Trade tensions are ramping up ahead of Commerce Secretary Wilbur Ross’ June 2 visit to Beijing to further talks and negotiations for a broad plan that addresses trade imbalances between the U.S. and China.
In the interest of protecting domestic technology and intellectual property, the U.S. would “implement specific investment restrictions and enhanced export controls” designed to limit access Chinese people and companies have to American technology — a measure to be announced in detail on June 30 and rolled out thereafter — the White House announced on Tuesday in a three-point plan.
In addition, the U.S. would continue to pursue legal action against China with the World Trade Organization for stealing American ideas as well as impose a 25 percent tariff on $50 billion of goods imported from China related to technology. The White House plans to release a list of covered imports on June 15.
This comes after Secretary of Treasury Steven Mnuchin’s interview on “Fox News Sunday.” “We are putting the trade war on hold. Right now, we have agreed to put the tariffs on hold while we try to execute the framework” for trade concessions with China, Mnuchin told FoxNews’ Chris Wallace. (RELATED: Treasury’s Mnuchin Says US Putting Trade War With China ‘On Hold’)
Stocks fell after the news broke, as the Dow Jones industrial average dropped more than 400 points.
Still, lawmakers on both sides of the aisle agree President Donald Trump’s measures are a step in the right direction. “While obviously more details are needed, this outline represents the kind of actions we have needed to take for a long time, but the president must stick with it and not bargain it away,” New York Sen. Chuck Schumer said in a tweet on Tuesday.
While obviously more details are needed, this outline represents the kind of actions we have needed to take for a long time, but the president must stick with it and not bargain it away.
— Chuck Schumer (@SenSchumer) May 29, 2018
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