China not manipulating currency but lacks transparency, United States says

A truck transports a container next to stacked containers at a port in Qingdao in China's eastern Shandong province

"That's costing us about $300 million per year in - in the United States and that's what we're trying to fix", the official said. The White House, in a statement, said "sufficient progress has not been made on reforming terms" of the postal treaty and that it would begin the withdrawal process while seeking to "negotiate bilateral and multilateral agreements that resolve the problems".

The formal notification, known as a letter of denunciation, to withdraw from the Universal Postal Union (UPU) is being sent by the State Department in response to what the administration of President Donald Trump views as an unfair advantage primarily for China, but also for such other countries as France and Germany, in online commerce.

Senior White House officials said Wednesday that the U.S. State Department will set its own "self-declared" rates for packages from overseas. President Donald Trump's administration said the treaty has proven unfair to US business because Chinese shippers pay 20 cents for every $1 American companies pay to distribute packages in the United States.

A growing US economy and falling unemployment have also whipped up demand among US consumers for imported goods, with 2017's record US-China trade deficit continuing to widen this year - swelling 3.2 per cent to us$390 billion in the 12 months ending in June.

"We regret the U.S. decision to withdraw from the Universal Postal Union", Lu told reporters at a daily press briefing.

Trump generally hasn't been shy about criticizing and rejecting worldwide agreements he feels disadvantage the United States, from NAFTA to North Atlantic Treaty Organisation.

Sloane Stephens qualifies for WTA Finals & Caroline Garcia wins Tianjin Open
This year Halep has won the Shenzhen Open and the Rogers Cup presented by Banque Nationale in Montréal as well as her debut Grand Slam crown at Roland Garros .

Current shipping rates will continue in force as it takes a year for a country to withdraw from the agreement.

Officials stressed that the goal is not to leave the UPU, even as they announced Trump's intention to withdraw from the treaty. Washington has imposed tariffs on about $250 billion in Chinese goods, and Beijing has retaliated by targeting about $110 billion in USA products. "Moreover, while USPS loses an estimated $1 on every small package that arrives from China, outbound mail of American exporters is charged at well above cost". About 60% of packages shipped into the USA come from China, the New York Times reports.

From now on, the United States will have "self-declared rates" for packages under 2 kilograms (4.4 pounds) to correct what US officials call a "major economic distortion".

If the U.S.is not satisfied with the trade concessions offered by the targeted country, it can impose punitive tariffs, although the offending country can appeal to the Geneva-based World Trade Organization.

"This outdated arrangement contributes significantly to the flood of counterfeit goods and risky drugs that enter the country from China", said Jay Timmons, chief executive of the National Association of Manufacturers, a trade group.

"Manufacturers and manufacturing workers in the United States will greatly benefit from a modernized and far more fair arrangement with China", said National Association of Manufacturers President Jay Timmons. "How can my government be subsidizing China and driving me out of business?"

Related News:



Most liked

Kate Upton Rips MLB, Umpires for Questionable Call in Astros Game
After the game , West said he thought the the call was clear, even if his colleagues in the NY replay operations center did not. It's hard to tell if Betts reached into the stands or the fans reached over the wall or if they met directly at the wall.

Ghana drops two ranks in latest WEF's Global Competitive Index
The United States tops the 2018 rankings, confirming its status of most competitive economy in the world, according to the WEF. However, the 2018 edition, using the new criteria, "backcast" data for 2017 and came up with new rankings for that year.

Afghanistan: Guards Killed Kandahar Officials in Failed Plot
At least two United States soldiers were wounded in the incident, a statement by NATO's Resolute Support Mission said. Hundreds of people have been killed or wounded in the months leading up to the long-delayed ballot.

Kangaroo on the menu for Harry and Meghan Down Under
The Duke and Duchess of Sussex were captured in adorable scenes in Melbourne after five-year-old Mia caught their attention. The Australian royal tour of Meghan Markle and Prince Harry has turned out to be quite an emotional roller coaster.

Mayweather continues to hype boxing match with Nurmagomedov
Boxing superstar Floyd Mayweather has responded the UFC champion Khabib Nurmagomedov's challenge with two words: "We're fighting". Cormier warned Khabib that Mayweather will easily beat him in the squared circle.

Astros possibly caught cheating in ALCS Game 1
The initial implication was that the employee was attempting to steal signs and relay them to the Astros. The man had a small camera and was texting frequently , but did not have a media credential.

MS toddler found dead in oven, grandmother to face murder charge
Williams says he won't release the names of the grandmother or the toddler until the filing of the murder charge is completed. Strain says a person is being questioned in the death but that charges hadn't been filed as of Tuesday morning.

Ariana Grande covers her 'Pete' tattoo with a plaster
A source told Entertainment Tonight that Grande was the one to end her relationship with Davidson. They went on to say, "She was incredible, she wore a green satin top and sang 'The Wizard & I'".

Netflix stock price jumps after hours on 7 million new subscribers
The region could buoy Netflix for years to come if the service can convince even 10 percent of its inhabitants to subscribe. Netflix, which expects to add another 9.4 million subscribers by the end of 2018, said its customer tally is 137.1 million.

Abu Dhabi Test: Pakistan in control, lead Australia by 281 runs
Fakhar and Sarfraz helped Pakistan recover from 57-5 to 282 all out after the latter elected to bat on a slow turning pitch. Australia's Marnus Labuschagne leaves after his dismissal against Pakistan on day two of the second test in Abu Dhabi .

Orange is the New Black ending with season 7
Cast members posted a video Wednesday announcing the series' 2019 end, which was confirmed by a Netflix spokesperson. It's also been the victor of countless awards, as well as multiple Emmy nominations.

Three takeaways from the Celtics' opening-night win over the 76ers
Celtics superstar Kyrie Irving started his night 0-for-8 from the field and finished with seven points on a 2-for-14 night. These two teams do have some history between them, but the Kevin Durant drama has mostly died out at this point.

Bosa to focus on National Football League draft instead of returning to Ohio State
Ohio State defensive line coach Larry Johnson teaches his linemen to "flip their hips" to angle them toward the quarterback. Bosa's status has been somewhat up in the air since he suffered a core injury during Ohio State's Week 3 win over TCU .

Unstoppable Djokovic Wins Shanghai, Eyes Year-End No. 1 Ranking
Full fight in final is not out - Djokovic in each set is made one break, and his serve and made only one break-point. I didn't enjoy it as much, to be honest", Coricsaid."But now when I look back on it, it's a very good lesson.

3 Entertaining Ways to Improve Your Business Skills over the Coming Weeks
In both games and business meetings you may feel everything from frustration to elation, but the trick is to keep is all hidden. Play Poker While millions of people around the world may play poker solely for fun, you can also play to up your business game.