US Secretary of Commerce Wilbur Ross is to visit China early next month for another round of talks amid ongoing trade frictions between the world’s two largest economies.
Ross is to visit China from June 2 to June 4, Xinhua news agency reported yesterday, adding that Chinese Vice Premier Liu He (劉鶴), China’s chief negotiator in the trade dispute, had spoken with Ross over the phone.
The trade dispute took on added complexity this week when US President Donald Trump announced a national security investigation into imports of cars and trucks, a probe that could lead to tariffs against China, as well as key US allies, such as Canada, Mexico, Japan and Germany.
Photo: Bloomberg
US Secretary of the Treasury Steven Mnuchin on Monday told CNBC that Ross is aiming to negotiate “a framework” that could then turn into “binding agreements ... between companies.”
In the last round of talks in Washington last week, China agreed to ramp up purchases of US agriculture and energy products, and the two sides worked toward a possible reprieve for ZTE Corp (中興通訊) from a US ban on US companies supplying the Chinese maker of telecoms equipment.
The developments and constructive comments from both sides eased fears that the US and China could plunge into a trade war, but US President Donald Trump this week said that any deal would need “a different structure,” fueling uncertainty over the negotiations.
Meanwhile, the US House of Representatives voted to punish ZTE as part of an annual defense policy bill, as Congress pressures Trump not to weaken sanctions on the company accused of violating trade-sanction agreements and posing a threat to US national security.
The defense measure on Thursday passed on a 351-66 vote. It would ban government agencies from using technology made by ZTE and prohibit the US Department of Defense from renewing contracts with vendors that work with the Chinese company.
The measure would also bar government use of Chinese-made video surveillance equipment.
Furthermore, the measure would apply to several other Chinese companies, including Hytera Communications Corp (海能達通信), Hangzhou Hikvision Digital Technology Co (杭州海康威視數字技術) and Zhejiang Dahua Technology Co (浙江大華技術).
The legislation illustrates growing congressional opposition to Trump’s reconsideration of penalties against ZTE as a favor to Chinese President Xi Jinping (習近平), after the company estimated losses of at least US$3.1 billion from a US technology ban.
A draft Senate defense bill, which was to be released on Thursday, would contain language restricting Trump’s ability to lift sanctions on ZTE, a Senate Republican aide said.
The language, part of a foreign investment provision inserted into the bill, would require Trump to certify that lifting the sanctions does not harm national security.
Additional reporting by Bloomberg
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