China vows to fight Washington on tariff hike

China vows to fight Washington on tariff hike

China vows to fight Washington on tariff hike

China and the USA averted a trade war by reaching an agreement on May 20 under which Beijing agreed to "significantly increase" its purchases of American goods and services to reduce United States dollars 375 billion trade deficit with Washington.

The US has chalked down its plan to impose a tariff of 25% on all Chinese imports worth $50bn soon near the mid-June.

Treasury Steven Mnuchin said then the conflict was "on hold" after Beijing promised to buy more USA goods to help narrow its multibillion-dollar trade surplus with the United States.

CGTN's Mike Walter spoke with Ronce Almond about the latest updates in the US-China trade dispute.

The US is pushing China to remove tariffs on foreign companies and stop practices that allegedly encourage transfer of intellectual property to Chinese companies, such as requirements that foreign firms share ownership with local partners to access the Chinese market.

The Cabinet announcement Wednesday was the third tariff cut in six months on selected imports in what Beijing says is an effort to improve consumer choice and encourage domestic consumption.

Commerce Secretary Wilbur Ross is to visit Beijing this week to try and get China to agree to firm numbers for additional USA exports to the country.

June 30: The deadline arrives for the United States to announce potential investment restrictions and strengthened import controls for Chinese citizens and entities attempting to make deals in sectors with industrially significant technology.

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In recent days, the ZTE case has become even more central to the trade conflict, as the company reportedly removed two senior executives from their posts as concessions for the us, and President Xi Jinping has continued his calls for technological self-reliance.

Trump said earlier that a resolution would help USA firms that supply ZTE with components, but members of Congress, including several Republicans, warned that the U.S.is being too lenient on a company that has violated US sanctions.

President Trump is moving forward with imposing tariffs on $50 billion of Chinese imports, the White House said Tuesday, ending a brief cease-fire in the trade war after talks broke down this month.

The Chinese government on Wednesday lashed out at Washington's unexpected statement on pressing ahead with tariffs and restrictions on investments by Chinese companies, saying it was ready to fight back if Washington was looking to ignite a trade war.

And doubts remain about whether China will address allegations the Chinese engage in cybertheft of trade secrets, force USA companies to transfer some of their technology in exchange for market access or back away from its China 2025 plan to dominate emerging technologies.

CGTN's Jessica Stone spoke with Marc Ross on the latest trade actions between USA and China. -China trade relations. While Navarro has advocated for a tougher stance on China, Mnuchin has proposed a lighter touch. Doing so would not only undermine China's short-term priority to lift the ban on ZTE but would also risk further retaliation and escalation from the United States.

In a statement on its website, posted under the heading "China-US Trade Conflict", the Ministry said: "As the two largest economies in the world, cooperation is the only correct choice for China and the US".

This latest trade escalation comes after the two sides had agreed during talks in Washington in May to find ways of narrowing China's $375 billion trade surplus. The status of the agreement is unclear now that United States tariffs look set to go forward.

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