China to reduce import tariffs to boost trade

Oscar PerryMay 26, 2018

But the agreement - which contained no specifics - drew fire from those who had supported Trump's campaign pledge to crack down on what they call China's abusive commercial trade practices.

There have been concerns the United States would impose a ZTE-like ban on China's largest mobile and telecommunications company, Huawei Technologies Co.

Commerce Secretary Wilbur Ross will soon travel to Beijing to try to settle the details.

Last Saturday, the White House issued a joint statement from world's two biggest economic powers in which the US and China pledged to take measures to "substantially reduce" America's massive trade deficit.

China said Tuesday it will reduce auto import duties effective July 1 following pledges to buy more US goods and end restrictions on foreign ownership in the industry.

The proposal includes the East Asian country purchasing large quantities of US farm and agricultural products.

The move will be a major boost to overseas carmakers, particularly premium brands such as BMW, Tesla Inc. and Mercedes-Benz, as they look to close a price gap on local rivals.

That was followed on Monday by President Donald Trump tweeting that China will buy "massive amounts" of additional American agriculture products. James Inhofe, who monitors U.S. A total of 23.9 million cars were sold in China last year, compared to 15.63 million sold in the European Union and European Free Trade Association nations in the same year. Furthermore, Beijing will likely agree to purchase more USA farm goods.

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The Federal Reserve is beginning to worry about the economic fallout from a trade war. Larry Kudlow, President Donald Trump's top economic adviser, said over the weekend that similar measures would be needed before the United States would consider a reprieve.

"In this latest consultation, both China and the USA demonstrated the responsibility of major stakeholders", Xiaoming stated. Earlier this month, they proposed duties of up to $150 billion on Chinese goods if China did not cooperate to reduce our bilateral trade deficit. Mr. Trump is frustrated that Mexico and Canada haven't rolled over for U.S. Trade Representative Robert Lighthizer's absurd demand that 40% of light vehicle content and 45% of pickup trucks be produced in "high-wage zones" with an average minimum wage of at least $16 per hour. These include outright cybertheft of USA companies' trade secrets and China's demands that American corporations hand over technology in exchange for access to the Chinese markets. Beijing has also pledged to slash ownership limits in the auto sector as well as in banking, and last November reduced import tariffs on nearly 200 categories of consumer products.

In another tweet, Rubio said the Trump administration had "surrendered" to China.

China responded by targeting $50 billion in US products, including soybeans-a shot at Trump supporters in America's heartland. It comes as the two countries work to avoid a trade war after the tough-talk and tariff escalations last month.

In addition, Beijing had sought a change in Washington's restrictions on Chinese telecommunications giant ZTE, which had been implemented after the firm allegedly violated USA sanctions on Iran and North Korea.

The ban amounted to a death sentence for ZTE, which relies heavily on US parts, and the company announced that it was halting operations.

"Both parties have come together today to strongly rebuke ZTE and the administration's soft approach", Schumer said, calling the amendment a "huge" move "in our fight against the Chinese, and we should pass this legislation on the floor immediately".

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