China warns of imposing Dollars 3 bn trade tariffs on US

China warns of imposing Dollars 3 bn trade tariffs on US

The Trump administration already poked China in January with tariffs on imported solar panels.

Following a memorandum from President Trump, on August 18, 2017, the US Trade Representative initiated an investigation under Section 301 of the Trade Act of 1974 into the government of China's acts, policies, and practices related to technology transfer, intellectual property, and innovation.

"Trump left enough flexibility in how that $50 billion is calculated that he has room to make some headway with China even if the USA ultimately does impose some tariffs", said Height Capital analyst Clayton Allen in an email.

"Reports indicate that "apparel" and "textiles" will be on the list, but there has been nothing more specific than that to date", HPFA counsel Robert Leo noted in an email to association members yesterday afternoon.

The Retail Industry Leaders Association (RILA) and the Information Technology Industry Council (ITI) say the tariffs punish American consumers and businesses more than China. Trump also asked the Treasury Department to impose restrictions on Chinese investment in American companies.

The US claims under the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement) relate to China's discrimination against foreign intellectual property rights holders (Article 3) and failure to ensure patent rights for foreign patent holders (Article 28).

Trump said Friday that he was not concerned that the tariffs would be a drag on the stock market.

There is a chance select product categories could get exempted from the tariffs.

But while the US government's move on steel and aluminum weakens the WTO, its complaint against China's technology-poaching suggests it may yet rely on the body when convenient.

Chinese citizens took to social media to register their backing for a resolute response to Mr Trump's package of tariffs. He said Trump and Xi agreed a year ago on a 100-day agenda of trade-liberalization measures but Beijing failed to act on about half of them.

The stakes are high: China is America's largest trading partner.

China had warned the United States on Friday that it was "not afraid of a trade war" as it threatened tariffs on $3 billion worth of U.S. goods in retaliation.

The tensions reflect the dueling nationalistic ambitions of Trump and his Chinese counterpart, Xi Jinping. He has shown few signs of acquiescing to US pressure.

The country could also take further measures, such as targeting USA agriculture - 60 percent of U.S. soya beans are sold to China. But officials say they are determined to press ahead with what one called "a long-overdue attempt to rectify what for a very, very long time has been a very imbalanced commercial relationship".

The spokesman of the Chineses ministry of commerce said in Beijing today that althoiugh China does not want to indulge in any trade war with the United States but it is fully prepared to defend its interests. -China trade war ranked as the most-read topic on Friday.

Related news:

Hot News

isis-killer-beheading-video-story-top Rights groups accuse Israel of 'discriminatory policies' as Ahed Tamimi sentenced
Mar 25, 2018 - 01:40
Tamimi's cousin Nour, who also appeared in the video, agreed to a plea deal for time served - just over two weeks. Her trial opened behind closed doors at the Ofer military court in the occupied West Bank on February 13.

isis-killer-beheading-video-story-top Police officer killed as bomb blast rocks Egypt's Alexandria
Mar 25, 2018 - 01:36
But al-Nimr, who was the intended target of bombing, according to police, escaped unharmed. Two police officers were killed.

isis-killer-beheading-video-story-top Nathan Lyon's batting cameo saves Aussies on day two of Third Test
Mar 25, 2018 - 01:35
The start of the Cape Town Test has been really gripping with both sets of players trying to get the better of their counterparts. Morne Morkel hit a four before falling in identical fashion four balls later. "It shouldn't happen.

isis-killer-beheading-video-story-top Justin Bieber Follows Selena Gomez's Body Shamers Instagram With Adorable Video
Mar 25, 2018 - 01:33
The insider added: " Justin seems very into Baskin and like they are very comfortable together". She does care about him a lot , but she just can't be all in right now", the source said.

isis-killer-beheading-video-story-top Afrin, the movie, premieres days after Turkish army…
Mar 25, 2018 - 01:32
Ankara has accused the US of not fulfilling a promise to move Syrian Kurdish fighters out of Manbij. They have vowed to continue the fight, using hit-and-run attacks against Turkish troops in Afrin.

isis-killer-beheading-video-story-top 'Unhappy' Trump Reverses Threat To Shut Down US Govt
Mar 25, 2018 - 01:27
The surprise threat also threatened to undermine future efforts by White House staff tasked with negotiating on Trump's behalf. If Trump were to veto the bill it would also torpedo the Taylor Force Act, which was included as a rider.

isis-killer-beheading-video-story-top Playboy model claims she had 10-month affair with Trump
Mar 25, 2018 - 01:23
Ms McDougal told CNN she was speaking publicly because, "I want to share my story because everybody else is talking about it". The company denied the accusations and White House press secretary Hope Hicks denied McDougal's allegations.

isis-killer-beheading-video-story-top Activists and lawmakers react to Trump's transgender military ban
Mar 25, 2018 - 01:23
The Pentagon responded by allowing those serving to stay in the military, and began allowing transgender individuals to enlist beginning January 1.

isis-killer-beheading-video-story-top Meghan Markle Hints at Having Babies of Her Own
Mar 24, 2018 - 17:03
Instead of her usual pants look, the royal-to-be opted for midi skirt by Greta Constantine for the busy day. Not only did the pair take in some performances, but they also offered up words of support.

isis-killer-beheading-video-story-top Russian Federation tension: British diplomats leave Moscow
Mar 24, 2018 - 17:03
Alexander Yakovenko also wrote to Detective Sergeant Bailey, who has said his experience was "completely surreal". We spoke for about half an hour. "His mother, brother and other relatives were (in Russia)".

isis-killer-beheading-video-story-top Some 150 short finned pilot whales stranded on Australian beach have died
Mar 24, 2018 - 16:57
A sixth whale was freed into shallow waters overnight but it beached again and had to be euthanized. The authorities said palliative care would be administered where necessary.

isis-killer-beheading-video-story-top LA, Welcome to Zlatan
Mar 24, 2018 - 16:57
I'm coming with this objective. "I wanted people to enjoy my game there and to win, and I chose the Galaxy to do that". Manager Jose Mourinho has not used him since a Premier League match against Burnley on December 26.

isis-killer-beheading-video-story-top Jacoby Ellsbury (oblique) won't be ready for Yankees on Opening Day
Mar 22, 2018 - 02:06
Work groups don't necessarily lead to season-opening assignments, though Florial did finish up 2017 with 19 games at Tampa . It sounds like the 34-year-old outfielder should be ready by the second or third week of the season.

isis-killer-beheading-video-story-top MS sends first ever woman to Congress (yes, it's 2018)
Mar 22, 2018 - 02:02
Hyde-Smith has been supportive of President Trump in the past and served on his campaign's agriculture advisory committee. Once appointed, Hyde-Smith would immediately run for re-election for the almost three years remaining in Cochran's term.

isis-killer-beheading-video-story-top Stoneman Douglas student arrested with weapon on campus faces judge
Mar 22, 2018 - 02:01
A third student is undergoing a psychological evaluation after two threatening posts on Snapchat . Records show an officer observed Cruz skateboarding on top of a marked Coral Springs police unit.