Trump defends administration's trade strategy with China

Trump defends administration's trade strategy with China

Trump defends administration's trade strategy with China

The spokeswoman did not provide any details on proposed investment restrictions or other actions to be taken under the administration's Section 301 probe into China's intellectual property practices.

Treasury Secretary Steven Mnuchin "discussed options for the president's consideration on the matter", a Treasury spokeswoman said.

As the administration continues its discussions with China, Congress is taking some initial steps to curtail the president from giving too much relief to one particular company that is representative of some of China's trade violations: ZTE, a telecom sanctioned in April over concerns that the Chinese government was using ZTE technology to spy on Americans.

"More false promises and delaying tactics", tweeted Dan DiMicco, a former steel executive who served as a trade adviser to Trump during the presidential race.

On Tuesday, Trump said a resolution of the ZTE sanctions would also help US companies that supply the Chinese firm: ZTE "can pay a big price without necessarily damaging all these American companies. you're talking about tremendous amounts of money and jobs to American companies".

USA stocks rose on Monday and gains in industrials helped propel the Dow to a more than two-month closing high, after a truce between the United States and China calmed fears that a trade war might be imminent.

After three days of talks that concluded Saturday, China and the United States issued a vague joint statement saying that China would increase its purchase of USA goods and services and that talks would continue in China to flesh out the details. A week ago, Trump tweeted that he was working with Chinese President Xi Jinping to put ZTE "back in business, fast".

Trump has said he will negotiate a tough deal with China in order to protect American workers.

Treasury Secretary Mnuchin predicted a big increase - 35 percent to 45 percent this year alone - in farm sales to China and a doubling in sales of energy products to the Chinese market.

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Media reports suggested that the USA was offering to swap a ZTE rescue for an end to proposed Chinese tariffs on US farm products.

"They failed to drill down on the biggest frictions facing USA businesses and on those where we are most able to move the Chinese", said Mary Lovely, a Syracuse University economist who specializes in trade.

China has frequently argued that the trade imbalance can be fixed by the US lifting strict export curbs on high-technology goods.

"On China, Barriers and Tariffs to come down for first time", Trump tweeted. China on Tuesday made a conciliatory gesture by cutting the tariff on imported vehicles to 15 percent from 25 percent, effective July 1. "The deal does nothing to reduce the United States trade deficit, grow American jobs, or boost domestic manufacturing".

On Sunday, Mnuchin said the president was not "going easy" on China with regard to ZTE. "The framework deal reported this weekend only makes it worse", Stumo said.

The dollar hovered near five-month highs against a basket of currencies, boosted by the U.S.

But Jacob Parker, vice president of China operations at the U.S.

With a 3.6% advance, Boeing was the Big Board's best performer on the back of the easing of trade tensions between the world's two largest economies.

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