USA to Impose 25% Tariff on Tech Goods From China - White House

A computer screen displays an announcement on the Chinese Trademark Office website approving of the Ivanka Trump trademark to be used in wide variety of products from beverages to instant noodles and spices in Beijing China. China has approved 13 Ivank

The Trump administration on Tuesday moved forward with restrictions on Chinese investment in the U.S. and tariffs on $50 billion worth of Chinese goods despite talks that seemed to alleviate trade tensions between the two countries.

Trade war fears had receded after the Trump administration said it had reached a deal to put ZTE Corp back in business after banning China's second-biggest telecoms equipment maker from buying USA technology parts for seven years.

June 15: The deadline arrives for the United States to present the finished list of $50 billion worth of imports from China that will be hit with a 25 percent tariff.

Trump's Treasury Secretary Stephen Mnuchin had said the trade war was "on hold". But on Wednesday, Trump reversed and signaled that he still planned to impose $50 million in tariffs on Chinese imports. Commerce Secretary Wilbur Ross is scheduled to meet with officials in Beijing on June 2-4 to continue negotiations. Both sides said they had agreed not to impose new tariffs on one another as talks continued, and that China would increase purchases of American goods and services to reduce the $375 billion trade imbalance.

The White House also said Tuesday that it would restrict Chinese investment into the United States and limit US exports of high-tech goods to China.

If the two sides fail to reach an agreement and the USA moves forward with tariffs, Chinese officials have said they plan to retaliate with tariffs of their own on United States exports such as soybeans.

In response, the Chinese Commerce Ministry said the country is prepared for whatever the United States may impose. Hence, the direct mention of the "Made in China 2025" initiative in the White House statement, and another round in a long-running sparring match between American and Chinese envoys at the World Trade Organization on Monday.

The NRF cited a study which estimated the tariffs on $50 billion in Chinese imports could shave $3 billion off of US GDP and eliminate 134,000 jobs.

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The Chinese government on Wednesday lashed out at Washington's unexpected statement on pressing ahead with tariffs and restrictions on investments by Chinese companies, saying it was ready to fight back if Washington was looking to ignite a trade war.

Beijing is in the midst of talks with Washington on possible measures to narrow its trade surplus by increasing imports. The Ministry said the White House's announcement "is contrary to the consensus the two sides have previously reached", according to China's official news agency, Xinhua.

It's the latest twist in a trade dispute between the USA and China that has roiled financial markets and prompted the International Monetary Fund to warn of a trade war that could undermine the broadest global upswing in years.

Noting that IP theft costs the USA economy over United States dollars 225 billion a year, he said the greatest perpetrator is China.

Ross is expected to try to get China to agree to firm numbers to buy more United States goods during a June 2-4 visit to the Chinese capital.

Alongside this, it said it will continue to pursue litigation at the World Trade Organisation against China's "discriminatory technology licensing requirements".

"The lack of clarity surrounding the administration's plans is creating significant uncertainty for American businesses, disrupting supply chains and threatening to undermine the economic gains we've seen over the past year".

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