China vows to retaliate after USA imposes fresh tariffs

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Earlier on Tuesday, Washington said it was still considering slapping 25 % tariffs on $50 billion of Chinese goods in retaliation for what the Trump administration says is China's unfair trade practices.

The White House issued a second statement listing the details of many complaints against China, including dumping of goods into the USA market at below market value, high tariffs and overcapacity - likely referring to steel and aluminum, which are subject to another set of harsh USA tariffs.

The final list of these products will be announced by June 15 and the tariffs will go into effect shortly after.

China welcomes imports of "high-quality and competitive" American products, the Commerce Ministry said in a statement, following promises to buy more American farm goods and energy.

U.S. Commerce Secretary Wilbur Ross, a member of the U.S. trade delegation to China, returns to a hotel in Beijing, China May 3, 2018.

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The talks, between high-level Chinese and USA trade representatives including Commerce Secretary Wilbur Ross, would not happen if a U.S. advance team in Beijing fails to reach an agreement on the broad outlines of the talks with their Chinese counterparts, the Wall Street Journal reported Wednesday.

The trade-related actions were announced following a report by the Office of the US Trade Representative regarding China's practices with respect to technology transfer, intellectual property and innovation.

The investment restrictions and strengthened export controls will aim to curb Chinese acquisition of "industrially significant" technology and will be announced by June 30.

The statement did not reiterate China's own previous threats to impose $50 billion in retaliatory tariffs on US goods.

"Mnuchin's "trade war on hold" comments look to have been repudiated", said Derek Scissors, a China analyst at the American Enterprise Institute in Washington.

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The White House has said it will impose 25% tariffs on $50bn worth of Chinese imports "shortly" after mid-June.

The China Daily newspaper said the repeated US claim that Beijing had forced foreign firms to transfer their technologies to Chinese businesses was without evidence and was being used as an excuse to facilitate its trade protectionism. The White House, and many American companies, say that China forces USA firms to turn over technology as part of joint ventures with Chinese companies to gain access to its market. China hit back at that, with a foreign ministry spokeswoman saying on Wednesday that China would respond accordingly if the USA insisted on unilateral measures.

The American Chamber of Commerce in China said it viewed the White House's latest threat of tariffs on Chinese imports as a helpful "negotiating step" ahead of a U.S. delegation's visit to Beijing later this week.

During the media briefing, the Foreign Ministry spokesperson also expressed concern over reports that the United States is planning to restrict visas of Chinese students studying advanced subjects like robotics, aviation and high-tech manufacturing to one year. "The Chinese government has the ability and wisdom to handle such situations".

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