Published: Thu, September 20, 2018
Markets | By Erika Turner

United States congressmen call out China leadership over trade war stance

United States congressmen call out China leadership over trade war stance

WASHINGTON-President Donald Trump warned of further retaliation against China and accused Beijing of seeking to influence November midterms by targeting US farmers and industrial workers in the escalating trade war.

"China has openly stated that they are actively trying to impact and change our election by attacking our farmers, ranchers and industrial workers due to their loyalty to me", Trump wrote.

"We are always open to talking". "What China does not understand is that these people are great patriots".

President Donald Trump chose to begin taxing the imports - equal to almost 40 percent of goods China sold the United States previous year - after a public comment period.

No one knows how long the tariffs announced Monday might last.

So far, the United States has imposed tariffs on $50 billion worth of Chinese products to pressure China to make sweeping changes to its trade, technology transfer and high-tech industrial subsidy policies.

The Trump administration accuses China of stealing key technologies and intellectual property (IP) from American companies using tactics that include physical and cyber theft, forced technology transfers, evasion of US export controls, export restraints on raw materials, and investments in high-technology companies.

"(China) is not anxious that the United States trade counter measures will raise domestic commodity prices by too much but will instead use it as an opportunity to replace imports, promote localization or develop export-oriented advanced manufacturing", it said.

The president announced Monday that he will hit up to $200 billion in Chinese goods - itemized on a 194-page list - with a 10 percent tariff starting September 24.

Trump has also complained about America's gaping trade deficit - US$336b past year - with China, its biggest trading partner. That would mean the USA measures effectively cover all the goods China sells to the United States each year (the total for 2017 was about $506 billion).

Where Trump has made things complicated has been his failure to articulate exactly what the USA wants and how it wants to get there, Massot said.

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Dianne Feinstein received a letter in July from Christine Blasey Ford alleging the assault, but word of it only leaked Friday. Kavanaugh was seen Monday morning arriving at the White House, which has stood by the judge in the face of the accusations.

In a memorandum announcing the move, Trump claimed that the country 'conducts and supports unauthorised intrusions into, and theft from, the computer networks of US companies [which] provide the Chinese government with unauthorised access to intellectual property, trade secrets, or confidential business information, including technical data, negotiating positions, and sensitive and proprietary internal business communications, and they also support China's strategic development goals, including its science and technology advancement, military modernisation, and economic development, ' among other claimed offences.

Neither government has officially announced that trade negotiations will resume after Treasury Secretary Steven Mnuchin extended an invitation to his counterparts in Beijing earlier this month.

Confidence among Asian companies has slumped to the weakest in nearly three years as businesses fear collateral damage from the worsening trade war and China's slowing economy, the latest Thomson Reuters/INSEAD survey showed.

According to an Economic Times report, the U.S. has granted a conditional waiver to India on imposing the steel and aluminium tariffs by exempting a certain percentage of these imports from tariffs.

United States business leaders railed against Mr Trump's decision to issue new tariffs. China has a track record of such behavior, including making life hard for South Korean firms because of a political dispute past year with South Korea's government over a U.S. missile defense system.

Flags for U.S. President Donald Trump's 2020 re-election campaign are made in a factory in Fuyang, China.

China's steps of opening up will quicken.

"Many family farms are afraid they won't be able to pay the bills if this misguided trade war continues", Heitkamp said in a statement.

The European Union trade chief said the tariff issues between the two should be resolved through the World Trade Organization.

"At the end of the day, these tariffs will mean that the American consumer is going to pay more and that we're going to see some damage done to the local economy in the process".

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