Published: Thu, May 31, 2018
Global Media | By Derrick Guzman

Navarro Hits at Mnuchin for U.S.-China Trade War Comments

Navarro Hits at Mnuchin for U.S.-China Trade War Comments

Washington also said it will press ahead with restrictions on investment by Chinese firms in the U.S. as well as export controls for goods exported to China.

US President Donald Trump's surprise announcement reflects his frustration at criticism of his earlier deal with Beijing, Eurasia Group analysts said in a report.

The proposed investment restrictions and enhanced export controls will be announced by 30 June and they will be implemented shortly thereafter, it said.

Tariffs of 25 per cent will be applied to Chinese imports containing important technologies, including those related to Beijing's Made-in-China 2025 development program, the White House said.

In a May 24 meeting with President Xi Jinping, German Chancellor Angela Merkel said market access and reciprocity will play a big role in trade relations.

"China will continue to hold pragmatic consultations with the United States' delegation and hope that the United States will act in accordance with the spirit of the joint statement", the article read.


The news comes just ten days after US Treasury Secretary Steve Mnuchin suggested the Trump administration would "put the trade war on hold" - along with the tariffs.

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 United States plans to take.

If the two sides fail to reach an agreement and the U.S. moves forward with tariffs, Chinese officials have said they plan to retaliate with tariffs of their own on U.S. exports such as soybeans.

All the talk of reducing the massive United States trade deficit boils down to one issue - technology.

"I wouldn't say we are in favor of, specifically, export controls, investment restrictions", Zarit said at a news conference.

A list of potential tariff targets has already been published by the United States Trade Representative and it largely includes intermediate goods used by companies to make other products as well as some consumer goods like televisions.


The statement added. "This is obviously contrary to the consensus reached between the two sides in Washington not long ago".

The trademark approvals were dated May 7, a week before President Donald Trump extended an olive branch on ZTE in his trade tussle with China.

U.S. Commerce Secretary Wilbur Ross is set to travel to Beijing at the weekend amid growing tensions.

But Navarro told host Maria Bartiromo on Wednesday: "This is a trade dispute that we are having with China".

In addition, as part of the ongoing talks "the United States will request that China remove all of its many trade barriers, including non-monetary trade barriers, which make it both hard and unfair to do business there".

Likewise, the U.S. will request that China remove all of its many trade barriers, including non-monetary trade barriers, which make it both hard and unfair to do business there, it said.


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