President announces United States tariffs on $50 billion in Chinese imports

President announces United States tariffs on $50 billion in Chinese imports

President announces United States tariffs on $50 billion in Chinese imports

"Our hope is that it doesn't lead to a rash reaction from China", U.S. Trade Representative Robert Lighthizer said in an interview with the Fox Business Network after the tariffs were announced.

Senior congressional Democrats have called for the Trump administration to be tougher on China, slamming the president for his decision to help troubled Chinese telecommunications firm ZTE after it violated USA sanctions while, until Friday, not cracking down harder on the alleged intellectual property thefts.

Starting July 6, the USA will tax the 818 products, worth $34 billion a year in imports, that remained from the original list.

"The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices", Trump said.

The tariffs would impact Chinese imports containing industrially significant technologies, including those related to China's "Made in China 2025" industrial policy. And we're going to protect those secrets.

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Thomas Donohue is president of the U.S. Chamber of Commerce.

A third prong of the Trump Administration's pugnacious trade policy has been aimed squarely at China, through Section 301 of the Trade Act of 1974.

The president has blamed China for the loss of 60,000 US factories and 6 million American jobs, numbers most economists regard as including the effects of increased manufacturing automation.

The White House placed the tariffs on $50 billion worth of Chinese imports to punish intellectual property crime and other unfair trade practices that the administration blames for a large trade deficit. Contributions of 200 words or more will be considered for publication.

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China has threatened to retaliate forcefully for any tariffs, listing US products that range from sorghum, soybeans, meat and whiskey to airplanes and cars. On July 6th, U.S. Customs and Border Protection will begin collecting the additional 25 percent tax on those products.

The U.S. and China have been holding ongoing negotiations over the trade dispute.

Beijing rejected that characterization, arguing the USA tariffs were against the rules of the World Trade Organization (WTO) and previous trade negotiations.

A previous study from the National Retail Federation and the Consumer Technology Association found that imposing tariffs of $50 billion on Chinese imports, coupled with retaliation from China, would reduce USA gross domestic product by almost $3 billion and eliminate 134,000 American jobs annually. A statement from the Chinese Ministry of Commerce said that the country would implement tariffs on a similar scale on USA goods. However, at least one of the new factories planned for the United States has planned to import modules from China, under a 2.5 GW annual exemption for cells in the Section 201 ruling.

The National Association of Manufacturers (NAM) went as far as to call for the Trump administration to push for a trade agreement with China. The US shipped $14 billion worth of soybeans to China past year. Economists expect the direct impact on the US economy to be modest. "China is our real trade enemy, and their theft of intellectual property and their refusal to let our companies compete fairly threatens millions of future American jobs", Schumer said.

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But Rep. Dave Reichert, R-Washington, said he disagreed with the action because "Americans will bear the brunt instead of China".

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