In a White House statement, trump said: 'in view of China's unfair retaliation, I have instructed the U.S. Trade Representative (USTR) to consider whether there are $100 billion of additional tariffs under Section 301, and if so, to determine the products subject to such tariffs. '
On the 5th, US trade representative leighthezer issued a statement saying that considering China's unfair behavior in technology transfer, intellectual property and innovation, he supported USTR to take additional measures in accordance with article 301 of the trade law of 1974.
The following is the full text of the trump statement issued by the White House:
After a thorough investigation conducted by the United States Trade Representative (USTR) in accordance with Section 301 of the trade law of 1974, it was found that China has repeatedly engaged in unfair access to U.S. intellectual property.
The practices detailed in the USTR survey have attracted worldwide attention. China's illegal trade practices - ignored by Washington for years - have destroyed thousands of American factories and millions of American jobs.
On April 3, 2018, the U.S. trade representative announced the imposition of tariffs on about $50 billion of imports from China as a preliminary means of eliminating the policies and practices identified in the survey. Instead of correcting its wrongdoing, China has chosen to harm our farmers and manufacturers.
In view of China's unfair retaliation, I have instructed the U.S. trade representative to consider whether an increase of $100 billion in tariffs under Section 301 is appropriate and, if so, to determine the products subject to those tariffs. I also directed the Minister of agriculture, with the support of other members of my cabinet, to use his broad powers to implement a plan to protect the interests of our farmers and agriculture.
In spite of these actions, the United States is ready to engage in discussions to further support our commitment to free, fair and mutually beneficial trade and to protect the technology and intellectual property rights of American companies and the American people. Trade barriers must be removed to promote economic growth in the United States and around the world.
I am committed to enabling American companies and workers to compete in an environment of fair global competition, and I will never allow unfair trade practices to harm the interests of the United States.
The White House made clear for the first time that China and the United States would hold a high-level dialogue on trade measures
On Thursday, Navarro, a white house trade consultant, said the two sides would discuss the tariff list within the 60 day publicity period. He said Treasury Secretary Steven mnuchin and U.S. trade representative Robert Lighthizer will lead the talks. This is the first time that the White House has made it clear that China and the United States will hold a high-level dialogue on trade issues.
New progress has been made in the Sino US trade war. The White House reiterated that the United States still has time to negotiate an agreement with China before the tariff measures take effect.
Peter Navarro, a white house trade consultant, told CNBC that the two sides would discuss the tariff list within the 60 day publicity period. He said Treasury Secretary Steven mnuchin and U.S. trade representative Robert Lighthizer will lead the talks.
This is the first time that the White House has made it clear that China and the United States will hold a high-level dialogue on trade issues.
In addition, a senior White House adviser said that the United States wanted to bring in allies to combat China's trade practices.
U.S. White House economic adviser kudlow stressed that tariffs have not yet been formally implemented. The U.S. government will consult with a range of stakeholders, including U.S. lawmakers, agricultural representatives and the Chinese government.
[related reports]
White House economic adviser: the US is expected to reach a trade agreement with China
In an interview with Fox on April 5, White House economic adviser Larry & middot; kudlow said that the United States is expected to reach a trade agreement with China; he also said Trump's concerns about Amazon are very reasonable.
Mr. Kudrow earlier cooled fears of a trade war, saying tariffs on Chinese goods were still just suggestions and might never come into effect. "The tariff measure is just a proposal and has not yet been implemented," Kudrow told Bloomberg news. 'we are asking for advice. There are at least two months to go before action is taken. '
U.S. Commerce Secretary rose said China's response is not expected to damage the U.S. economy. In an interview with CNBC, he said that China's response to US tariffs was not surprising. The US did not enter the 'Third World War' and opened the door to a negotiated solution.
Trump administration officials stressed the willingness of the United States to negotiate with China all day, easing investors' concerns about a trade conflict between the two countries.
On April 4, with the approval of the State Council of China, the Tariff Commission of the State Council decided to impose a 25% tariff on 14 categories and 106 items of commodities, including soybeans, automobiles and chemicals, originating in the United States. The implementation date will be separately announced by the Tariff Commission of the State Council according to the implementation of the US government's additional tariff on our goods.
Xinhua News Agency: the United States considers taxing 100 billion US dollars of goods to China, which seriously violates international trade rules
U.S. President trump asked the U.S. trade representative's office to impose an additional tariff on 100 billion U.S. dollars of Chinese imports based on the "301 investigation" Friday. This practice is a serious violation of international trade rules.
