Published: Sat, October 27, 2018
Global News | By Blake Casey

US has taken toughest ever action against China's 'abusive' trade practices

US has taken toughest ever action against China's 'abusive' trade practices

The White House has indicated China, pinned between the younger brother's elbow and the back seat armrest, could wriggle out of its painful position by allowing USA firms greater access to the Chinese market and dropping its requirement that American companies give valuable technology to Chinese partners. He did say that a broad agreement "on some basic principles and trading rules" including intellectual-property theft, forced transfer of technology, and tariffs on agricultural products "would be most welcome". He's focused on creating more leverage, according to another source who recently discussed the U.S. They're touting the damage done by USA tariffs on the Chinese economy, as seen in recent falls in China's currency and financial markets. "I could never have done it without tariffs", he said.

The President claims that several countries now want to make a deal with the U.S. as they don't want to face the same situation as China is facing due to the ongoing trade war.

The farmers were hit the hardest since apart from China, other foreign countries levied tens of billions of dollars as retaliatory tariffs on U.S. agriculture.

There are some products where China is even more dominant. The U.S. imported $353 million of bikes with 25-inch-or-less wheels previous year, with 92 percent of those coming from China, according to the U.S. ITC. Some 90 percent of the world's LED lighting comes from China, according to Morgan Stanley, and 85 percent of American imports of frozen tilapia fillets come from Chinese fish farms.

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"At this point I think a lack of new hostilities would be the best that can be expected" of the forthcoming talks between Trump and Xi, said Prasad, the Cornell economist. But finding other locations to establish production of items that have been so dominated by Chinese manufacturers is hard, according to Helfenbein. The move, however, might have inadvertently helped China as a result. "I'm using tariffs to negotiate", Trump said, both denying the existence of the tariffs and hyping up their effectiveness. The same, they reason, should happen in our trade with China. Not to mention, the trade deficit that was supposed to vanish because of Trump's tariff strategy, is now worse than ever.

Manufacturers of children's products like cribs and swings have also weighed in, with Mattel Inc. saying they made investments in China to ensure suppliers comply with safety standards required to get their products into the US market.

Large retailers including J.C. Penney Co. and Dollar Tree Inc. warned before the September tariff hit that companies lack feasible alternatives to China-based suppliers. They want to take care of the globe.

In an interview with the Wall Street Journal Tuesday, President Donald Trump constantly flip-flopped his statements on tariffs he's imposed in the previous year. "They will have no choice but to pass those costs on".

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