US WANTING TO IMPOSE TARIFFS ON CHINESE IMPORTS
Washington. 30th. May, 2018: The US has chalked down its plan to impose a tariff of 25% on all Chinese imports worth $50bn soon near the mid-June.
Critics believe that the administration is being a little light on China after Treasury Secretary Steven Mnuchin remarked that while the two parties did their talks regarding trade the tariffs were kept on hold. But according to the White House, the date of 15 June is announced which would finalize the question regarding tariffs.
China stated this as a very shocking and also very not so shocking and has requested the US to act according to the decisions made between them earlier. According to China this decision announced by the US contradicts the decisions made between two in a meeting held in Washington.
The US Commerce Secretary Wilbur Ross has planned to fly to China this week and carry out the discussion for further progress on this matter.
The meeting held in Washington in May where many matters were discussed on Chinese matters. Also, China was made to make a promise that they will buy more of US agricultural and energy products. A few other, not so strong, commitments were discussed also.
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This all did not happen all night. From the question of tariffs and restrictions on investment to the case against China represented to World Trade Organisation, it all began when the US carried out an investigation. This investigation was done on China regarding the intellectual property practices in China.
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This all made the US force China to reconsider the taxes imposed on imports and reduce it quickly and avoid all practices that transfer the intellectual properties to the Chinese companies. For instance, a practice where the foreign firm can access to the Chinese market by establishing ownership with local partners.
This all is causing a lot of worry and stress to the administration as some groups think it can provoke a trade war as some are demanding some very strong actions to be taken against such practices.
The US has published its final draft of the list of items on which tariff should be imposed. This list consists of 1300 item. This list consists of items related to medical devices and industrial machinery. And also Whit house announced the date of 15 June 2018 when tariffs will be imposed on thee items. Not only this but also White House has announced that it will limit the investment of China. The investments especially related to technology which is related to industries. This restriction will be imposed by 30 June 2018.
Acknowledging the decisions, Chuck Schumer says “While obviously more details are needed, this outline represents the kind of actions we have needed to take for a long time, but the president must stick with it and not bargain it away.”
China has made their points that if nothing is agreed upon between two and the US still imposes any tariffs then China will show no cooperation and retaliate from their tariffs on US exports such as that of soya beans.