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USA imposing 25% tariff of Chinese goods, apply investment restrictions in June

USA imposing 25% tariff of Chinese goods, apply investment restrictions in June

On May 20, US Treasury Secretary Steven Mnuchin said that the United States and China had both put tariffs on hold and agreed to a framework for a trade deal. The list of targeted goods will be announced by June 15 and imposed shortly after, the White House said.

The new tariffs will cover goods related to the "Made in China 2025" program the administration claims "harm companies in the United States and around the world".

Trump has threatened to impose tariffs on up to $150 billion of Chinese goods to combat what he has labeled unfair trade practices on the part of Beijing. Commerce Secretary Wilbur Ross is scheduled to meet with officials in Beijing on June 2-4 to continue negotiations.

The Trump administration made the announcement in a statement called "Steps to Protect Domestic Technology and Intellectual Property from China's Discriminatory and Burdensome Trade Practices".

The White House said on Tuesday: "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".

China pressed the U.S.to give ZTE a break after the Commerce Department cut off the company from USA suppliers to punish it for allegedly lying to American officials in a sanctions case.

Will Power Wins 2018 Indianapolis 500
But all three needed enough gas to get to the finish line, and it was Power who was frantically chasing them down. Before her start on Sunday, Patrick posted a photo to Instagram saying, "This is just a chapter in the book".

Over the last two weeks, it appeared that the Trump administration had retreated from their aggressive policies to contain China's economic expansion in this effort.

The tariffs and investment restrictions, as well as a case brought by the United States against China before the World Trade Organisation, are the outcome of an investigation launched past year into intellectual property practices in China. "Even a doubling of China's imports from the United States over 10 years would reduce the gap by only about $100 billion, compared to 2017 levels".

Tensions between the USA and China may have been reduced somewhat by Trump's action last week to ease sanctions that threatened the viability of Chinese telecom giant ZTE, in response to a personal request from President Xi Jinping.

"There's a strong reason to suspect Trump is basing policy decisions on how they'll profit his family", said Trump critic and former Director of the Office of Government Ethics Walter Shaub in a recent tweet.

The White House repeated it will slap a hefty 25 per cent tariff on as much as $50bn worth of imports. However, the USA has yet to publish a list of target products for the $100 billion, and the White House statement makes no reference to the second potential tranche of duties.

The possibility of inflamed trade tensions, coming just over a week after a trade war with China seemed unlikely, helped contribute to a tumble in U.S. markets.


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