Thursday, 19 July, 2018

Cargill has 'significant concerns' over US-China trade spat

Proshare Trump justifies decision to intervene in ZTE case
Lisa Bryan | 15 May, 2018, 22:36

Officials from Beijing are expected to arrive in D.C. armed with a list of items they will offer to import from the U.S.to meet that goal, The Wall Street Journal reported.

"U.S. tariffs, together with certain Chinese retaliation, will disrupt global trade and supply chains, further damaging American businesses, workers, farmers, ranchers, and investors", the U.S. Chamber of Commerce warned, adding "unilateral tariff strategies have no record of historical success and have always led to unintended consequences". "Commerce Department has been instructed to get it done!" Commerce Secretary Wilbur Ross said much the same on Monday.

President Donald Trump has stepped into the row surrounding the seven year ban on U.S. companies supplying Chinese telecommunications maker ZTE with software and components.

"The President's Tweet underscores the importance of a free, fair, balanced, and mutually beneficial economic, trade and investment relationship between the United States and China".

He added that US President Donald Trump would like to see a "dramatic increase" in food exports to China.

Shortly thereafter, the Chinese government reportedly restarted its review of the application of Qualcomm-a US telecom company-to acquire the Chinese company NXP.

U.S. Ambassador to China Terry Branstad, who was at the Beijing talks, said earlier on Tuesday the United States wants a timetable on how China will open up its markets to U.S. exports as the two countries are still not close to resolving trade frictions.


"As a result of the Denial Order, the major operating activities of the Company have ceased", ZTE said.

National Security Agency documents disclosed several years ago by renegade contractor Edward Snowden disclosed that the agency has succeeded in penetrating Chinese telecommunications equipment and used the gear for electronic spying around the world. By cutting off access to US suppliers of essential components such as microchips, the ban threatens ZTE's existence, the company has said.

The pre-installed software was discovered on Android phones and was produced by Shanghai Adups Technology Co. and deployed on more than 700 million phones, cars, and other smart devices.

Meanwhile, the National Retail Federation expressed concern that the two countries' trade dispute would harm the USA economy.

USA security concerns about Chinese telecom equipment also were voiced by senior US intelligence leaders during congressional testimony earlier this year. "It is because they got caught helping North Korea and helping Iran evade sanctions and they were punished for it".

Senate Democrats also criticized the president for appearing to give in to Chinese pressure on the ZTE sanctions.

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