The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
President Donald Trump signalled his intention to impose tariffs on $50 billion in Chinese imports and curbs on investments in sensitive technology, sending a hawkish message to Beijing days before the latest round of trade talks between the world’s two largest economies.
In a statement on Tuesday, the White House said a final list of covered imports will be released by June 15 and the tariffs will be imposed “shortly thereafter.†It’s the most specific the administration has been about when the duties will take effect.
The White House also said new restrictions on Chinese investment and enhanced export controls will be announced by June 30, with implementation soon after.
“The United States will continue efforts to protect domestic technology and intellectual property, stop non-economic transfers of industrially significant technology and intellectual property to China, and enhance access to the Chinese market,†the statement said. “The United States will request that China remove all of its many trade barriers, including non-monetary trade barriers, which make it both difficult and unfair to do business there.â€
It’s the latest twist in a trade dispute between the US and China that has roiled financial markets and prom- pted the International Monetary Fund to warn of a trade war that could undermine the broadest global upswing in years. The announcement raises the stakes for the third round of talks between the two economies. Commerce Secretary Wilbur Ross is scheduled to meet with officials in Beijing on June 2-4 to continue negotiations.
Trump has vacillated in recent weeks on how hard to push Beijing over issues such as tariffs and intellectual property. The dispute began in March, when his administration threatened to slap
tariffs on up to $50 billion in Chinese shipments to punish Beijing for violating American IP rights.