File photo of US-China flag. Photograph:( Reuters )
The United States said on Tuesday that it will continue pursuing action on trade with China, days after Washington and Beijing announced a tentative solution to their dispute and suggested that tensions had cooled.
By June 15, Washington will release a list of some $50 billion worth of Chinese goods that will be subject to a 25 per cent tariff, the White House said in a statement. The United States will also continue to pursue litigation against China at the World Trade Organization.
In addition, by the end of June, the United States will announce investment restrictions and "enhanced export controls" for Chinese individuals and entities "related to the acquisition of industrially significant technology," it said.
In mid-May, China agreed to increase purchases of US agriculture and energy products, and last week, the US Commerce Department told lawmakers it had reached a deal to put Chinese telecommunications firm ZTE Corp back in business.
While the announcements eased worries about the possibility of a trade war between world's two largest economies, US President Donald Trump also said last week that any deal between Washington and Beijing would need "a different structure," fueling uncertainty over the talks.
Trump has threatened to impose tariffs on up to $150 billion of Chinese goods to combat what he has labeled unfair trade practices on the part of Beijing. Meanwhile, China has warned of equal retaliation, including duties on some of its most significant US imports, like aircraft, soybeans and vehicles.
Europe could end up rueing a potential new deal between China and the United States after the two sides stepped back from a trade war, France's Economy Minister Bruno Le Maire warned Sunday.
"The United States and China risk entering an agreement at the expense of Europe if Europe is not capable of showing a firm hand," Le Maire told CNEWS television.
"The United States wants to make Europe and European countries pay for China's bad behaviour. All of that is totally absurd and incomprehensible for allies," he said.
Singapore Prime Minister Lee Hsien Loong said on Saturday a mounting trade spat between the United States and China was one of the most pressing concerns for Southeast Asian nations.
Lee flagged his concerns in remarks made as he opened a summit of the 10-member Association of Southeast Asian Nations (ASEAN), for many of which the United States and China are the top two trading partners.