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Financial News: US Blames China For Creating Trade Dispute

US Blames China For Creating Trade Dispute

04/05/2018 - 12:36:00 (RTTNews)

(RTTNews) - The White House says China is to blame for the trade dispute exacerbated by the public declarations of potential tariffs on each other's products.

The U.S. Trade Representative Tuesday published a proposed list of 1300 products imported from China that could be subject to 25 percent tariffs. China retaliated by announcing its plan to impose the same tariff on 106 U.S. products worth $50 billion, including aircraft, cars, chemicals, agricultural products such as soybeans, corn, beef, orange juice and tobacco.

USTR made it clear that the products subject to the additional duties will be finalized only after further review, while Chinese Finance Ministry said the date of implementation will depend on when the U.S. government impose the tariffs on Chinese products.

In the wake of statements by Economic Advisor Larry Kudlow and Commerce Secretary Wilbur Ross that negations are the most likely way the trade dispute is going to be resolved, a reporter asked White House Press Secretary Sarah Sanders during a routine press briefing if President Donald Trump intends to put the tariffs on the table.

Sanders said the U.S. Government is going through the review period. "It'll be a couple of months before tariffs on either side would go into effect and be implemented. And we're hopeful that China will do the right thing," she told reporters.

"China created this problem, not President Trump," according to Sanders. "But we finally actually have a President who's willing to stand up and say, enough is enough, we're going to stop the unfair trade practices. We're asking China to stop unfair trade practices and we're going to work through that process over the next couple of months," she added.

To another question, she said she would anticipate that, if there are no changes to the behavior of China and they don't stop the unfair trade practices, "then we would move forward."

Earlier, Trump dismissed the idea that he is instigating a trade war. While talking media reporters, Chinese Vice Minister of Commerce Wang Shouwen said, "China does not want a trade war, as there will be no winners... But we are also not afraid of it. If someone insists on starting such a war, we will fight till the end."

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