White House slaps 25% tariff on $50 billion worth of Chinese goods

U.S. President Donald Trump speaks to members of the media before boarding Marine One while departing the White House in Washington D.C. U.S. on Friday

Trump Moves Ahead With Tariffs and Other Trade Sanctions Against China

"When it comes to worldwide relations, every time a country does an about face and contradicts itself, it's another blow to, and a squandering of, its reputation", Hua said.

Regardless of the trade balance or personal relations between leaders, it is a forlorn hope that the USA will share cutting-edge core technology.

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

Visa facilitation is reciprocal and serves the interest of both the countries, she said, adding that both the countries need to take measures to facilitate visas to create more favourable conditions than doing the contrary.

But in addition to the trade sanctions announced, the USA said that by the end of June, it would announce investment restrictions and "enhanced export controls" for Chinese individuals and entities "related to the acquisition of industrially significant technology".

Asian financial markets tumbled on renewed worries about a U.S.

Regulators also promised to cut auto import duties from 25 percent to 15 percent on many vehicles effective July 1.

The State Department noted these changes will go into effect starting on June 11.

China has made progress on reforms but should allow market forces to play a more decisive role and accelerate its opening up to the rest of the world, the International Monetary Fund (IMF) said.

The tariff threat is a "very powerful" negotiating tactic ahead of the weekend talks, said Lester Ross, a lawyer who is chairman of the American chamber's policy committee.

William Zarit, chairman of the American Chamber of Commerce in China, said Washington's threat of tariffs appeared to have been "somewhat effective" thus far.

Navarro said the administration is prepared for retaliation from China. But he said American companies want equal treatment, "and this seems to be one of the ways to do that". The list of restrictions and controls will be announced by 30 June.

Foreign companies are frustrated by a system that requires them to wait for Chinese regulators to declare individual lines of business open to them.

The Chinese government is urging President Donald Trump to return to the negotiating table after the White House announced that the U.S. would move forward with a crackdown on trade with China.

The United States, Europe and other trading partners are increasingly pressing for such reciprocal access as Chinese companies expand overseas while Beijing limits access to large swathes of its domestic economy.

In March, America's commander in chief threatened to increase the tax on Chinese imports, which would affect certain aerospace parts to specific computer components, potentially demanding up to 25 per cent extra in charges on incoming equipment. The tariff threat is unlikely to derail ongoing talks, they said.

Under that agreement, ZTE will remove its management team, hire American compliance officers and pay a fine. A case was filed regarding these violations in late March.

He demurred, however, when asked about the administration's position on Chinese telecom firm ZTE, saying it was a law enforcement matter upon which he could not comment.

Latest News