US President Trump is scheduled to sign an administrative memorandum on Thursday (March 22) that will impose tens of billions of dollars in retaliatory tariffs on Chinese imports.
These new measures aim to punish China's trade behavior. The Trump administration stated that these actions involve stealing intellectual property rights of US companies. They will mainly focus on certain products in the technology field in China, and China has an advantage over the United States in this respect.
US Trade Representative Lighthead led a so-called 301 investigation that investigated China’s potential unfair trade practices against the United States.
According to the latest news from Sina, the United States announced that it will impose a tariff of US$50 billion on China to punish China for infringing intellectual property rights. The United States may seek to further restrict China’s acquisitions in the United States. The United States will challenge China's approach to licensing in the WTO.
According to the People's Daily, the United States has announced that it will impose tariffs on China's 50 billion U.S. dollars in exports for Chinese intellectual property infringement.
According to senior U.S. government officials, Lighthead’s office will publish a target product list within 15 days, and there will be 30 days for public comment.
A number of news media reported that the Trump administration had previously hinted that this tariff would apply to at least 30 billion U.S. dollars of Chinese imports. Trump himself has promoted the collection of more than $60 billion in tariffs on Chinese goods.
On Thursday, prior to Trump’s statement, Lighthead outlined the Chinese products that will be subject to new tariffs, including aviation, modern railways, new energy vehicles and high-tech products, on the Senate Finance Committee.
CNBC quoted sources as saying on Wednesday that according to the impact of the first phase of tariffs, Trump will consider taking further action on China within two weeks. According to reports, Trump is concerned about the impact of the new measures on American universities.
The Trump administration has often stressed that China’s surplus of 375 billion U.S. dollars against the United States proves that there is an unfair trade relationship.
In a statement to the House Committee on the National Fundraising Committee this week, Lighthead stated that the long-term trade deficit "to some extent reflects market distortions," and stated that these deficits "have a negative impact on American workers and businesses."
Kevin Brady, chairman of the committee and Texas Republican, told CNBC on Thursday that Trump should be cautious about the way it imposes new tariffs on Chinese goods.
Brady said: “The challenge for each president is how to do this in a way that will not punish Americans for their misconduct. So, you must narrow down these scopes and target them. This is a very An insightful approach."
The Chinese Foreign Ministry said on Thursday that if China does not want to buy products that the United States sells, it should not be punished.
Lighthead also hinted that the United States may act on the World Trade Organization because of its failure to promote a fairer trade environment. The Wall Street Journal reported on Tuesday that the Trump administration is weighing whether it is possible to file a lawsuit against the WTO’s policy on Chinese trade.
The new trade restrictions have exacerbated concerns about triggering a global trade war. After Trump signed an executive order on a wide range of tariffs on steel and aluminum on March 8, the global trade war fears renewed.
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