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Trump threatens allies with new tariffs, sowing global confusion

Trump threatens allies with new tariffs, sowing global confusion”

China had promised to retaliate in a move that threatened a tit-for-tat trade war.

President Trump on Tuesday said he was not happy about the progress of trade talks with China - but also suggested that the U.S. would likely cut a deal to keep Chinese telecommunications giant ZTE in business.

Senate Minority Leader Chuck Schumer, Democrat of NY, said the proposed arrangement would "do nothing to protect American national or economic security and are simply a diversion from the fact that we have lost". U.S. Treasury Secretary Steven Mnuchin told CNBC on Monday that Ross aimed to negotiate "a framework" that could then turn into "binding agreements. between companies".

U.S. Commerce Secretary Wilbur Ross is due to visit Beijing in early June for a further round of meetings.

The Commerce Department last month blocked China's ZTE from importing American components for seven years, having concluded that ZTE deceived us regulators after it settled charges last year of violating sanctions against Iran and North Korea.

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Chinese and American negotiators issued a statement last weekend pledging to increase United States exports to China, among other steps aimed at boosting trade and investment cooperation, which officials later said would avert planned "Section 301" tariffs that Washington was preparing to levy on Beijing. The two countries also agreed on "meaningful increases" of US agriculture and energy exports and greater efforts to increase trade in manufactured goods and services.

China is also looking to work closer with Germany.

Over the weekend, U.S. A total of 23.9 million cars were sold in China last year, compared to 15.63 million sold in the European Union and European Free Trade Association nations in the same year.

Trade analysts said it was highly unlikely that China would ever agree to a numerical target for cutting the trade gap, but they said the talks likely were more successful in de-escalating trade tensions.

The Federal Reserve is beginning to worry about the economic fallout from a trade war.

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Of the $51 billion of vehicle imports in 2017, about $13.5 billion came from North America including sales of models made there by non-U.S. manufacturers like BMW. That produced a trade imbalance that experts round to $375 billion. In contradiction, USA trade representative, Robert Lighthizer had burst out that, "the United States may use all of its legal tools to protect our technology through tariffs".

An Indonesian company, MNC Land, confirmed last week that it hired the subsidiary of the state-owned Metallurgical Corp. of China to build a theme park in its Lido City development outside Jakarta. Beijing has also pledged to slash ownership limits in the auto sector as well as in banking, and last November reduced import tariffs on nearly 200 categories of consumer products.

In April, China countered with an announcement that it would be imposing duties on a catalogue of 106 American goods, targeting agricultural products and manufactured goods including beef, soybeans, corn, wheat, cars, chemicals, and whiskey. The prospect of an escalating trade war has shaken financial markets and alarmed business leaders. Trump has also found himself under attack for retreating from penalties his administration announced against a large Chinese telecommunications company, ZTE Corp., for violating U.S. sanctions against Iran and North Korea. A person familiar with the company's operations told the South China Morning Post on May 9 that the public may have underestimated the impact of the U.S. denial order on ZTE's business.

"According to USA government trade data, we have estimated the 2017 value of Chinese shipments to USA -based electrical and medical imaging manufacturers was approximately $9 billion, or slightly less than 1/5 of the entire $50 billion in imports targeted by the proposal", NEMA told HCB News.

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