[related reports]
Trump's new tariff of 100 billion is to point to the resurgence of Sino US trade war
On April 6, the trade crisis between China and the United States escalated again. According to reports, President trump is asking us trade representatives to consider imposing an additional $100 billion in tariffs on Chinese goods. With trump signaling more Chinese tariffs, panic has soared again, with U.S. stock index futures plunging and gold and yen surging in the short term.
On Friday (April 6), the Sino US trade crisis escalated again. According to CNBC, US President trump is asking us trade representatives to consider imposing an additional $100 billion in tariffs on Chinese goods.
Prior to this, the new national economic adviser of the United States, Kudrow, overreacted in the market and did not think that the US was provoking a trade war, which once eased market tensions. But with President Trump's new comments, the Sino-U.S. trade crisis has escalated again, and the panic has increased.
Trump wants to add 100 billion extra tariffs to China
President trump said Thursday he has ordered U.S. trade representatives to consider imposing more tariffs on Chinese imports, involving $100 billion.
In a statement issued by the White House, trump said: 'in view of China's unfair retaliation, I have instructed U.S. trade representatives to consider the appropriateness of additional tariffs involving $100 billion under Section 301. If so, determine the list of products subject to duty. '
US trade representative leighthezer later said that no additional tariffs would take effect until the end of the public comment process.
Market turbulence caused by the surge of panic index
With trump signaling more Chinese tariffs, the previously suspended panic has soared again, the market has been volatile, and US stock index futures have plummeted.
US stock futures fell sharply in Asian trading, with S & P 500 futures down 1.2% at 8:06 a.m. Tokyo time. Dow Jones index futures fell 1.4%, while NASDAQ fell more than 1%.
With the aggravation of the trade crisis between China and the United States, gold and yen, as the old "safe haven", rose sharply in the short term due to the surge of safe haven sentiment. Gold rose more than 40 points in the short term, breaking the 1330 mark again, approaching 1332 US dollars / ounce.
As a result of the sharp rise of the yen, the USD / JPY fell sharply in the short term near its high since February 28, down nearly 40 points, and the retest at 107 level is now at 107.04.
In recent weeks, global stock markets have been volatile as investors worry that the escalation of a tit for tat trade war between the world's two largest economies will hamper economic growth. On Wednesday, the Chinese government proposed a 25 percent tariff on a range of U.S. agricultural and other products, from aircraft to chemicals, in retaliation for U.S. tariffs on China's high-tech products.
Trade war is harmful to others and to oneself
The United States simply blames China for the imbalance in international trade, brandishes the baton of trade protection, and roughly demands that China reduce its trade surplus by 100 billion US dollars, which is totally untrue, wishful thinking, unable to achieve, and has been boycotted by stakeholders including American enterprises.
On April 5, local time, President trump asked the USTR office to impose an additional tariff on $100 billion of Chinese imports based on the "301 investigation", which is a serious violation of international trade rules, Xinhua said.
In the new era, China's economy is large in size, huge in potential and resilient enough to withstand trade wars of any scale, in any form and in any intensity. We advise the US side to recognize the situation as soon as possible and stop harming others and isolating ourselves.
Start the dispute settlement procedure and safeguard the legitimate rights and interests
On April 5, China filed a request for consultation with the US side under the WTO Dispute Settlement Mechanism on the US 232 measures to import steel and aluminum products, and officially launched the dispute settlement process.
The head of the Department of treaty and law of the Ministry of Commerce said in a statement that the US 232 measure, called "safeguarding national security", is actually the implementation of trade protectionism. On the one hand, the United States selectively excludes some countries and regions; on the other hand, it imposes tax measures on some WTO members, including China. This practice seriously violates the non discrimination principle of the multilateral trading system, its tariff concession commitments under the WTO and the rules and disciplines of relevant safeguard measures, and damages China's legitimate rights and interests as a member of the WTO. In view of the refusal of the US side to conduct compensation negotiations with China in accordance with WTO rules, China has to start the dispute settlement process to safeguard its legitimate rights and interests.
Us 232 investigation refers to the US Department of Commerce authorized by section 232 of the trade expansion act of 1962 to investigate whether the import of specific products threatens the national security of the US.
President trump of the United States signed a notice on March 8, imposing a 25% tariff on imported steel products and a 10% tariff on imported aluminum products, which came into force on March 23.