U.S. tariffs on China are working, U.S. Secretary of Commerce says




U.S. tariffs on China are working, U.S. Secretary of Commerce says
U.S. tariffs on China are working, U.S. Secretary of Commerce says  

By Colin Packham

SYDNEY (Reuters) - Tariffs are forcing China to pay attention to U.S. concerns, according to a copy of a speech to be given by U.S. Secretary of Commerce Wilbur Ross on Thursday.

Ross said the United States would have preferred not to implement tariffs against Chinese goods more than a year ago, which ignited a trade war that slowed global commerce and threatened decades-old systems, but added that it has forced Beijing into action.

"We do not love tariffs, in fact we would prefer not to use them, but after years of discussions and no action, tariffs are finally forcing China to pay attention to our concerns," Ross was quoted as saying in a copy of a speech seen by Reuters.

Ross is on an official visit to Australia.

Top U.S. and Chinese trade and economic officials will meet in Washington on Thursday and Friday to try to end a 15-month-old trade war.

Without significant breakthrough, Trump is set to hike the tariff rate on $250 billion worth of Chinese goods to 30% from 25% next Tuesday.

Negotiators had made no progress in deputy-level trade talks held on Monday and Tuesday in Washington, the South China Morning Post (SCMP) said, citing unnamed sources with knowledge of the meetings.

The two sides have been at loggerheads over U.S. demands that China improve protections of American intellectual property, end cyber theft and the forced transfer of technology to Chinese firms, curb industrial subsidies and increase U.S. companies' access to largely closed Chinese markets.


(Reporting by Colin Packham; Editing by Shri Navaratnam)

COMMENTS

More Related News

Trump says
Trump says 'phase 1' China trade pact on track for November

US President Donald Trump on Monday said progress in developing the text of a partial trade pact with China means he will likely be able to sign it next month. Trump remains upbeat on the chances Beijing and Washington will seal the mini-deal he announced earlier this month -- marking a cooling-off period in the two nations' damaging trade war. "We'll be able to, we think, sign a completed document with China on phase one," Trump said at the White House.

China issues stinging rebuke of US at Beijing defense forum
China issues stinging rebuke of US at Beijing defense forum

China's defense minister lashed out at U.S. foreign policy Monday, saying China wasn't fazed by sanctions, pressure or a "big stick" approach, while reiterating threats to force the self-governing island democracy of Taiwan to accept rule from Beijing. Gen. Wei Fenghe did not refer directly to the U.S. in his opening remarks at the Xiangshan Forum, an annual gathering in Beijing patterned on other multilateral gatherings such as Singapore's Shangri-la Dialogue.

China seeks $2.4 billion in sanctions against U.S. in Obama-era case: WTO
China seeks $2.4 billion in sanctions against U.S. in Obama-era case: WTO

China is seeking $2.4 billion in retaliatory sanctions against the United States for non-compliance with a WTO ruling in a tariffs case dating to the Obama era, a document published on Monday showed. WTO appeals judges said in July that the United States did not fully comply with a WTO ruling and could

Why Would Russia, China-and Iran-Plan Joint Naval Exercises?
Why Would Russia, China-and Iran-Plan Joint Naval Exercises?
  • World
  • 2019-10-21 08:59:59Z

Photo Illustration by Elizabeth Brockway/The Daily BeastKARACHI, Pakistan-The waters around the Arabian Peninsula have calmed for the moment, but preparations for combat continue, with joint exercises and security conferences showing just how profoundly the region's strategic balances are shifting.As confidence declines in U.S. President Donald J. Trump's ability to navigate the difficult moral and military choices in the region, new players are entering the picture in and around the Persian Gulf.Can Trump Lie His Way Out of War With Iran? Yep. That's What He's Been Doing.An Israeli delegation attended a U.S.-backed maritime-security conference that began Sunday in Manama with delegations...

Asian shares mixed amid uncertainties on Brexit, China trade
Asian shares mixed amid uncertainties on Brexit, China trade

Asian shares were mixed Monday amid uncertainties about Britain's exit from the European Union and the ongoing trade conflict between the U.S. and China. Japan's benchmark Nikkei 225 gained nearly 0.3% in early trading to 22,548.07. South Korea's Kospi picked up 0.2% to 2,065.68, while Hong Kong's Hang Seng added 0.2% to 26,778.99.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy

facebook
Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.