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Chinese state media slams US trade announcement, says Beijing ready to fight

Chinese state media slams US trade announcement, says Beijing ready to fight

The new policies come as Trump renews his threat to place 25 percent tariffs on $50 billion worth of Chinese goods.

President Trump said Tuesday that he would proceed with tariffs on $50 billion in Chinese imports and introduce new limits on Chinese investment in USA high-tech industries as part of a broad campaign to crack down on Chinese acquisition of US technology. What goods will be included in the tariff policy has been up for debate, but the final list will be released on June 15th.

It is the latest twist in a trade dispute between the United States and China that has roiled financial markets and prompted the International Monetary Fund to warn of a trade war that could undermine the broadest global upswing in years.

Likewise, the USA will request that China remove all of its many trade barriers, including non-monetary trade barriers, which make it both hard and unfair to do business there, it said. The list of targeted goods will be announced by June 15 and imposed shortly after, the White House said.

The tariffs and investment restrictions, as well as a case brought by the U.S. against China before the World Trade Organisation, are the outcome of an investigation launched a year ago into intellectual property practices in China.

The United States is also preparing to implement investment restrictions and export controls meant to restrict access of Chinese people and companies to American technology.

FILE - A motorcade leaves the U.S. Embassy after U.S. officials had trade talks with Chinese counterparts, in Beijing, China, May 4, 2018.

Commerce Secretary Wilbur Ross is to visit Beijing this week to try and get China to agree to firm numbers for additional US exports to the country.

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Earlier this month, the U.S. Department of Defense banned all smartphones and mobile modems from Chinese manufacturers ZTE and Huawei on all U.S. military bases worldwide.

The administration laid out a list of abusive trading actions by China - including placing high tariffs on U.S. goods and banning some imports - that have led to America's $375 billion trade deficit in 2017.

"China's attitude, as always, is: we do not want to fight, but we are also not afraid to fight", it said in a commentary.

In the announcement, the US government listed a range of grievances against Chinese trade practices, ranging from product dumping to industrial subsidies to forced technology transfer. Trump has said that ZTE is part of the larger trade talks.

"We're putting the trade war on hold", Mnuchin told Fox News last weekend.

US Commerce Secretary Wilbur Ross is scheduled to travel to China this week for another round of discussions.

Separately, on Friday, the USA reached a deal on ZTE Corp. that will allow the Chinese telecommunications giant to remain in business. China has made similar promises to act better on trade with the U.S.in the past.