Sunday, 18 November, 2018

White House adviser: U.S. wants China trade deal as talks resume

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Pablo Mccormick | 15 May, 2018, 22:31

Meanwhile, the National Retail Federation expressed concern that the two countries' trade dispute would harm the USA economy. She is the chair of the global trade and government regulations practice at the firm Dechert, LLP. The U.S. accused ZTE of misleading American regulators after it settled charges of violating sanctions against North Korea and Iran.

Today begins three days of trade hearings in which U.S. corporations will make their case against President Trump's proposed $50 billion in tariffs on Chinese imports.

The Office of the U.S. Trade Representative (USTR) said on Monday that it will hold public hearings on the Trump administration's proposed tariffs on approximately 50 billion U.S. dollars worth of imported Chinese goods from Tuesday to Thursday.

In a statement Monday, Ross noted taking action on ZTE is a different issue than the trade dispute with China.

Partially state-owned ZTE makes cellphones, network switching equipment and other telecommunications equipment. "The more we can work things out, the better it's going to be not just for USA and China, but for the entire world economy", he said. "Commerce Department has been instructed to get it done!"

President Trump has directed the Commerce Department to look into easing US economic sanctions against China's major telecommunication company linked to illicit trade with rogue states.

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Trump had pledged to help China's ZTE "get back into business".

"Trade negotiations are continuing with China". "Free and open trade, I think that's the solution".

DeBusk, a former Commerce Department assistant secretary for export enforcement, said Trump's announcement indicates "he is looking to accomplish his objectives on trade with China on a much larger level".

ZTE should not be operating in the United States and should not have easy access to American technology, Rubio said. Earlier this month China responded in turn, threatening to impose a similar amount in levies on over 100 USA imports including soybeans, and automobiles. The block on ZTE was a heavy blow for the company but also hurt the US companies it buys from. It would reduce US gross domestic product by almost 3 billion dollars and destroy 134,000 American jobs annually, according to a new study recently released by the federation and the Consumer Technology Association. Trump appears willing to negotiate, and just over the weekend announced his intention to help Chinese electronics maker ZTE, which was on the brink of collapse after USA imposed penalties on it last month for breaking sanctions against Iran and North Korea. ZTE has asked the department to suspend the seven-year ban on doing business with USA technology exporters.

ZTE is known to rely on importing chips from USA firms such as Qualcomm and Intel for up to a third of its components.

The first round of trade talks between China and the USA took place in Beijing on May 3 to 4. Both sides had been expected to dig in for a fight over their trade imbalance at this week's talks.

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Ross went on to praise President Trump for fulfilling his campaign promises and making trade more fair with China. "But be cool, it will all work out!"

"The Company and related parties are actively communicating with the relevant United States government departments in order to facilitate the modification or reversal of the Denial Order by the USA government and forge a positive outcome in the development of the matters", said ZTE.

ENERGY: Benchmark U.S. crude oil gained 13 cents to $71.09 a barrel in electronic trading on the New York Mercantile Exchange.

Commerce Secretary Wilbur Ross last month accused ZTE of misleading the department and warned, "This egregious behavior can not be ignored".

Senate Democrats also criticized the president for appearing to give in to Chinese pressure on the ZTE sanctions.

In 2012 the US House Intelligence Committee had warned that both Huawei and ZTE posed a national security threat and recommended they were banned from the US.

Iran nuclear deal: Envoy starts diplomatic tour after USA withdrawal
After the Chinese capital, Zarif will attend talks in Moscow and Brussels with representatives of the pact's other signatories. By pulling out of the deal, the United States also undermined the diplomatic efforts to global issues, he added.

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