Navarro Hits at Mnuchin for U.S.-China Trade War Comments

Navarro Hits at Mnuchin for U.S.-China Trade War Comments

Navarro Hits at Mnuchin for U.S.-China Trade War Comments

President Trump said Tuesday that he would proceed with tariffs on $50 billion in Chinese imports and introduce new limits on Chinese investment in USA high-tech industries as part of a broad campaign to crack down on Chinese acquisition of US technology.

The change would come as President Donald Trump's administration attempts to crack down on what it says is theft of USA intellectual property by China.

The announcing that it will impose a 25 percent tariff on $50 billion worth of Chinese goods containing "industrially significant technology".

The White House said Tuesday that it would provide details of the Chinese products affected by the new tariffs on June 15 and that they will take effect "shortly thereafter".

The final list of items subject to the new tariffs will be released on June 15, with formal imposition of these duties occurring a few days later. This investigation was done on China regarding the intellectual property practices in China.

Trump has focused on pressing Beijing to narrow its trade surplus with the United States, but Zarit said American companies see other issues as higher priorities.

The Donald Trump administration continued to tamp down enthusiasm for progress in trade talks with China on Wednesday, when National Trade Council director Peter Navarro contradicted earlier statements from the White House suggesting that the trade conflict was "on hold". China hit back at that, with a foreign ministry spokeswoman saying on Wednesday that China would respond accordingly if the US insisted on unilateral measures.

The White House also pledged to continue a WTO case it started in March on accusations that China's intellectual property practices violate global trade law. Furthermore, the president's controversial trade tariffs on China earlier this year exempted his daughter's Chinese manufacturing partners.

"We're putting the trade war on hold", Mnuchin told Fox News last weekend.

"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 White House said.

While US tariffs would have a direct impact on China's economy, such uncertainty would likely have an even greater indirect impact as it came to affect consumption, investment confidence and financial markets, he explained.

The announcement by Trump - which seemed to tear up an agreement reached only 10 days ago in Washington - is the latest twist in a trade dispute between the US and China that has rattled financial markets for months and could threaten the broadest global upswing in years, according to the International Monetary Fund.

China's Ministry of Commerce responded in a mild fashion Tuesday.

The president has been seeking Chinese agreement to reduce the $375 billion USA goods trade deficit and to drop trade practices that he said hurt American companies.

The ban was meant to be punishment for what United States officials said were false statements by ZTE over actions it claimed to have taken regarding the illegal sale of goods to Iran and North Korea.

Last week Trump said he had reached a deal to let Chinese telecommunications firm ZTE stay in business.

"The US Chamber supports the administration's ongoing efforts to deal with China's unfair trade practices and policies".

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