The United States is not convinced China is willing to make sufficient
progress on trade, the U.S. ambassador to China said on Friday, as the
world’s two biggest economies remain locked in spiralling disputes.
U.S. President Donald Trump is set to impose tariffs on billions of
dollars worth of Chinese imports on July 6 to punish China for what the
United States says are intellectual property abuses.
Speaking at the opening of a financial forum in Beijing, the U.S. ambassador, Terry Branstad, said there was still a chance to address issues such as non-tariff barriers, loss of intellectual property and forced technology transfers.
China unveiled on Thursday a long-anticipated easing of foreign investment curbs, including in the banking, agriculture, automotive and heavy industry sectors, as it moved to show it would fulfil pledges to open its markets further.
Branstad said there was “scepticism” in the United States that China would follow through on its pledges to truly open up in areas such as financial services.
A strengthened review process by the Committee on Foreign Investments in the United States, or CFIUS, an interagency panel that checks the national security implications of transactions, was likely, Branstad said, adding that he thought that was the right way to deal with investment issues.
Trump said on Wednesday he would use a strengthened CFIUS process to thwart Chinese acquisitions of sensitive American technologies, a softer approach than imposing China-specific investment restrictions.
White House trade adviser Peter Navarro, a harsh China critic, has argued for China-specific restrictions using an emergency sanctions law, while Treasury Secretary Steven Mnuchin has favoured a more global approach.
Speaking at the opening of a financial forum in Beijing, the U.S. ambassador, Terry Branstad, said there was still a chance to address issues such as non-tariff barriers, loss of intellectual property and forced technology transfers.
China unveiled on Thursday a long-anticipated easing of foreign investment curbs, including in the banking, agriculture, automotive and heavy industry sectors, as it moved to show it would fulfil pledges to open its markets further.
Branstad said there was “scepticism” in the United States that China would follow through on its pledges to truly open up in areas such as financial services.
A strengthened review process by the Committee on Foreign Investments in the United States, or CFIUS, an interagency panel that checks the national security implications of transactions, was likely, Branstad said, adding that he thought that was the right way to deal with investment issues.
Trump said on Wednesday he would use a strengthened CFIUS process to thwart Chinese acquisitions of sensitive American technologies, a softer approach than imposing China-specific investment restrictions.
White House trade adviser Peter Navarro, a harsh China critic, has argued for China-specific restrictions using an emergency sanctions law, while Treasury Secretary Steven Mnuchin has favoured a more global approach.
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