Trump Preparing To Slap $60 Billion In New Tariffs On China

20 March, 2018, 04:44 | Author: Kim Reid
  • President Trump Fights On for American Workers

Several large retail companies, including Wal-Mart, Target, Best Buy and Macy´s, are making a direct appeal to President Donald Trump not to impose massive tariffs on goods imported from China, in a letter sent to the White House on Monday.

One business source, who has discussed the issue with the administration, said that the China tariffs may be subject to a public comment period, which would delay their effective date and allow industry groups and companies to lodge objections.

Four administration officials confirmed to WaPo the tariffs will be applied to more than 100 products the president argues were developed "by using trade secrets the Chinese stole from US companies or forced them to hand over in exchange for market access".

A Taiwanese delegation led by John Deng (鄧振中), Taiwan's top trade negotiator, departed Sunday for the United States with the aim of seeking an exemption from the Donald Trump administration's new tariffs on steel and aluminum imports. The practice, according to the White House's estimate, is costing USA companies $30 billion a year in intellectual property loss.

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The letter says that the groups agree that the administration is right to consider acting against China to protect United States intellectual property.

In a letter sent to Trump on Sunday said potential tariffs on China would raise prices on consumer goods and drive down financial markets.

Trade associations publicly pushing back against Trump's tariff plans include the US Chamber of Commerce, the National Retail Federation and the Information Technology Industry Council.

"Imposition of unilateral tariffs by the administration would only serve to split the United States from its allies, hinder joint action to effectively address shared challenges, and ensure that foreign companies take the place of markets that American companies, farmers and ranchers must vacate when China retaliates against USA tariffs", the letter said.

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They highlighted the potential impact, including higher prices for electronics, apparel and other products, and harming U.S. companies that sell component pieces of final products exported from China.

The ad credits the Republican tax package and reductions in regulations for boosting manufacturing jobs but argues that the tariffs, which are expected to take effect later this week, will derail those benefits.

Mr. Trump signed an order March 8 placing a 25-percent tariff on most imported steel and a 10-percent tariff on most imported aluminum.

"I'm glad they think it's a big problem, because we've been saying this for years", Robert Atkinson, president of the ITIF, said of USTR's focus on China's alleged disregard for U.S. IP.

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It is interesting to note that China is also the largest foreign holder of the USA government debt.

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