“President Xi and I will always be friends, no matter what happens with our dispute on trade. China will take down its Trade Barriers because it is the right thing to do. Taxes will become Reciprocal & a deal will be made on Intellectual Property. Great future for both countries!”, wrote the US President in Twitter.
But his announcement does not explain why he is optimistic about resolving the worsening trade conflict between the two largest economies in the world.
Donald Trump signed a memorandum on March 22 that provides measures against Beijing’s dishonest trade policy. He ordered the US Permanent Trade Representative, Robert Lighthizer, to consider the possibility of introducing duties for certain categories of products from China within 15 days and to draw up a list of these goods. The president ordered Finance Minister Steven Mnuchin to submit proposals for restrictions on China’s investment in US companies within 60 days.
The Memorandum was prepared after Robert Lighthizer notified Trump about the results of an investigation into suspected violations by China of intellectual property rights of US companies. Beijing rejects the charges.
Since April 2, China has introduced customs duties of 25% for 128 goods imported from the US, including fruit and pork. Thus, Beijing responded to the US imposed additional restrictions on imports of steel and aluminum.