US and China put brakes on trade war
The US and China have agreed not to impose tariffs on each other in a trade dispute that had been sparked in part by IP concerns.
The ceasefire was announced on Saturday, May 19, during a visit by China’s Vice Premier, Liu He, to Washington, DC.
As reported by news website Xinhua, the countries’ pledge not to launch a trade war and instead to enhance trade cooperation is a “win-win choice as it can promote the high-quality development of the Chinese economy, meet the people’s needs, and contribute to the US effort to reduce its trade deficit”.
The US has a $335 billion annual trade deficit with China, the BBC reported.
In March, WIPR reported that the US had announced tariffs of up to $60 billion on China in response to China’s alleged IP violations.
President Donald Trump signed a memorandum targeting China’s “economic aggression” and said the US has a “tremendous IP theft” situation which equates to hundreds of billions of dollars being lost on a yearly basis.
It came after the Office of the US Trade Representative (USTR) conducted an investigation into China’s alleged violation of US IP rights, with Robert Lighthizer, the USTR, saying China has a policy of “forced technology transfer”, of requiring licensing at less than economic value, and of cyber theft, among others.
In April, China responded to Trump’s order by imposing tariffs of up to 25% on more than 100 imports worth $3 billion.
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