Published: Thu, May 17, 2018
Global | By Craig Ferguson

Business Executives Give Feedback on Proposed Chinese Trade Tariffs

Business Executives Give Feedback on Proposed Chinese Trade Tariffs

On Wednesday, Donald Trump urged China to make substantial proposals for a trade deal, writing on the messaging service Twitter that the U.S. side had "very little to give".

Trump has long-promised to crack down on China and raised concerns about an all-out trade war after threatening to impose tariffs on up to $150 billion worth of imports from China, prompting Beijing to retaliate.

Dozens of executives recently testified before government trade experts to discuss how Chinese business practices have impacted their operations.

The talks, part of a busy week of trade negotiations and tight deadlines, have become enmeshed in political intrigue after an adviser to President Donald Trump who is considered a hardliner on China was left out.

He added that, "We have not seen China's demands yet".

Before officials traveled to Beijing for talks, the USA issued a series of demands, including that China reduce its trade surplus with the $200 billion in two years.

The White House's harshest China critic, Peter Navarro, will not be one of the principal American officials at U.S.

Branstad said China has not met pledges to open up its insurance and financial services area, as well as reduce auto tariffs, and that Trump would like to see a "dramatic increase" in food exports to China.

However, Ross has said twice in the past week that the two sides had exchanged detailed lists of demands.

Uncertainty over relations between the USA and China has roiled financial markets and raised concerns among businesses anxious about a trade war.

Liu told the group of House representatives on Wednesday that he wanted to address trade imbalances by increasing Chinese demand for American products, Brady said. China has vowed to retaliate on everything from USA soybeans to airplanes.

Liu is due on Capitol Hill on Wednesday afternoon for meetings with members of the trade-focused House Ways and Means Committee as well as with Senate Finance Committee Chairman Orrin Hatch, congressional aides said.

China's Vice Premier Liu He will meet with Mnuchin, Lighthizer, Ross and NEC deputy director Everett Eissenstat. There has been no folding as the media would love people to believe.

The escalation in Navarro and Mnuchin's feud comes amid continued disagreements inside the administration over the future of its economic and trade policies.

Trump tweeted his support for ZTE earlier this week, putting the president at odds with the Commerce Department and its decision to impose trade restrictions on the company amid allegations it violated US sanctions.

ZTE was fined US$1.2 billion in March 2017 but last month it was prohibited from receiving needed USA parts after the Commerce Department found the company had lied multiple times and failed to take actions against employees responsible for sanctions violations on Iran and North Korea.

Trump's willingness to re-examine the ZTE sanctions was an abrupt shift from the campaign he has mounted against Chinese technology companies, which he regularly accuses of stealing American intellectual property and exploiting unfair trade rules.

"When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win", Trump tweeted in March.

Like this: