Trump hits China with $50B tariffs, investment restrictions

Trump hits China with $50B tariffs, investment restrictions

This all is causing a lot of worry and stress to the administration as some groups think it can provoke a trade war as some are demanding some very strong actions to be taken against such practices.

U.S. Chamber of Commerce President Thomas Donohue said using tariffs against China "puts all the burden on American companies and consumers".

"The world faces an extremely mercurial White House administration", an editorial in China's Global Times tabloid read.

The White House announcement came on the heels of stiff criticism from lawmakers of the White House 's negotiating tactics and willingness to soften tough penalties in some cases with no benefit to the US. Mnuchin's comments followed a commitment by China to significantly increase its purchases of US farm goods and energy products, such as natural gas.

Trade talks on China and the North American Free Trade Agreement have hit stumbling blocks, posing a challenge for a president who vowed to make trade deals more equitable for the United States during his 2016 campaign and who famously tweeted that trade wars are "easy to win". The Trump administration had sought to slash the deficit by $200 billion.

Last week, Mnuchin said that "we are putting the trade war on hold".

Visa facilitation is reciprocal and serves the interest of both the countries, she said, adding that both the countries need to take measures to facilitate visas to create more favourable conditions than doing the contrary.

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An Epic Games representative said the shopping cart is expected to arrive this week, but declined to offer exact timing. On Tuesday, " PUBG " had around 27,000 viewers on streaming platform Twitch, about a tenth of " Fortnite's " 260,000.

On Tuesday, the U-S said it would continue pursuing action on trade with China, days after Washington and Beijing suggested that tensions had eased.

When Trump announced the initial plan to impose tariffs on Chinese goods, he also instructed the Treasury Department to draw up new curbs on investment in the U.S.by Chinese companies. The Dow Jones industrial average was down more than 400 points, or 1.6%, as of 12:30 p.m. ET.

Trump's trade agenda - at least lately - has not been so easy.

Ivanka Trump was granted five business trademarks in China earlier in May, just days before her father suddenly scrapped a USA technology ban imposed on Chinese telecom firm ZTE, according to government documents. China said the claims were unproven and sometimes speculative.

Some trade experts said the tariff announcement is likely meant to strengthen Ross's hand. In April, theCommerce Department bannedthe company from buying parts from USA suppliers for seven years, a punishment regarded as a virtual death sentence for ZTE. "I don't know if it's the right thing to do", said Derek Scissors, a China expert at the conversative American Enterprise Institute.

Trump said earlier that a resolution would help USA firms that supply ZTE with components, but members of Congress, including several Republicans, warned that the U.S.is being too lenient on a company that has violated US sanctions. Lighthizer and Peter Navarro, a senior White House official, have pushed for new limits as part of a comprehensive reordering of economic relations with Beijing.

The US will impose a hefty 25 per cent tariff on the Dollars 50 billion worth of Chinese goods containing "industrially significant" technology, the White House said today, days after the two sides reached an agreement and vowed not to launch a trade war against each other.

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