Chinese Importers Apply For Waivers On Import Tariffs On US Goods

US can’t use pressure to bend Beijing's knee on a trade deal, warns China

The unusual move to store such large volumes of the US oilseed comes as China faces the specter of a drawn out trade conflict with its second-largest supplier of the commodity after tensions between the two escalated abruptly last month.

The report also says the United States move to impose additional tariffs has cast "a shadow over the bilateral economic and trade consultations and world economic growth".

"Cooperation is the only right option", Zhang told more than 500 entrepreneurs and officials from China and the US state of California.

"China-U.S. trade and economic consultations have suffered severe frustrations because the U.S. raised tariffs on $200 billion worth of Chinese goods from 17-percent to 25-percent, and announced the start of procedures for raising tariffs on $300 billion worth of Chinese exports", stated Chinese Commerce Vice Minister Wang Shouwen. On February 25, 2019, the USA announced the postponement of the additional tariffs scheduled for March 1 on US$200 billion of Chinese exports to the US. The right to development cannot be sacrificed, still the less can sovereignty be undermined.

Wang Shouwen, China's vice commerce minister and deputy worldwide trade representative, said China would issue more detailed information on the unreliable entities list soon, but that it was aimed at enterprises that "violated market principles" and cut supplies of components to Chinese businesses for non-commercial reasons.

Citing research results from US institutions and the International Monetary Fund, the white paper provides evidence on how the increased tariffs have elevated production costs for USA businesses, raised consumer prices for US households, put the brake on the US economy, and placed a lid on US exports to China. Wang was quoted to have said that "when you give them an inch, they want a yard", referring to US demands on purchases of American products.

It is unclear exactly how many United States companies do business with China, but the American Chambers of Commerce (AmCham) in Beijing and Shanghai count more than 2,000 member firms between them.

"These acts contradicted the agreement reached by the two presidents to ease friction through consultation - and the expectations of people around the world - casting a shadow over the bilateral economic and trade consultations and world economic growth", the authors of China's paper said. In the ensuing 90 days, the working teams of China and the US held three rounds of high-level consultations in Beijing and Washington D.C., reaching preliminary consensus on many matters of principle for the China-US economic and trade deal.

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"A mutually beneficial and win-win relationship with strong complementarity and interlinked interests has been forged, benefiting not only the two countries, but also the entire world", said the Asian economic giant.

It added, "China will not compromise on major issues of principle".

The trade war is already weighing on the global economy and China's "White Paper" laid out some of its impact so far.

"There were no bitter recriminations, the repeated instances of USA backtracking were objectively laid out, and certainly no strong statement of threat or counter-measures was issued", said Gupta. In the previous more than ten rounds of negotiations, the United States administration kept changing its demands.

China's State Council Information Office has spoken. It shows that the US accusations are utterly unfounded and Washington is acting arbitrarily by slapping increased tariffs and imposing investment restrictions. In the 5,000-word document, Beijing hinted that while it is willing to resume negotiations, it will no longer initiate trade talks.

Its latest rhetorical salvo is a so-called White Paper that blames the United States (US) for the breakdown in trade talks, accuses it of unreasonable demands and implies it uses beggar-thy-neighbour unilateralism.

Speaking at a news conference, Vice-Minister of Commerce Wang Shouwen said the United States accusations of China reneging on the agreement are groundless.

It was previously expected that Trump will meet with Chinese President Xi Jinping during the G20 conference by the end of this month.

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