Put US tariff beast back in the cage: China to WTO

27 March, 2018, 17:22 | Author: Chad Mckenzie
  • Couple made famous travelling across China told motor home ‘illegal

Businesspeople have appealed for a quick settlement after Beijing on Friday announced a $3billion list of USA goods targeted for possible retaliation for President Donald Trump's tariff hike on steel and aluminum imports.

Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer "actively engage with the Chinese side", Navarro said.

A USA diplomat at the meeting said Chinese technology transfer policies cost US businesses billions of dollars annually, and noted that the United States had filed a WTO complaint accusing China of allowing patent theft and discriminating against foreign technology holders. "China is certain that it can safeguard its own interests". "USA exports of fruits, frozen juices and nuts to China were valued at $669 million past year", said Wang Jun, a professor at China Agricultural University in Beijing.

Of concern for investors, U.S.

Beijing responded to the steel and aluminium duties by announcing levies on up to $3 billion of US imports, raising fears of a trade war involving the world's two biggest economies.

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Chinese Premier Li Keqiang said on Monday that China and the U.S. should maintain negotiations.

Asian shares rose Tuesday as news that the USA and China are open to negotiating to avert a trade war put investors in a buying mood, setting off a rebound on Wall Street.

"The U.S. apple industry worked very hard over years, and in 2015 finally achieved full access to the Chinese market, just as China has access to our market". The administration said the plan is to reduce the trade deficit by roughly a third, a decrease of $100 billion this year.

China unveiled tariffs on $3 billion of US imports in response to separate USA steel and aluminum tariffs, and its ambassador to the USA said all options are on the table, though the Asian nation doesn't want a trade war.

"Trade is extremely important to the USA apple industry".

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Protesters also turned out in the northern city of Girona, where Puigdemont was mayor before he became regional president in 2016. Spain's Supreme Court ruled on Friday that 25 Catalan leaders would be tried for rebellion, embezzlement or disobeying the state.

A U.S. Navy destroyer also carried out a "freedom of navigation" operation on Friday, coming within 12 nautical miles of an artificial island built by China in the South China Sea, U.S. officials told Reuters, a move likely to further anger Beijing.

Kim Jong Un made a surprise visit to Beijing on his first known trip outside North Korea since taking power in 2011, the Bloomberg reported.

Meanwhile, the U.S.is still negotiating with the European Union, Argentina, Australia, Brazil, Canada and Mexico on whether those countries will be subject to steel tariffs.

The CBOE Volatility Index, known as Wall Street's fear gauge and reflecting S&P 500 price swings anticipated by options traders, dropped 3.75 points to 21.12 during the day but nonetheless remained higher than its peak for all of 2017.

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