The Trump administration's move comes ahead of US Secretary of Commerce Wilbur Ross' planned visit to Beijing on Saturday, during which the US and China will try to hammer out a deal to forestall the imposition of proposed tariffs on US$50 billion in Chinese imports.
Earlier this week, trade tensions between China and the United States flared after Washington threatened to enact 25% tariffs on USD50 billion worth of Chinese imports, despite previously having agreed to put the tariffs on hold.
The announcement in Beijing on Thursday evening followed a recent decision by China to cut its tariff on imported cars to 15 per cent from 25 per cent. Mr Trump also criticised the Chinese vehicle tariff on Tuesday, noting that the USA tariff on imported cars was just 2.5 per cent.
After it had appeared a trade truce between the two economic heavyweights was on the cards, the White House this week warned it would continue to pursue tariffs on $50 billion worth of Chinese imports, as well as impose restrictions on Chinese investments in the United States and tighter export controls.
The administration of President Donald Trump also said that it would impose measures to limit Chinese investment in the us technology sector. Beijing agreed to lower tariffs on US cars and vehicle parts, reduce barriers to USA agricultural products and begin to address Chinese theft of intellectual property. He also claims as the country that is exporting more, the USA has more leverage in tough negotiations.
Gao said he hoped the team would be able to?"meet China halfway".
"Since March 1, when speculation about Chinese retaliation against US pork began, hog futures have dropped $18 per animal, translating to a $2.2 billion loss on an annualized basis", Dermot Hayes, Iowa State University economist, said in a press release from NPPC on Tuesday.
China's retaliatory tariffs against USA tariffs on steel and aluminum are already having an impact on US producers, he said.
China, on May 30, lambasted "sudden flip-flops" in USA policy after President Donald Trump said he was moving to finalize trade sanctions against it - even as a US delegation arrived in Beijing for talks.
The ministry said the White House tactical statement is both unexpected and within expectation. Under the deal, ZTE will oust its management team, hire American compliance offers and pay a fine - on top of the $1 billion it's already paid for selling equipment to North Korea and Iran in violation of USA sanctions.
Now, the U.S.is turning to Beijing and to a standoff that has taken some confusing turns.
This is not to say that some of the underlying concerns about China's actions have no merit. And China's tariff average is almost double that of the European Union.
"We on the Chinese side do not want to fight but are not afraid to fight a trade war", she said.
The company, which suspended major operations in May, desperately needs a deal to get back in business, with estimates it has lost over US$3 billion since the April 15 ban on doing business with USA suppliers, a source familiar with the matter said last week.
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