After announcing a string of tough trade measures against China, US President Donald Trump has said that Beijing would no longer have a "free reign" like it had been having for many years, which resulted in a massive American trade deficit with it.
The investigation, which came under Section 301 of the 1974 US Trade Act, also found evidence that China imposes unfair terms on US firms, steers investments in the US to strategic industries and is engaged in cyber attacks.
"Some people" from the USA are "too arrogant and have misjudged the situation", Chinese foreign ministry spokesperson Hua Chunying said on Friday. -China trade fight get?
In a presidential memorandum signed by Trump on Thursday, there will be a 30-day consultation period that only starts once a list of Chinese goods is published.
The Indian delegation was represented by Pranay Verma, Joint Secretary (East Asia), while the Chinese delegation was led by Mr Yi Xianliang, Director General, Department of Boundary & Oceanic Affairs, Ministry of Foreign Affairs of the People's Republic of China.
China's Commerce Ministry announced Friday that close to 80 fruit and nut products from the United States face higher tariffs, as Beijing prepared to boost duties on as much as $3 billion of US imports. "China's unprecedented and unfair trade practices are a serious challenge not just to the United States, but to our allies and partners around the world".
Pointing out that China's declared objective is to establish itself as a technology superpower by 2025, the official said such a scenario will be harmful for the U.S. "Worries about escalation therefore won't go away". The list includes a total of 128 USA products that could be targeted.More news: Google Assistant Gets Payment Option Courtesy of Google Pay Integration
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A group of 25 major USA retail companies, including Walmart, Costco and Best Buy, also warned on Monday that any additional broad-based tariff would worsen US inequity and "punish American working families" with higher prices on household basics like clothing, shoes and electronics. Trump said he will make a decision on whether to continue these exemptions by May 1.
Yesterday, the world gasped when the U.S. president raised his pen to sign a piece of paper that was apparently going to start an all-out trade war with China. China was not exempted even though it was a far smaller supplier than Canada or South Korea.
How bad will the U.S.
Washington has grown increasingly concerned about the sanctity of United States intellectual property. China significantly increased its tariff rates on USA ethanol in January 2017, which caused shipments to collapse.
"China has the ability to inflict significant economic harm on United States exporters of certain goods and can also use other overt as well as covert actions such as supply chain disruptions to hurt USA manufacturers".
The fruit growers of California, Florida, Michigan and Washington all stood to lose as China's list also included close to 80 fruit and nut products. Last year, the two countries exchanged $636 billion worth of goods, and American companies such as Boeing and Caterpillar depend heavily on the Chinese market.