United States argues WTO insufficient to address concerns about China’s trade policies
At the seventh review of China’s trade policies at the World Trade Organization (WTO) -- part of a regular process for all WTO members -- US Ambassador Dennis Shea stated that while China’s unfair and distortive trade practices needed a “reckoning”, the WTO rules are insufficient to deal with China’s state-led policies and any negotiation to change WTO rules would take too long. “The best solution...
The US-China trade battle escalated early Friday morning, as the United States imposed tariffs on $34 billion in imported Chinese goods, and China responded in kind with retaliatory tariffs worth the same amount. As Washington Update goes to press, however, it is unclear when the United States will follow through on President Trump’s directive to identify an additional $200 billion in Chinese imports to target for tariffs in counter-retaliation.
The US-China Business Council issued a...
White House chooses CFIUS over executive action on investment restrictions
As reported previously to USCBC members, President Trump announced Wednesday that he had decided against using much-anticipated new measures to restrict Chinese access to US technology and instead to use existing tools. Trump said that changes to US foreign investment rules expected to soon pass Congress in the form of the Foreign Investment Risk Review Modernization Act (FIRRMA), will “modernize our tools for...
US and China threaten further tariffs; no talks scheduled yet
Following President Donald Trump’s directive this week that the Office of the US Trade Representative identify another $200 billion to $400 billion worth of Chinese goods for tariffs, China’s Ministry of Commerce announced Tuesday that it would respond “quantitatively and qualitatively” to any additional tariffs levied on Chinese exports to the US. USCBC issued a statement on Tuesday urging both governments to begin...
Secretary of State to briefly visit China after North Korea summit
The State Department announced Thursday that Secretary of State Mike Pompeo will make a brief stopover in Beijing on his return from the planned Trump-Kim summit in Singapore on June 12. The visit will take place on June 14, when Pompeo is expected to discuss issues of interest to both countries, likely focusing on the North Korea meeting and other strategic issues. USCBC sources have indicated he is only expected to...
Ross eyes energy and agriculture deals on China trip
Commerce Secretary Wilbur Ross is scheduled to be in Beijing June 2-4 to continue discussions between the US and China over trade issues, following recent meetings in DC and earlier in Beijing. News reports indicate his agenda will focus on finalizing deals in the energy and agricultural sector, which were noted as outcomes of Chinese Vice Premier Liu He’s visit earlier this month.
Ross...
CFIUS and export control reform bills move forward
The most recent version of the bill to reform the Committee on Foreign Investment in the US (CFIUS), along with a bill to reform export controls, were added to the Senate’s defense bill, now titled the John S. McCain National Defense Authorization Act for Fiscal Year 2019. The measure would expand the scope of deals covered by CFIUS. The export controls bill, introduced in February by Representative Edward Royce (R...
US-China trade talks continue
As Washington Update goes to press, Chinese negotiators, led by Vice Premier Liu He, continue to meet with their US counterparts in Washington about potential progress on commercial issues in the relationship. USCBC will report on outcomes as information becomes available.
Updates on investment restrictions: CFIUS, export controls, Section 301
Executive and legislative action is expected next week that will affect foreign investment in...
Ongoing US-China trade discussions may include visit by Vice Premier to Washington
Following US trade officials’ visit to Beijing last week, the US and Chinese governments are discussing a potential visit by Vice Premier and chief economic advisor Liu He to Washington in the coming weeks. An advance team from China arrived in the US on Thursday, lead by Vice Minister of Commerce Wang Shouwen, to discuss the agenda for the visit. Despite early reports that Liu will visit during the...
US, China end trade talks; next steps uncertain
US-China trade discussions this week have wrapped up, with no formal announcements yet but leaked negotiating documents from both sides. The US delegation, led by Treasury Secretary Steven Mnuchin, came with a long list of asks covering the trade deficit, investment restrictions, intellectual property theft, and subsidies among other issues. The White House issued a statement this afternoon saying that the US delegation would brief...
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