ADVERTISEMENT
Trump targets chinese goods for stiff tariffs
WASHINGTON — President Donald Trump on Thursday plans to announce at least $50 billion worth of annual tariffs and other penalties on China for its theft of technology and trade secrets...
The measures will be targeted at imported Chinese goods in as many as 100 categories — from shoes and clothing to consumer electronics — and will impose restrictions on Chinese investments in the United States, people briefed on the measures said. Trump will instruct the Treasury Department to pursue restrictions on certain types of Chinese investments to counter China’s ambitious industrial policy, which aims to dominate cutting-edge sectors like artificial intelligence and mobile technology, officials said.
For Trump, the steps fulfill a frequent campaign pledge to crack down on China. But the actions will only ratchet up tensions with the Chinese government at a moment when Trump needs its support for his campaign to curb North Korea’s nuclear program.
The announcement comes hard on the heels of Trump’s tariffs on steel and aluminum imports, which are aimed at combating a flood of cheap metals into the United States, including Chinese steel. Taken together, Trump’s actions demonstrate his resolve to turn away from a decadeslong move toward open markets and integrated world economies and toward a more starkly protectionist approach.
ADVERTISEMENT
China has long argued that both sides benefit from the flow of Chinese money into the United States. At a daily news briefing Wednesday, Hua Chunying, a spokeswoman for China’s Foreign Ministry, reiterated that the country does not want a trade war and that the economic ties between the two countries have lowered costs for American consumers. Hua added that China would be ready to retaliate, without providing details.
The effect of the China tariffs would be larger and more concentrated than the steel and aluminum measures and would have a bigger impact on U.S. consumers. The steel and aluminum tariffs would affect imports of roughly $33 billion, excluding Canada and Mexico, which are expected to be exempt, said Joseph Parilla of the Brookings Institution. The China moves would affect at least $50 billion a year in imports, officials said.
This article originally appeared in The New York Times.
MARK LANDLER and ALAN RAPPEPORT © 2018 The New York Times
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
ADVERTISEMENT