Politics Trump seeking tariffs on up to $60 billion of Chinese goods; targets tech, telecoms

23:53  13 march  2018
23:53  13 march  2018 Source:   Reuters

Schumer: Trump must back down from ‘sweeping’ tariffs

  Schumer: Trump must back down from ‘sweeping’ tariffs Senate Minority Leader Charles Schumer (D-N.Y.) is urging President Trump to back down from his proposed tariffs on imported steel and aluminum, instead urging the president to focus on China. "The president's instincts to go after China are correct, but the policy he proposes doesn't fit the bill. It's not well targeted. It's not precise. And as a result, it could cause a mess of collateral damage that hurts America more than it helps," Schumer said on Wednesday.

U.S. President Donald Trump is seeking to impose tariffs on up to $60 billion of Chinese imports and will target the technology and telecommunications sectors, a source who had discussed the issue with the White House said on Tuesday.

A second source who had direct knowledge of the administration's thinking said the tariffs could come "in the very near future" and while they were targeted at technology and intellectual property, they could be much broader and the list could eventually run to 100 products.

The White House declined to comment on the size or timing of any move.

Washington is targeting Chinese high technology companies to punish them for forcing U.S. companies to give up their technology secrets in exchange for being allowed to operate in the country.

Trump Is Said to Plan to Impose $50 Billion in China Tariffs

  Trump Is Said to Plan to Impose $50 Billion in China Tariffs President Donald Trump is set to announce about $50 billion of tariffs against China over intellectual-property violations on Thursday, according a person familiar with the matter. Load Error The president is considering targeting more than 100 different types of Chinese goods, according to the person, who spoke on the condition of anonymity. The value of the tariffs was based on U.S. estimates of economic damage caused by intellectual-property theft by China, the person said.

China runs a $375 billion trade surplus with the United States and when President Xi Xinping'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 protectionist agenda and his first action as president was to pull the United States out of the 14-nation Pacific trade pact, known as the Trans-Pacific Partnership (TPP).

He has started talks to renegotiate the North American Free Trade Agreement (NAFTA) and most recently imposed tariffs on steel and aluminum imports.

While the tariffs on steel and aluminum, announced last week by Trump, are viewed as relatively insignificant in terms of imports and exports, moves to target China directly risk a direct and harsh response from Beijing.

A second person, who is an industry lobbyist in Washington who is familiar with the administration's thinking said the process was being led by Peter Navarro, an avowed protectionist, who has accused American companies of conniving with the Chinese state, and by Commerce Secretary Robert Lighthizer, who also favors tariffs as a tool.

Speaking to reporters in the Capitol, U.S. House Ways and Means Committee Chairman Kevin Brady stressed that Trump was serious about addressing the issue of intellectual property theft.

"He’s serious about calling their hand on this, and my understanding is they are looking at a broad array of options to do that," Brady said.

Mexico vows US steel tariff retaliation .
Mexico threatened Tuesday to retaliate against President Donald Trump's planned steel and aluminum tariffs by hitting the most "politically sensitive" US exports with tariffs of its own, the latest signal of a brewing trade war. Speaking a day after Trump shot down Mexican and Canadian proposals that the neighboring nations be granted an exemption from the steep US tariffs, Economy Minister Ildefonso Guajardo said Mexico was prepared to fight back."We would have to target our response at the things they export that are most politically sensitive and hit exactly those goods.

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