US-China Trade Dispute to be Resolved by Deal or Tariffs: Wilbur Ross
Ross said Trump was ready to impose tariffs on Chinese steel and aluminum imports and to further punish Beijing over its intellectual property practices under so-called Section 232 and Section 301 trade investigations.
National Flags of United States of America (left) and People's Republic of China (right). (File image/ Reuters)
Washington: US Commerce Secretary Wilbur Ross said on Tuesday that the Trump administration was prepared to levy tariffs on China if an American delegation heading to Beijing did not reach a negotiated settlement to reduce trade imbalances.
Ross, speaking to CNBC television before travelling to China for talks on Thursday and Friday with top Chinese officials, said he had "some hope" agreements could be reached to resolve the trade tensions between the world's two largest economies.
But he added that US President Donald Trump, who has made reducing the US trade deficit with China a key part of his administration's trade policy, would have to first approve any deals. The US delegation to Beijing also includes Trump's top economic officials, including Treasury Secretary Steven Mnuchin, US Trade Representative Robert Lighthizer, White House trade and manufacturing adviser Peter Navarro, and top White House economic adviser Larry Kudlow.
Ross said Trump was ready to impose tariffs on Chinese steel and aluminum imports and to further punish Beijing over its intellectual property practices under so-called Section 232 and Section 301 trade investigations. "If we don't make a negotiated settlement, we will pursue the 232s and impose them, we will pursue the 301 and impose them. So, one way or another, we are going to deal with this recurring problem of trade with China," Ross told CNBC.
Ross did not provide details on the Trump administration's specific demands on China but said, "We have a pretty good idea of what we need to come out with." Trump administration officials have called for a $100 billion reduction in the United States' $375 billion trade deficit with China, a reduction in China's car tariffs, and more US access to the Asian nation's vast markets.
"If they gave in on most of the things that we wanted, for sure there are some things that perhaps are not totally satisfactory, so this is going to come back to the president," Ross said. "This won't be, suddenly in Beijing, a breathtaking release (that) everything is solved."
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Recommended For You
- Shah Rukh Khan to Announce Two Films on His 54th Birthday?
- Disha Vakani's Husband Mayur Pandya on Actress' Return to Taarak Mehta Ka Ooltah Chashmah
- Google Pixel 4, Pixel 4 XL to Launch Today: Here’s How to Watch the Live Stream
- WhatsApp Has Some New Features For iPhone Users And You Can Use Them Now
- Here's How WhatsApp Dark Mode, Self-Destructing Messages Will Work