Published: Sun, June 03, 2018
Worldwide | By Myra Stephens

U.S. takes another swing at China with investment restrictions

U.S. takes another swing at China with investment restrictions

In the latest development in U.S.

A ship waits to be loaded at the Port of Tacoma in Washington state. In a statement the Ministry said, "No matter what measures the US will take, China is confident and capable of defending our national interests". On Tuesday, the White House announced $50bn of tariffs on goods imported from China "to protect domestic technology and intellectual property from certain discriminatory and burdensome trade practices by China".

With about $20 billion in agricultural exports to China a year ago, USA farmers and ranchers are closely following the bout. "He's not going to allow American workers to be taken advantage of". "It's a little unsettling".

The commerce ministry said earlier Wednesday that Beijing "has the confidence, capability and experience to defend the interests of Chinese people and the core interests of the country" - no matter what measures the U.S. plans to take.

Trump has also defended his efforts to have a "good relationship" with Russian President Vladimir Putin, despite the assessment of United States intelligence agencies that Moscow meddled in the 2016 United States presidential election.

China has promised to "significantly increase" purchases of farm goods, energy and other products and services.

The trade war between the United States and China is reportedly heating up, despite announcements last week that a tentative solution has been found.

- The Trump administration plans to shorten the length of validity for some visas issued to Chinese citizens, the State Department said Tuesday, as President Donald Trump works to counter alleged theft of USA intellectual property by Beijing.

"There's still a risk that this escalates into a trade war", Levy said. "We will fight back", she said.

AFBF hasn't analyzed the potential impact to agriculture.

While Trump campaigned heavily on taking bold steps against perceived foul play in global trade by China, those set to suffer the most from the new tariffs will be Canada, Mexico and the European Union, who exported $23 billion worth of steel and aluminum to the USA a year ago.

In a symbolic step, European Union diplomatic chief Federica Mogherini appeared alongside the Chinese foreign minister in Brussels yesterday just hours after the U.S. tariffs took effect to call for a "rules-based global order".

The president said alongside South Korean President Moon Jae-in, prior to this week's uncertainty over the Singapore summit, that he has a "much bigger picture" in mind as he considers China trade, a reminder that his trade policies are no longer a matter of campaign rhetoric.

The reduced tariff will apply to almost 1,500 items, with the average rate dropping to 6.9 percent from 15.7 percent, the finance ministry said in a statement on its website. "One is that what we're having with China is a trade dispute, plain and simple".

The White House also stated that it plans to announce new procedures to restrict Chinese investment "related to the acquisition of industrially significant technology" by June 30.

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