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MoneyChina Lifts Some U.S. Tariffs in Modest Olive Branch to Trump

15:25  11 september  2019
15:25  11 september  2019 Source:   msn.com

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The idea of lifting some or all tariffs was proposed by Treasury Secretary Steven Mnuchin in a series of strategy meetings, according to people close to internal As companies moving goods from China to the U . S . face heftier tariffs , some have developed creative techniques to avoid paying them.

BEIJING — China announced Friday that it planned to impose tariffs on billion worth of American-produced fruit, pork, wine, seamless steel pipes and more than 100 other goods, hitting back at the United States hours after President Trump proposed tariffs on about billion worth of

China Lifts Some U.S. Tariffs in Modest Olive Branch to Trump © CHINATOPIX, via Associated Press A container ship docked at a port in Qingdao, in eastern China’s Shandong Province, last month. Trade between the United States and China has tumbled since the trade war began.

BEIJING — China extended a modest olive branch to President Trump on Wednesday, publishing a short list of products that it will exempt from its retaliatory tariffs on American-made goods.

But the list does not include big-ticket items, like soybeans and other agricultural goods, that the Trump administration would likely consider key to getting a trade deal done with China.

Cancer drugs, lubricants, pesticides, shrimp meal and a number of other products will be excluded from a list of American goods subject to tariffs, China’s Ministry of Finance said in a statement on its website. China first threatened to place tariffs on many of those goods last year, as the trade war began to heat up.

U.S. Goes Ahead With New Tariffs on Chinese Products

U.S. Goes Ahead With New Tariffs on Chinese Products Tariffs on clothing and other imports from China went into effect, escalating the trade war in a move expected to squarely hit consumers. The U.S. tariffs of 15 percent on tools, apparel items, some footwear and many electronics will be charged on imports valued at $US111 billion ($AU165 million) last year, according to an analysis by The Wall Street Journal. Additional tariffs of 15 percent on $US156 billion ($AU232 billion) of smartphones, laptops, toys, videogames and other products have been postponed until Dec. 15, after the period when goods are typically imported for the holiday season.

President Trump threatened over the weekend to re-escalate his trade war with China by raising tariffs on nearly all Chinese imports. He implied that the move would not hurt the American economy and said that the tariffs he has already imposed “are partially responsible for our great economic results” in the

U . S . and Chinese officials met in Shanghai in July to discuss their trade dispute and resolve tensions over China ’ s giant telecom company On the pure trade battlefront, I left China feeling that there’ s a decent chance a limited deal — rolling back some American tariffs in exchange for a resumption of

China Lifts Some U.S. Tariffs in Modest Olive Branch to Trump © AP US President Donald Trump and Chinese President Xi Jinping

Tariffs that have already been imposed will also be refunded, the ministry said. It added that further exemptions will be announced in the upcoming weeks.

The list comes ahead of scheduled talks next month between China’s top trade negotiator, Liu He, and senior members of the Trump administration in Washington. Reaching a deal will be tough, however. Mr. Trump has already said he would raise tariffs to 30 percent from 25 percent on $250 billion in Chinese goods, including everything from cars to aircraft parts, on Oct. 1.

The ministry’s announcement came during a visit to Beijing by American business executives to meet senior Chinese government officials in hopes of fostering a trade dialogue.

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But he did address some irritants Trump has singled out regarding China , like the trade deficit. " China does not seek a trade surplus," Xi said. "Ultimately, U . S . industry will be looking for implementation of long-stalled economic reforms, but actions to date have greatly undermined the optimism of the U . S

The Trump administration says China ' s trade practices involve stealing American companies' intellectual property. Lighthizer told lawmakers on Thursday, however, that China is likely to retaliate against the tariffs by targeting U . S . agricultural products that are reliant on the Chinese export market.

“The time is now to strike a deal that addresses the U.S.’s legitimate concerns about market access, forced technology transfer, subsidies and digital trade, while concurrently removing punitive and retaliatory tariffs,” said Myron Brilliant, vice president of the United States Chamber of Commerce, which organized the visit, in a statement.

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A number of the items, like cancer drugs, are considered important by the Chinese government. Although Beijing has made pharmaceutical innovation a national priority, China’s drug development is in the earliest stages compared to the broader industry. At the same time, China’s demand for lifesaving drugs is growing as its population ages and suffers from more chronic diseases, like cancer.

Many Chinese people seeking lifesaving drugs buy their medicine from Hong Kong and Macau, Chinese territories that operate under different laws than the mainland. Online forums are devoted to discussing smuggling generics from India. In August, the government said it would reduce the penalties for the sale and import of unapproved drugs, effectively giving critically ill patients the green light to get cheaper generic pharmaceuticals from other countries.

As Trump Escalates Trade War, U.S. and China Move Further Apart With No End in Sight

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President Donald Trump said he had asked China to immediately remove all tariffs on U . S . agricultural products because trade talks were progressing well. "I have asked China to immediately remove all Tariffs on our agricultural products (including beef, pork, etc.) based on the fact that we.

WASHINGTON — President Trump escalated his trade war with China on Friday morning, raising tariffs on 0 billion worth of Chinese goods and taking steps to tax nearly all of China ’ s imports as punishment for what he said was Beijing’ s attempt to “renegotiate” a trade deal.

Cao Li contributed research from Hong Kong, and Sui-Lee Wee contributed reporting from Beijing.

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China calls US 'school bully' as trade war escalates.
China calls US 'school bully' as trade war escalates

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