On The Eve Of The U.S. Imposing Tariffs Against China, China Blames The U.S. For Its Massive Trade Surplus

Containers are seen at the Yangshan Deep Water Port, part of the Shanghai Free Trade Zone, in Shanghai, China September 24, 2016. REUTERS/Aly Song/File Photo

Reuters: China blames U.S. for staggering trade surplus as tariffs loom

BEIJING/SHANGHAI (Reuters) - China blamed U.S. export restrictions for its record trade surplus with the United States, but expressed hope that a solution can be found to settle trade issues between the world’s two biggest economies as U.S. tariffs loom.

Beijing was bracing on Thursday for an announcement from U.S. President Donald Trump of tariffs of as much as $60 billion on Chinese imports, raising fears that the two countries could be sliding towards a trade war.

The tariffs will be imposed under Section 301 of the 1974 U.S. Trade Act, focusing on Chinese high-tech goods. Trump says Beijing has forced U.S. firms to transfer their intellectual property to China as a cost of doing business there.

Washington is also pressing China to reduce its staggering $375 billion trade surplus with the United States by $100 billion.

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WNU Editor: The Chinese are blaming the U.S. for their trade surpluses because the U.S. is limiting the hi-tech products that can be sold to China. The problem with this argument is that China has a long history of not respecting patents when it comes to hi-tech, and those that are sold and/or exchanged do so at their own risk. And as for products that the U.S. does want to export to China .... they are faced with tariffs and restrictions.

Update: The problem with this promise from this top Chinese official is that the Chinese have been saying the same thing for years .... China poised to open markets 'beyond expectations' as tough US tariffs loom, envoy says (CNBC).

More News On The Looming U.S. - China Trade War

China calls US repeat abuser of world trade rules as tariffs loom -- Reuters
China may have just signaled the US product it will retaliate against -- CNBC
Treasury has prepared China investment restriction options: Mnuchin -- Reuters
How the US-China Intellectual Property Dispute Could Play Out -- War on the Rocks