President Donald Trump said he's moving ahead with plans toimpose tariffs on $50 billion of Chinese imports and curbinvestment in sensitive technology, ratcheting up pressure onBeijing days before the next round of trade negotiations.

In a statement Tuesday, the White House said a final list oftargeted imports will be released by June 15 and the tariffs willbe imposed “shortly thereafter.” It's the most specific theadministration has been about the timing for the duties to takeeffect.

The administration also said new restrictions on Chineseinvestment and enhanced export controls will be announced by June30 and then implemented shortly after. China's commerce ministryresponded hours later with a statement, saying it was surprised bythe U.S. announcement and remains confident the country can protectits interests.

It's the latest twist in a trade dispute between the UnitedStates and China that has roiled financial markets for months andprompted the International Monetary Fund to warn of a trade warthat could undermine the broadest global upswing in years. Theannouncement raises the stakes for the third round of talks betweenthe two economies. Commerce Secretary Wilbur Ross is scheduled tomeet with officials in Beijing on June 2nd to 4th to continuenegotiations.

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Opposition to $50 Billion in Tariffs

Trump has vacillated in recent weeks on how hard to push Beijingover issues such as tariffs and intellectual property. The disputebegan in March, when his administration threatened to slap tariffson as much as $50 billion in Chinese shipments to punish Beijingfor violating American intellectual property rights.

After Beijing promised to retaliate in kind to any duties, thepresident upped the ante to slap tariffs on an additional $100billion in Chinese goods. However, the U.S. has yet to publish alist of target products for the $100 billion, and the White Housestatement on Tuesday made no reference to the second potentialtranche of duties.

The U.S. tariff threat has been widely opposed by industryleaders and some members of Congress, who warn the duties could endup raising costs for American consumers, devastating farmers, andhurting other exporters if China proceeds with retaliatoryduties.

“Conflicting messages coming from the administration [are]causing whiplash for American companies that are focused on growingthe economy and creating jobs here at home,” the Virginia-basedRetail Industry Leaders Association said in an emailed statement.“We support the administration's decision to hold China accountablefor their bad behavior. But retailers strongly believe igniting a global trade war will causecasualties.”

U.S. Chamber of Commerce President Thomas Donohue, in an emailedstatement, said: “We continue to believe that the use of tariffsputs all the burden on American companies and consumers.”

Trump is also under pressure from Congress to stay tough onChina, especially Chinese telecoms-equipment maker ZTE Corp. Lastweek, the president said he would allow ZTE to stay in businessafter it pays a $1.3 billion fine, shakes up its management, andprovides “high-level security guarantees.”

China pressed the U.S. to give ZTE a break after the CommerceDepartment cut off the company from U.S. suppliers to punish it forallegedly lying to American officials in a sanctions case.Republican Senator Marco Rubio and other lawmakers from bothparties have criticized Trump's leniency toward ZTE, arguing thatdoing business with the company presents a risk to nationalsecurity.

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Pressure to 'Stick With It'

Top Senate Democrat Chuck Schumer, who has previously praisedTrump's tariff plan, urged the president to be “strong, tough, andconsistent” in addressing China's trade policies.

The White House outline for imposing the tariffs announced onTuesday “represents the kind of actions we have needed to take fora long time,” Schumer said in an emailed statement. “But thepresident must stick with it and not bargain it away.”

When Trump announced the initial plan to impose tariffs, he alsoinstructed the Treasury Department to draw up new curbs oninvestments in the United States by Chinese companies. The Treasuryhas presented its findings to the president, but its conclusionshaven't been made public.

The latest signal from the White House sounds like the morehawkish wing of Trump's trade team is trying to amplify its hardline, after Treasury Secretary Steven Mnuchin said this month thatany talk of a trade war was suspended for now.

“Mnuchin's 'trade war on hold' comments look to have beenrepudiated this morning, and possibly his investment stance, too,”said Derek Scissors, a China analyst at the American EnterpriseInstitute in Washington. “It may be the administration has shiftedsomewhat to appease the Congress on the lifting of the ZTEsanctions.”

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WTO Case

The White House also said on Tuesday the U.S. plans to continuelitigation at the World Trade Organization (WTO) for China'sintellectual-property practices.

In a further indication of the Trump administration striking atougher tone before the negotiations later this week, the WhiteHouse issued a separate statement running through its majorgrievances over China's trade practices from forced technologytransfers to automobile import tariffs.

“President Trump has taken long-overdue action to finallyaddress the source of the problem, China's unfair trade practicesthat hurt America's workers and our innovative industries,”according to the statement.

From: Bloomberg