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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.com

China vows to defend its interests against US trade actions

  China vows to defend its interests against US trade actions The Chinese government has vowed to take "all necessary measures" to defend China's interests if President Donald Trump targets China for allegedly stealing American technology or pressuring U.S. companies to hand it over.The Commerce Ministry said in a statement Thursday that "China will not sit idly to see its legitimate rights damaged and must take all necessary measures to resolutely defend its legitimate rights.

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, two people who had discussed the issue with the Trump administration said on Tuesday.

Washington is targeting Chinese high technology companies to punish them for forcing U.S. companies to give up their 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

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.

How much has the US lost from China's intellectual property theft?

  How much has the US lost from China's intellectual property theft? The United States has long said that intellectual property theft has cost the U.S. economy billions of dollars in revenue and thousands of jobs. The United States Trade Representative, which led the seven-month investigation into China's intellectual property theft and made recommendations to the Trump administration, found that "Chinese theft of American IP currently costs between $225 billion and $600 billion annually." Those numbers are in line with a 2017 report from the Commission on the Theft of American Intellectual Property.

60 billion of Chinese imports and will target the technology and telecommunications sectors, a Asia tech stocks slide over U.S.- China trade row. Reuters 1:37. Trump says without borders, 'you While the tariffs on steel and aluminum, announced last week by Trump , are viewed as relatively

money. You are using an older browser version. Please use a supported version for the best MSN experience. Trump seeking tariffs on up to $ 60 The White House declined to comment on the size or timing of any move. Washington is targeting Chinese high technology companies to punish them

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.

Trump threatens Europe with more tariffs .
President Trump on Saturday threatened to tax European cars if the European Union retaliates against his steep tariffs on aluminum and steel. Trump suggested in his tweet that the U.S. would not impose the aluminum and steel tariffs on the E.U. if they dropped their tariffs."The European Union, wonderful countries who treat the U.S. very badly on trade, are complaining about the tariffs on Steel & Aluminum," he tweeted. "If tTrump suggested in his tweet that the U.S. would not impose the aluminum and steel tariffs on the E.U. if they dropped their tariffs.

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