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Trump to set punishing tariffs on up to $60bn of Chinese imports
[ARABNEWS] US President Donald Trump...New York real estate developer, described by Dems as illiterate, racist, misogynistic, and what ever other unpleasant descriptions they can think of, elected by the rest of us as 45th President of the United States... is seeking to impose tariffs on up to $60 billion of Chinese imports and will target the technology and telecommunications sectors, two people who had discussed the issue with the Trump administration said on Tuesday. A third source who had direct knowledge of the administration’s thinking said the tariffs, associated with a "Section 301" intellectual property investigation, under the 1974 US Trade Act begun in August last year, could come "in the very near future." While the tariffs would be chiefly targeted at information technology, consumer electronics and telecoms, they could be much broader and the list could eventually run to 100 products, the source said The White House declined to comment on the size or timing of any move. In Beijing, Chinese foreign ministry front man Lu Kang said Sino-US trade relations should not be a zero-sum game, and that the two countries should use "constructive" means to manage tension. "We have said many times that China resolutely opposes any kind of unilateral protectionist trade measures," Lu told news hounds. "If the United States takes actions that harm China’s interests, China will have to take measures to firmly protect our legitimate rights." Trump is targeting Chinese high technology companies to punish China for its investment policies that effectively force US companies to give up their technology secrets in exchange for being allowed to operate in the country, as well as for other IP practices Washington considers unfair. The Trump administration is also considering imposing investment restrictions on Chinese companies over and above the heightened national security restrictions, but details on these were not immediately known. A US Treasury spokeswoman did not immediately respond to requests for comment. But lobbyists in Washington expressed concern that Trump’s ambitious tariff plan would also include other labor-intensive consumer goods sectors such as apparel, footwear and toys. Higher tariffs on these products would "hurt American families," said Hun Quach, a trade lobbyist for the Retail Industry Leaders Association. "We’re not talking about fancy cashmere sweaters, we’re talking about cotton T-shirts and jeans and shoes that kids wear for back-to-school," she added. "Alarm bells are ringing." China runs a $375 billion trade surplus with the US and when President Xi Jinping’s top economic adviser visited Washington recently, the administration pressed him to come up with a way of reducing that number. Trump came to office on a promise to shield American workers from imports and his first action as president was to pull the US out of the 12-country Trans-Pacific Partnership trade deal. Posted by: Fred 2018-03-15 |
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