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China unveils list of potential retaliatory tariffs on U.S. goods

China unveils list of potential retaliatory tariffs on U.S. goods

Trump will impose tariffs on about $50 billion in Chinese goods imports to retaliate against the alleged theft of American intellectual property, White House officials said Thursday. However, the trade spat threatens to cast a pall over the ties.

Trump also gave the Treasury Department 60 days to develop investment restrictions aimed at preventing Chinese-controlled companies and funds from acquiring US firms with sensitive technologies.

The Trump administration's decision to restrict Chinese investment will have a rippling effect on U.S.jobs, a US economic expert said Friday. It said officials would "take legal action within the framework of the World Trade Organization". "And knowingly, we always have a minority, and it's not fair", President Trump said.The US President alleged that China had been indulging in tremendous intellectual property theft worth hundreds of billions of dollars on a yearly basis.

The Trump administration opened an investigation last August, acting on a series of allegations against China, including that as a condition of doing business, Beijing forces U.S. companies to enter joint ventures and transfer technology and trade secrets to domestic partners, and that American firms are not able to license intellectual property in China as freely as Chinese companies.

"We are losing to China", Lighthizer told lawmakers Wednesday.

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"China is not afraid, nor will it dodge a trade war", Mr Wei said.

China can also threaten USA companies' access to its government procurement market, which China says is worth 3.1 trillion yuan (S$644 billion).

USA companies with substantial sales to China were clobbered in the crossfire Thursday. Chinese officials last month launched a probe into American sorghum imports, and both agricultural products come from regions more supportive of Trump. China's top economic officials, a number of whom were educated in the USA, are known for their savvy of the American system and its electoral cycles.

The U.S.is essentially demanding that China "provide as much market access to the U.S.as the U.S. provides to China", said Scott Kennedy, an expert on China's economic policy at the Center for Strategic and International Studies in Washington.

It said, China a year ago bought about 3 billion dollar worth of the goods affected by the proposed higher tariffs.The ministry criticised Trump's action as a violation of global trading principles. "Xi Jinping is a nationalist. and he's not interested in giving the USA or anyone else a level playing field". It's not just China's refusal to import more freely. China is believed to be preparing its own penalties in response.