China announces cutoff of North Korean imports

15 August, 2017, 00:13 | Author: Kristopher Anderson
  • Chinese newspaper says Trump inquiry could spark trade war, 'intensify tensions'

China is accused of trying to take a short cut by spying, hacking or forcing companies to hand over their intellectual property, such as a patent on a software product. "There will be no victor", she added, noting that all World Trade Organization members must respect its rules. American companies "should not be forced or coerced to turn over the fruits of their labour", the official said, adding that the cost of intellectual theft on United States economy is estimated to be as high as Dollars 600 billion a year.

USA and European companies have long complained of Chinese rules that force them to turn over their industrial secrets if they wish to do business in China.

Trump will likely order U.S. Trade Representative Robert Lighthizer to investigate the country's practices. The investigation is being ordered under US Trade Act of 1974, which officials said permits the USTR to investigate acts, policies or practices of a foreign country to determine whether they are indeed unreasonable or discriminatory that burden or otherwise restrict US commerce. If approved, the investigation is expected to take as much as a year, officials said.

Some experts say the wording of the memorandum is watered down, reflecting how high a priority North Korea is for the administration. Chinese media poured cold water on the Trump administration tactics.

Chinese experts cited by the state-run Global Times newspaper on Monday also warned of the dangers of such investigation.

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Iron ore cargoes from North Korea usually sell for about 100 yuan a tonne less than those from top suppliers, Australia and Brazil, a third China-based trader who handles iron ore but is not involved in North Korean business said. "Trump is, again, waving the stick to push for his 'deal, ' testing how China would respond". Xi urged both sides not to do anything that would aggravate tensions. Yet, steel and aluminum industries are hardly weak points for China, where most production is sold at home.

"I did condemn. They have been condemned", Trump said. Instead, Trump had two interactions with reporters - one earlier in the day when he made a statement condemning the hate groups.

A bigger risk for Trump might be that after the rhetoric and potential sanctions, China's economic momentum continues chugging along undisturbed. "But if China helps us, I feel a lot differently toward trade - a lot differently toward trade". (CICC). The shock would be even smaller should China redirect trading to other nations, CICC analyst Liu Liu in Beijing wrote in a report last Wednesday.

"Fighting a trade war has no future". Like China, the USA benefits more from bilateral trade ties.

The second are products that are similar to those China exports in large quantities to the USA, such as steel or petrochemical products, Sun said. "If you think long term from this angle, there's no need to have a trade war at all".

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