wnol.info March 23 2018

Trump Seeks Probe by His Trade Office of China's Practices

March 23 2018, 01:34 | Perry Erickson

Trump Seeks Probe by His Trade Office of China's Practices

China North Korea

A Beijing-based foreign diplomat who is familiar with the matter said that Wu, who turns 71 in December, had reached retirement age.

China has appointed a new special envoy for the North Korean standoff, the foreign ministry said on Monday, a relatively low-profile diplomat now in charge of Asian affairs, amid renewed global concern over China's nuclear-armed neighbor. "There will be no victor", she added, noting that all World Trade Organization members must respect its rules.

Two days after his return to Beijing, North Korea launched the rocket, widely viewed as a ballistic missile test in disguise, further ratcheting up tensions.

The softened language in Monday's order is the second time in as many weeks that Trump has agreed to changes to ease the potential backlash from China.

In a report published this year, the Commission on the Theft of American Intellectual Property named China as the main offender, estimating it costs the USA economy up to $600 billion a year.

"China's unfair trade practices and industrial policies including forced technology transfer and intellectual property theft harm the U.S. economy and its workers", a second administration official said.

And then on Thursday, when speaking with reporters, Trump said in relation to North Korea, "if China helps us, I feel a lot differently toward trade".

While administration officials said Saturday that it's too early to discuss specific actions against China, such an investigation could eventually pave the way for Trump to impose tariffs on Chinese goods.

He said the two economies are so closely linked that it's hard for the United States to find a specific industry to assail without triggering repercussions from China.

In the afternoon, Trump is expected to sign a memorandum directing US Trade Representative Robert Lighthizer to determine whether Chinese policies hurt American investors or companies - with retaliatory US trade measures a possible outcome. If USTR moves forward, the investigation could take as long as a year. From lamps to birthday candles, from flip-flops to mouse traps, "Made in China" goods have long become an indispensable part of everyday life for many US households.

China's Commerce Ministry issued a ban, effective from Tuesday, on several imports from North Korea, including coal, iron ore, lead concentrates and ore, lead and seafood, a move that is in line with United Nations sanctions announced this month.

Trump's approach to trade is being watched closely by the entertainment industry.

The U.S. government's threat to investigate China's trade practices is "politically expedient" and the unilateral move will harm mutually beneficial China-U.S. trade ties and ultimately hurt the American consumers, experts said.

In a worst-case scenario of full trade war, China's exports to the USA would drop, but that would shave off just 0.1 percentage point from China's economic-growth rate, according to China International Capital Corp.

Similarly, the president also asked for a review about whether steel and aluminum imports were jeopardizing national security.

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