US, China enter tense stand-off as trade war looms

US, China enter tense stand-off as trade war looms”

The moves would affect about $3 billion in trade if an agreement can not be reached.

The accusations took an ironic turn in light of the new Trump trade war directed, in part, at Beijing, as the U.S. representative to the WTO declared that China was implementing an unnecessarily strict trade policy, according to Reuters.

"If there's a trade war between the U.S. and China, don't blame Donald Trump: China started it long before he became president", the daily wrote".

China is unlikely to respond until Washington acts but might launch an investigation of imports of US corn and soybeans "as a warning shot", said Parker.

However, Mr. Liu said the investigation report "violates worldwide trade rules and is beneficial to neither Chinese interests, USA interests nor global interests", Xinhua cited him as saying.

"If the United States purchases whatever it wants, on the one hand, but refuses to sell China products we want, and continues to blames us for the trade imbalance, is it fair?" said Chinese Foreign Affairs Spokeswoman Hua Chunying.

Raymond Yeung is an economist for the Australia and New Zealand Banking Group.

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China has always been the world's largest importer of waste and recyclable commodities.

The trade dispute has influenced stock prices in many countries. The index had lost more than two percent a day earlier.

On the Taiwan Stock Exchange, the electronics sector fell 2.22 percent, the optoelectronics sector dropped 3.31 percent and semiconductors were down 2.40 percent.

Tokyo's benchmark tumbled by an unusually large 5.1 percent while the Shanghai Composite Index closed down 3.4 percent.

Trump said those tariffs were in response to China's "economic aggression". Trump is blowing up the usual process of bringing trade disputes to the World Trade Organization that has been in place since 1995.

Trump will decide whether to continue to exempt these countries from the tariffs by the extended deadline. They said the figure was based on a calculation of the impact on the profits of USA companies that had been forced to hand over intellectual property as the price of doing business in China.

The administration said it will decide by May 1 if it will extend the exemption "based on the status of discussions" with the countries. To avoid paying the tariffs on the steel or aluminum they import, businesses will need to show that American mills don't make the piece they use, or at least don't make enough.

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However, countries trading with China are equally concerned about business requirements that force the transfer of technology to Chinese partners. And Finance Minister Taro Aso expressed empathy with Washington over protecting intellectual property.

These companies do not disclose the brands they make products for.

Alex Capri studies worldwide trade at the National University of Singapore. "China does not want a trade war, but China is not afraid of a trade war".

One is that US consumers will be hurt.

"China retains the right to adjust our measures according to actual conditions and will go through the necessary procedures according to the rules of the World Trade Organization (WTO)", it added. However, Chinese officials already insist companies aren't required to hand over technology, so it was unclear how policy might change. "China is strongly disappointed and firmly opposes such an action".

Trump also directed Treasury Secretary Steven Mnuchin to propose new investment restrictions on Chinese companies within 60 days to safeguard technologies the United States views as strategic, said senior White House economic adviser Everett Eissenstat.

The Treasury Department will then take 60 days after the signing to submit its recommendations for a targeted list.

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The ruling also means that Trump will likely have to sit for a deposition in the case as Schecter said the suit has merit. Trump's lawyer in the case, Marc Kasowitz, did not respond to a request for comment.

"During the same period of time, the American economy sputtered".

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