The United States will still be imposing tariffs on $50 billion of imports from China until Beijing tackles their issue theft of American intellectual property.
According to Reuters, the US will continue their restrictions on investments by Chinese companies and export controls for goods exported to China, with details announced by June 30th and the tariff list published by June 15th.
Although there was a deal sketched out between the nations this month to reduce China's $375 billion trade surplus with America, the administration restated that both tariffs and restrictions will remain. Beijing reacted harshly by saying it was surprised and want to continue to defend their interests. China plan to continue development of high-tech industries and will not back down from threats it sees from Washington.
The US wanted the trade surplus to be reduced by $200 billion in two years, a number which economists has seen as optimistic. Economists estimate the US exports however could rise by up to $90 billion over a period of years.
“We urge the United States to keep its promise, and meet China halfway in the spirit of the joint statement,” Chinese Foreign Ministry spokeswoman Hua Chunying told a daily news briefing, adding that China would take “resolute and forceful” measures to protect its interests if Washington insists upon acting in an “arbitrary and reckless manner”.