• Friday, December 14, 2018

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

Discussion in 'World Affairs' started by Get Ya Wig Split, Mar 14, 2018.

  1. Get Ya Wig Split

    Get Ya Wig Split FULL MEMBER

    New Recruit

    Messages:
    58
    Joined:
    Feb 22, 2017
    Ratings:
    +0 / 70 / -0
    Country:
    United States
    Location:
    United States
    Trump seeking tariffs on up to $60 billion Chinese goods; targets tech, telecoms
    WASHINGTON/BEIJING (Reuters) - 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.

    upload_2018-3-14_1-1-2.png

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

    Washington is targeting Chinese high technology companies to punish them for China’s investment policies that effectively force U.S. companies to give up their technology secrets in exchange for being allowed to operate in the country along with other allegations of intellectual property theft.

    China runs a $375 billion trade surplus with the United States 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 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.

    The news website Politico earlier reported that the U.S. Trade Representative’s office had presented Trump with a package of $30 billion in tariffs last week, but Trump told aides that this wasn’t high enough.

    One business source who had discussed the issue with the White House said the figure had now grown to about $60 billion, with a potentially wider array of products under consideration.

    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 U.S. Trade Representative 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.

    While complaints about China’s abuse of intellectual property rights are not confined to the United States, Trump’s global steel and aluminum tariffs announced last week complicate Washington’s efforts to recruit allies to help put pressure on China.


    A China-based business source with knowledge of discussion among senior European officials said there had been a “clear effort” by the U.S. government over the past six months to introduce a coordinated approach to Chinese industrial policy, but that Trump’s proposed metals tariffs under section 232 of the Trade Expansion Act of 1962 had undermined support from Europe.

    “Senior Trump administration officials had directly approached European leaders at a senior level. There had been a willingness to do something together on China. That’s impossible right now. You can’t cooperate when you’re getting whacked around”, the person told Reuters.


    https://www.reuters.com/article/us-...ines-mexico-border-wall-designs-idUSKCN1GP0DI
     
    • Thanks Thanks x 1
  2. Get Ya Wig Split

    Get Ya Wig Split FULL MEMBER

    New Recruit

    Messages:
    58
    Joined:
    Feb 22, 2017
    Ratings:
    +0 / 70 / -0
    Country:
    United States
    Location:
    United States
  3. randomradio

    randomradio SENIOR MEMBER

    Messages:
    6,064
    Joined:
    Feb 14, 2016
    Ratings:
    +11 / 4,167 / -22
    Country:
    India
    Location:
    India
    A trade war will be interesting.
     
  4. The SC

    The SC ELITE MEMBER

    Messages:
    15,326
    Joined:
    Feb 13, 2012
    Ratings:
    +16 / 15,546 / -0
    Country:
    Canada
    Location:
    Canada
    Well, as a very shroud businessman and a market maker, Trump is telling the world, business is business.. you make money in our market, we make money too.. and you can do the same with us in your markets..
     
  5. Zibago

    Zibago ELITE MEMBER

    Messages:
    31,583
    Joined:
    Feb 21, 2012
    Ratings:
    +11 / 48,814 / -3
    Country:
    Pakistan
    Location:
    Pakistan
    Donald Trump eyes massive tariffs on China tech sector
    The Trump administration is reportedly preparing to impose tariffs targeting Chinese tech and telecommunications imports. Should Washington follow through on the move, it could spark harsh retaliation from Beijing.
    [​IMG]
    US President Donald Trump is preparing to take aim at China's technology and telecommunications sectors, according to media reports on Tuesday.

    We're sorry, but this video is currently not supported for AMP. To watch this video, please go to our mobile page.
    Last week, the administration's top trade official presented the president with a $30 billion (€24.2 billion) a year tariff package on Chinese imports and Trump requested a higher number, sources told politics news site Politico.

    Read more: Why Congress, not the WTO, is best suited to rein in Trump on tariffs

    According to the Reuters news agency, the tariffs would target up to $60 billion (€48.4 billion) per year of Chinese imports. A source told Reuters that the tariffs could come "in the very near future" and could include up to 100 products, also outside of the tech sector.

    Read more: China — Trade war with US would be disastrous

    Intellectual property theft allegations

    Washington's move to target Chinese firms comes amid allegations of intellectual property theft. The move would punish Chinese tech companies for having US companies give up their technology secrets in order to operate in China.

    Read more: From pillar to post, the world's messiest trade disputes

    The US House Ways and Means Committee Chairman Kevin Brady told reporters that Trump is serious about countering China's alleged 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.

    We're sorry, but this video is currently not supported for AMP. To watch this video, please go to our mobile page.
    Market concerns over trade war

    European and US stocks fell on Tuesday, partly due to concerns about Chinese retaliation should Trump impose the tariffs.

    The tariffs announced by the Trump administration last week on steel and aluminum are viewed as relatively insignificant in terms of imports and exports. Tariffs specifically targeting China's technology sector could cause trade war tensions to boil over.

    Read more: Opinion — An economic nationalist bully in the White House takes on global trade

    China currently has a $375-billion trade surplus with the US. The White House recently urged the top economic adviser of Chinese President Xi Jinping to come up with a plan for reducing that number.

    Trump was elected on a protectionist agenda, and in the last year he has pulled the US out of the 14-nation Trans-Pacific Partnership (TPP) and started talks to renegotiate the North American Free Trade Agreement (NAFTA) with Canada and Mexico.
    http://amp.dw.com/en/donald-trump-e...h-sector/a-42965071?__twitter_impression=true
     
  6. powastick

    powastick FULL MEMBER

    Messages:
    1,590
    Joined:
    Sep 17, 2014
    Ratings:
    +1 / 3,183 / -0
    Country:
    Malaysia
    Location:
    Malaysia
    Trade war it is. China please do not kow tow like Japan did.
     
    • Thanks Thanks x 2
  7. Get Ya Wig Split

    Get Ya Wig Split FULL MEMBER

    New Recruit

    Messages:
    58
    Joined:
    Feb 22, 2017
    Ratings:
    +0 / 70 / -0
    Country:
    United States
    Location:
    United States
    We are getting closer and closer...