United States surprises markets with revival of China tariffs

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The United States intends to impose restrictions on some of China's investments and customs duties of 25% on certain categories of its goods supplied to the U.S. market, the White House press service said on Tuesday.

The Trump administration plans to shorten the length of validity for some visas issued to Chinese citizens, the State Department said today, as President Donald Trump works to counter alleged theft of USA intellectual property by Beijing.

The White House wrote in its statement on Tuesday that the United States "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 a list of products would be announced June 15.

Xi's address at the opening of the joint annual conference of the Chinese academies of sciences and engineering therefore addresses the crux of the whole trade deficit issue - China's uncompromising focus on acquiring core technologies.

China's government has accused the Trump administration of hurting its credibility by acting erratically on trade and vowed to fight back if Washington goes ahead with a threatened tariff hike.

China and the USA announced measures to avert a trade war on 20 May under which Beijing agreed to "significantly increase" its purchases of American goods and services to reduce China's $375 billion trade surplus with the United States. In retaliation, China announced plans to impose new tariffs of 25 per cent worth United States dollars 50 billion on 106 American products including items like soybeans which could hurt American farmers.

He said they expect to see a big increase - 35 percent to 45 percent this year alone - in USA farm sales to China.

More news: China Won't Publicly Congratulate Maduro on Venezuelan Election Fraud

The U.S. Commerce Secretary Wilbur Ross' talks in Beijing were meant to flesh out a potential deal with China on the purchase of more U.S. goods from agriculture to energy. And last month, the US began announcing specific tariffs, prompting a tit-for-tat of escalating proposals and retaliatory threats.

The American Chamber of Commerce in China said this country can no longer justify the protections it was granted as a developing country when it joined the World Trade Organization in 2001.

The president has made a point of singling out China for what he says are years of unfair trade practices.

That deal was separate from the U.S. investigation into China's alleged theft of intellectual property.

The State Department noted these changes will go into effect starting on June 11. However, the big risk is that Beijing won't have any confidence in Ross to make a deal that Trump will accept. Ross will have less than two weeks to solve the knotty issue of trade before the tariffs get officially imposed, so there's not much room for error.

Either way, repeated changes to the U.S. strategy on China may only bog down talks with Beijing moving forward, Reinsch said. The fine would be on top of a $1 billion penalty ZTE has already paid for selling high-tech equipment to North Korea and Iran in violation of USA sanctions.

The China Daily newspaper said the repeated US claim that Beijing had forced foreign firms to transfer their technologies to Chinese businesses was without evidence and was being used as an excuse to facilitate its trade protectionism.

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