Export controls announcement expected soon
May 29, 2018
According to a press release issued by the White House, the US will announce investment restrictions and enhanced export controls on China by June 30.
The United States said that it will continue pursuing steps regarding trade with China, days after Washington and Beijing stated a tentative solution to their dispute and suggested that tensions had cooled.
To protect our national security, the United States will implement specific investment restrictions and enhanced export controls for Chinese persons and entities related to the acquisition of industrially significant technology,” the release said. “The proposed investment restrictions and enhanced export controls will be announced by June 30, 2018, and they will be implemented shortly thereafter.”
By June 15, Washington will release a list of some $50-billion worth of Chinese goods that will be subject to a 25% tariff, the White House said in a statement. The United States will also continue to pursue litigation against China at the World Trade Organization.
“Under Section 301 of the Trade Act of 1974, the United States will impose a 25 percent tariff on $50 billion of goods imported from China containing industrially significant technology, including those related to the “Made in China 2025″ program,” the release said.
US Treasury Secretary Steven Mnuchin said earlier that the United States and China had both put a hold on tariffs and agreed to a framework for a trade deal.
On May 22, answering the question about the tariffs, Trump stated that he would not talk about the trade deal, saying “I don’t like to talk about deals until they’re done.”
Tensions between China and the United States had escalated in recent months as US President Donald Trump threatened to impose steep tariffs on Chinese exports to the United States. In response, Beijing vowed to retaliate against US exports to China with a matching value.
China has decided to cut import tariffs on automobiles and auto parts starting on July 1, according to the Customs Tariff Commission of the State Council, the country’s cabinet.
This article was posted: Tuesday, May 29, 2018 at 12:45 pm