China blames U.S. for staggering trade surplus as tariffs loom

Beijing was bracing on Thursday for an announcement from U.S. President Donald Trump of tariffs of as much as $60 billion on Chinese imports, raising fears that the two countries could be sliding towards a trade war.

Jacob Parker, Beijing-based vice president of China operations at the U.S.-China Business Council said the group wanted to know what action the U.S. administration wants China to take to improve protection for intellectual property, and over forced technology transfer. “It’s really important for them to lay that out so that we have a strategy going forward and it’s not just tariffs for tariffs’ sake.” Parker said China needs to adopt a tougher deterrent against counterfeiting and IP theft, and do away with joint venture and business licensing requirements that can be used to mandate technology transfers to gain market access.