American Import Duties – Beijing Regrets Regarding Increased Refunds on Friday

Share Button

Beijing deeply regretted that the US party raised its $ 200 billion Chinese commodity tariff from $ 10 billion to $ 25 per cent, and will be forced to take countermeasures on this matter, according to a statement issued by the Chinese Ministry of Commerce on Friday. that the Chinese delegation led by the Chinese Deputy Prime Minister Liu Ho will be in Washington on the second day of the eleventh round of bilateral trade negotiations.

At the same time, the Ministry expressed the hope that the two parties’ positions are approaching the Washington talks and that they will find a solution to the existing problems through a joint effort.
The same message was broadcast by the Chinese negotiators in Washington, according to a statement by Xinhua China State News Agency.
Kao Feng, spokesman for the Chinese Ministry of Commerce, pointed out on Thursday that the decision to go to Washington to negotiate the Liu Ho delegation despite the American threat proves China’s “maximum sincerity”. The spokesman added, however, that China’s attitude was consistent and Beijing would not allow any pressure. He stressed that they were prepared for every chance.
The Chinese Deputy Prime Minister arriving in Washington on Thursday held a one-and-a-half-hour discussion with the US-led Robert Lighthizer and Chief Finance Officer Steven Mnuchin, but none of them commented on the press.
Before the meeting, Liu Ho told the Chinese press that a further increase in tariffs would be counterproductive for both parties.
Extra-tariff charges of $ 10 billion to 25 percent on Chinese goods, worth $ 200 billion, will come into force on Friday at zero hour 1 minute on the east coast. President Trump said in this regard that if the two parties fail to reach an agreement, the United States will return to its old practice and produce the goods that China currently produces.
However, the increased surcharges will not apply to Chinese products that left China’s ports before the Friday deadline – in reality, three to four weeks are still available for further negotiations between the parties until Chinese cargo ships cross the Pacific. According to a report by Goldman Sachs, US financial institute Thursday, this few weeks of time sets a “soft” deadline for an agreement.
Until the last weekend, all the signs were that the two sides would soon agree, but on Sunday, US President Donald Trump unexpectedly announced that he would raise tariffs on Chinese imports into the United States. US officials explained the decision later that before the eleventh round of bilateral talks, Beijing unexpectedly withdrew its earlier promises, since the seven-part draft agreement deleted the sections in which China is committed to remedying the US objections by amending the legislation , namely, the protection of intellectual property and trade secrets, enforced technology transfer, competition rules, access to financial services and influencing currency exchange rates.

Leave a Reply

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