US Secretary of Commerce says China more protectionist, as trade talks resume
U.S. Secretary of Commerce Wilbur Ross says on Thursday, October 10, China has become more protectionist in its trade policy.
Speaking in Sydney, Australia, Ross reiterates that America favors trading with China but "fundamental issues" need to be addressed.
Ross urges the Chinese regime to observe international trading rule, as he alludes to the Sino-U.S. trade negotiations back in Washington.
[Wilbur Ross, US Secretary of Commerce]: "This rule-based order is at the heart of our dealings with China. We are not opposed to trade with China were greatly in favor of it. In fact we're hosting negotiations with them later this week in Washington. But we're at it we are addressing fundamental issues in our trade relationship with China, including forced technology transfers, cyber intrusions, stealing of IP and industrial subsidies to state-owned enterprises.”
He reminds China of its WTO’s obligations: "China was admitted into the WTO (World Trade Organization) on the theory that it would live up to its obligations. But there were no effective enforcement mechanisms in case they did not. And China has not really changed its behavior, if anything in some ways, its practices have become more protectionist then before."
Meanwhile, back in Washington, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin meet Chinese Vice Premier Liu He and his delegation for negotiations on Thursday morning.
They have started the 13th round of talks, to end the 15-month trade war between the world’s two biggest economies.
The two nations are locked in a trade impasse over U.S. allegations that China steals technology and forces foreign companies to hand over trade secrets.
The United States smacked tariffs on over $360 billion worth of Chinese imports and plan to slap another $160 billion by December 15. The Chinese retaliated by imposing tariffs on about $120 billion in U.S. goods, especially farm products.
The U.S. Secretary of Commerce explains the rationale for tariffs.