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We are not in trade war with China
05 April 2018, 12:51 | Cedric Leonard
US Stocks Sink Amid China's First Round of Retaliatory Tariffs
The dispute stems from USA complaints that Beijing pressures foreign companies to hand over technology in return for market access.
The Trump administration indicated it is willing to negotiate with China on escalating frictions between the world's two biggest economies, helping to ease fears among investors of a tit-for-tat trade conflict.
China was hitting back against U.S. PresidentDonald Trump'splans to impose tariffs on $50 billion in Chinese goods with similar tariffs on U.S. goods even as Trump's top economic adviser Larry Kudlow said the administration was involved in a "negotiation" with China rather than a trade war.
China's move is in retaliation to the Trump administration announcing Tuesday that it would to impose tariffs on about 1,300 Chinese goods worth about $50 billion annually.
"We do see these same Chinese groups aggressively going after the USA private sector", said Porter. "Our action is restrained".
At a press conference on Wednesday, Chinese officials did little to stem talk of "war", but stressed that Beijing is willing to work with the White House.
China stepped up its trade fight with the U.S.by targeting high-value American exports, from airplanes to soybeans. Chipmakers such as Nvidia Corp, with a 1.7 percent drop, and Intel Corp, with a 1.0 percent decline, were among the biggest percentage losers in that sector. The U.S. shipped some 33 million tonnes.
Stocks are opening sharply lower on Wall Street as an escalating trade dispute between the US and China poses a threat to global economic growth and corporate profits. The precious metal is traditionally a hedge against stock market volatility.
The announcement came after the U.S. published a list of $50-billion worth of Chinese imports that could have tariffs imposed on them.
He asks US Trade Representative Robert Lighthizer to look into unfair China's trade practices, with a particular focus on alleged Chinese theft of US intellectual property.
"It (U.S. protectionist measures) is the policy equivalent of peeing in your trousers to keep warm". -China Business Council, an industry group. Foreign companies complain that will limit or outright block their access to those industries. "They did target Made in China 2025, but with a caveat".
A reportreleased Tuesday by the USTR also cited complaints Beijing uses cyber spying to steal foreign business secrets.
Brazil supplied about half of the almost 100 million tonnes of soybean imported by China a year ago.
The full list also includes wheat, corn, tobacco and beef.
"The amount that both countries have invested in bilateral trade cooperation and economic cooperation is so significant that the costs of going back would be very painful, and more than either country would want to bear".
But Peter Hall, chief economist of Export Development Canada, said Canada is a relatively small market to absorb all the volume destined for China.
"If the US decides to increase intensity, China will surely follow suit", said Tu.
"This is not the start of a trade war". Regulators have wide discretion to withhold licenses or take other action to disrupt logistics and other service businesses.
Technology transfer between enterprises is voluntary based on mutual agreements without government intervention, he said.
TARIFF TENSIONS: In the latest salvo escalating the U.S.
In a statement to The Hill, a spokesperson for the Chinese embassy in Washington denied knowledge of any recent cyber espionage activity.
Dean Pinkert of the law firm Hughes Hubbard & Reed, found it reassuring that the administration didn't completely bypass the WTO: As part of its complaint, the U.S.is bringing a WTO case against Chinese licensing policies that put US companies at a disadvantage.
Previously, Trump approved higher import duties on Chinese-made washing machines and solar modules to offset what Washington said were improper subsidies.
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