Senate Democrats Warn Trump Over Any Deal on China's ZTE

Matthias Oesterle via ZUMA

The U.S. flag is seen in the wine section of a supermarket in Beijing, China, April 5, 2018.

"I understand the Commerce Department is reviewing that guidance", Wong said during a Senate Foreign Relations subcommittee hearing on Asia, adding that the guidance would be implemented in line with USA laws and regulations concerning the ZTE case.

"Both sides should try to lower tariffs as much as possible. and to take down non-tariff barriers, wherever they are", he told Politico. In addition to sparring with China, his team is in talks to rewrite the North America Free Trade Agreement with Mexico and Canada. "I think that's where we are as a group".

When China's vice-premier Liu He set off for Washington on Tuesdayto resume talks to avert a much-dreaded trade war, the top economic aide to President Xi Jinping was facing a hard challenge.

But the case of ZTE highlights the importance of high tech in the U.S.

The Commerce Department in April found ZTE had violated a 2017 settlement created after the company violated sanctions on Iran and North Korea, and banned USA companies from providing exports to ZTE for seven years. "Stay tuned!" Trump tweeted on Tuesday.

China is likely to offer increasing its purchase of aircraft, autos, natural gas and some agricultural commodities, Dan Ikenson, director of the Cato Institute's Herbert A. Stiefel Center for Trade Policy Studies, told FOX Business.

Kudlow was critical of ZTE in an interview with the Politico news outlet, saying it was a "very poorly run company" with "many internal flaws".

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"If this is a security threat, it is a security threat and needs to be dealt with as such, not as a bargaining chip in terms of greater trade negotiations", he said.

Trump had pledged to help China's ZTE "get back into business". "I don't want to play anyone's hand", said Kudlow.

In March, Washington introduced a 25 per cent tariff on imported steel and a 10-per cent tariff on imported aluminium.

Cargill Inc [CARG.UL] is concerned the White House's strategy to address unfair trade practices with China will not work and could lead to an escalating trade war, according to prepared comments the global grain merchant sent to U.S. Trade Representative Robert Lighthizer.

Branstad, who was present at the meeting, said the Chinese appeared to be "taken back" by the significance of the list.

"The toughest thing we could do, the thing that will move China the most, is taking tough action against actors like ZTE", Schumer said. "That's an area where we will be exploring very, very promptly".

Mr Trump's words could help to ease tensions as the world's two largest economies resume talks after months of tariff threats. Time will tell, but it is still a volatile situation, and companies with big exposure in China should be anxious, as should their investors.

President Donald Trump has threatened tariffs on imports of Chinese goods, and China has threatened to retaliate with duties on United States products, including food items such as pork, beef and soybeans. But as it was not, Hamilton contended, the US should protect its industries with tariffs, while supporting them with "bounties" - government subsidies.

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