Ahead of Ross visit, US group calls on China to open markets

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The US trade sanctions announced in March including restrictions on Chinese investment, export controls and 25 percent tariffs on as much as $50 billion in Chinese tech goods remain under development, the White House said.

"Chinese and U.S. envoys sparred at the World Trade Organization on Monday over U.S. President Donald Trump's claims that China steals American ideas, the subject of two lawsuits and a White House plan to slap huge punitive tariffs on Chinese goods". The list of restrictions will be announced by June 30, the White House said.

The Trump administration on Tuesday renewed its threat of additional 25 percent tariffs on $50 billion of Chinese goods in response to complaints Beijing steals or pressures foreign companies to hand over technology.

But that was before the USA said it will unveil new potential investment restrictions in the hi-technology sector by the end of June and start imposing tariffs as early as mid-June.

Xi's address at the opening of the joint annual conference of the Chinese academies of sciences and engineering therefore addresses the crux of the whole trade deficit issue - China's uncompromising focus on acquiring core technologies.

"Whatever measures the USA takes, China has the confidence, capability and experience to defend the interests of Chinese people and the core interests of the country", it said. In retaliation, China threatened to impose a 25 percent tariff on United States dollars 50 billion worth of U.S. exports.

All the talk of reducing the massive U.S. trade deficit boils down to one issue - technology.

According to the US, China has "aggressively sought to obtain technology" from US companies and undermine US innovation and creativity.

We are just days away from when US Commerce Secretary Wilbur Ross will visit China for trade talks in early June, amid ongoing trade frictions between the world's two largest economies.

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U.S. has already requested China to remove all of its several trade barriers, including non-monetary trade barriers, which make it both hard and unfair to do business there, it said.

"The second thing is, the president has said we lost the trade war long ago", he said.

Some trade experts said the tariff announcement is likely meant to strengthen Ross's hand.

The deal to reduce China's trade surplus with the US was separate from the USA probe into China's alleged theft of intellectual property.

Mr. Trump has often talked about challenging what he has described as China's unfair trade practices, but his advisers are deeply divided over the best course for doing so.

The fund's recommendations chime with the criticisms that the Trump administration has leveled at Beijing in the course of the current trade dispute.

In a brief statement, the White House said President Donald Trump is planning "multiple steps" to protect domestic technology and intellectual property from certain "discriminatory and burdensome trade practices by China".

He said the two countries were in talks and had made "meaningful progress".

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