teknolojiarsivi.com July 20, 2018

China 'Prepared' for Trade War, Unveils Response to Trump Tariffs

25 March 2018, 12:56 | Vickie Mathis

China 'Prepared' for Trade War, Unveils Response to Trump Tariffs

How much has US lost from China's IP theft?

The response comes as US President Donald Trump announced plans Thursday to impose $50 billion in tariffs on Chinese goods over alleged misuse of US intellectual property.

In the US, the Dow Jones Industrial Average index continued to move lower on Friday. Additionally, the crackdown will limit certain types of Chinese investment into the US.

Trump justified the move as a response to the theft of United States companies' intellectual property by the Chinese government.

He said hog farmers are already struggling to make a profit, with prices below the break-even point, "and any more pressure against that is just going to hurt us that much more". "We have spoken to China and we are in the middle of negotiations". "China does not want a trade war, but China is not afraid of a trade war".

"We're doing something that will be the start of making trade with China more fair", Trump said. "China relationship", tweeted Ely Ratner, a senior fellow at the Council on Foreign Relations who served as deputy national security adviser to Vice President Joe Biden.

In a commentary on Saturday, People's Daily - the mouthpiece of China's Communist Party - warned that in the event of a trade war, USA firms like Intel, Qualcomm, Texas Instruments and Micron Technology would be among the hardest hit.

The measures suspending tariff concessions will target 128 USA products including pork, wines and seamless steel tubes, the Ministry of Commerce said in a statement.

"We hope the USA stops its (practices) before it is too late, makes prudent decisions, and doesn't drag bilateral trade relations into danger", said the spokesperson, adding that China is "fully prepared to firmly protect its legitimate interests". They said the figure was based on a calculation of the impact on the profits of United States companies that had been forced to hand over intellectual property as the price of doing business in China.

Arthur Kroeber, managing director of Gavekal Dragonomics, said Beijing was sending a "carefully calibrated" message that it will stand up to Trump, while trying not to escalate the spat into a confrontation that could seriously threaten the global trading system.

Meanwhile in New York, China and the U.S clashed on Friday at the UN Human Rights Council, where the USA delegation rejected a resolution brought by Beijing that it said sought to glorify Xi Jinping's "win-win" approach.

But Mei also recommended selling U.S. Treasury bonds and undermining the U.S. stock market to make Trump "feel the pain".

Responding to questions, the official said the concerns with Chinese economic practices are widespread throughout the United States and around the world.

The US will impose 25% duties on targeted Chinese products to compensate for the harm caused to the American economy from China's policies, according to a fact sheet released by USTR.

The increased trade tension could prove to be a challenge for President Xi Jinping. That said, there is a risk of a mounting cycle of retaliation. It also blunts the potential fallout to the USA economy from the implementation of these trade barriers. "This could disrupt global supply chains and damage investor sentiment", said Dario Perkins, head of global macroeconomics research at TS Lombard, a London-based economic consultancy. But if the countries granted exemptions are removed from that total - including Canada and Mexico, whose exemptions had already been announced - then less than a third of United States steel imports would be subject to tariffs.

Trump shocked the world with his sudden announcement earlier this month of a 10-percent levy on aluminum and 25-percent tariff on steel, angering Washington's closest allies, which swiftly demanded that they be exempt.

It's unclear how the regulations will affect the U.S. However, representatives on Capitol Hill maintain a positive outlook, and are standing firmly behind the president and U.S. workers.

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