US Considers Broad Curbs on Chinese Imports

The present administration of the US is considering to cut down on the investment of the Chinese nation in the United States and at the same time impose tariffs on a wide range of its imports as an intention to punish China for its alleged theft of intellectual property. This report is according to the people who are quite familiar with the matter. In the weeks to come it is expected that an announcement will come after an investigation by the office of trade representatives of the United States into the intellectual property practices of China as a result of which the US president Donald Trump will further impose trade restrictions. In the previous week, Trump announced the tariffs on aluminum and steel imports which has already intensified global trade tensions which led to the resignation of the chief economic advisor of Trump's administration Gary Cohn on Tuesday because he opposed these measures by the president.

As a result of the resignation, Donald Trump mentioned on Twitter that he will be making a decision soon for the replacement of Gary Cohn and he also stated that there are a number of people who are wanting this post. At this point of time, the president is fighting trade assaults on a number of fronts ranging from targeting the strategic rival China to infuriating allies like Canada and the European Union with threats for creating fresh barriers. While the counterparts of the US president have threatened retaliation, solid action which would be indicating the start of an all-out trade war has yet to come.

Liu He who is the top economic adviser of the President of China Xi Jinping met with Gary Cohn in Washington in the previous week, told the delegates at the National People's Congress in Beijing that both sides had expressed their intention of avoiding a trade war. This is per reports of the Beijing Youth Daily. The officials of China who have been studying curbs on the products of the United States like soybeans. Otherwise the officials were largely quiet on the question regarding the tariff on Wednesday. According to the most severe scenario, the US could actually impose tariffs on a large range of Chinese imports that are ranging from shoes and clothing to consumer electronics. This is per the reports of two people who are quite familiar with the overall matter. The two officials did not want themselves to be named because these discussions are not public.

November 20, 2018 - 00:35
Posted in:
0 comments