China to cancel talks if Trump moves ahead with tariffs, sources say

Ivan Schwartz
September 18, 2018

"If countries will not make fair deals with us, they will be tariffed".

The Trump administration has demanded that China cut its $375 billion trade surplus with the United States, end policies aimed at acquiring USA technologies and intellectual property and roll back high-tech industrial subsidies.

"Once again, I urge China's leaders to take swift action to end their country's unfair trade practices", Trump said.

The Trump administration has been revising the list of Chinese goods that will be hit by tariffs following a feedback period and more than a week of public hearings last month.

The U.S. has complained that Beijing forces American companies doing business in China to transfer technology and intellectual property.

The officials said China had been given "chance after chance" to change the trade practices considered unfair to U.S. businesses, but "have remained obdurate".

National Economic Council Director Larry Kudlow said President Donald Trump has "not been satisfied" with trade talks with China and confirmed the US was preparing additional tariffs because Beijing's economic reforms were moving in the wrong direction.

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The missive from Cupertino complained that some Apple products were included on a list of $200 billion worth of Chinese imports that could face tariffs imposed by the United States Department of Homeland Security.

The Wall Street Journal reported on Saturday that the US plans to impose 10 percent tariffs on $200 billion of Chinese goods in the coming days and they will take effect within weeks.

China's 'counterattack strategy needs to restrict exports to the United States as well as (imports of) USA goods, ' Lou was paraphrased as saying.

A White House statement said tariffs would start at 10 percent and go into effect in a week, on September 24, before kicking into full gear at 25 percent at the start of the new calendar year. He is a former chairman of China's sovereign wealth fund, the China Investment Corp. Still, American consumers could start feeling the cost of the tariffs for everyday goods, as the latest move brings all Chinese imports subject to a new tariff to $250 billion, roughly half of China's shipments to the US a year ago.

The Chinese foreign ministry said Thursday that it was invited to hold new talks. In previous rounds of anti-China tariffs, it has taken one to two weeks to make list revisions and another two to three weeks to begin collecting tariffs.

"We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly". But they have threatened "comprehensive measures" as Beijing runs out of imports for penalties due to its lopsided trade balance with the United States.

The statements come as relations between the United States and China appear to strain.

Other reports by GizPress

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