US$60 billion in tariffs? Not exactly

26 March, 2018, 02:17 | Author: Jason Torres
  • How much has US lost from China's IP theft?

United States President Donald Trump on Thursday imposed massive trade tariffs amounting to Dollars 60 billion on China, in a move that could escalate into a global trade war, given the accelerating trade tensions between the two countries.

Trump is likely to act aggressively and introduce more measures in the near future, Wu said, and he suggested that Taiwan's government help industries evaluate the potential impact of the plan and develop responses.

Trump on Thursday instructed his officials to impose tariffs on $50 billion in Chinese goods after the US concluded China violates the intellectual property of American companies.

"We don't want a trade war. but we are not afraid of it", said China's ambassador to the U.S., Cui Tiankai.

The United States Trade Representative, which led the seven-month investigation into China's intellectual property theft and made recommendations to the Trump administration, found that "Chinese theft of American IP now costs between $225 billion and $600 billion annually".

Mr Trump announced the tariffs earlier Friday, saying he was looking for "reciprocal" trade terms for U.S. companies.

Trump shocked the world with his sudden announcement earlier this month of a 10-percent levy on aluminum and 25-percent tariff on steel, angering Washington's closest allies, which swiftly demanded that they be exempt.

The Dow Jones industrial average plunged more than 700 points, as President Donald Trump announced plans to slap tariffs on Chinese imports.

It was not immediately clear what percentage tariff the U.S. would assess on the affected Chinese imports.

Beijing said it hoped the USA would pull back "from the brink" of a trade war. "We are confident in our capability to face up to any challenge", the Commerce Ministry said.

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In a telephone call with Mr Mnuchin, Mr Liu, a Harvard-trained economist who advises President Xi Jinping, said China still hoped both sides would remain "rational" and work together to keep trade relations stable, the official Xinhua news agency said. A second list of goods including wine, apples, ethanol and stainless steel pipe would be charged 15%, the same margin as Trump's tariff hike on aluminium.

He said if China did not respond, it would fear that other countries might seek to follow the US's actions.

Administration officials said Thursday they were targeting 1,300 Chinese product lines worth about US$50 billion a year in imports.

That would be less than 1 percent of Chinese imports of USA goods and far smaller than the range of imports targeted by Trump's order Thursday in the technology dispute.

Overall, the nation's farmers shipped almost $20 billion of goods to China in 2017.

The US tariffs are a response to allegations of intellectual property theft by China.

The request comes a day after US President Donald Trump announced that he was directing the USTR to pursue dispute settlement in the WTO to confront China over its policies that result in unfair treatment for US companies and innovators trying to do business in China.

A White House spokesperson said Australia's exemption would only last until May 1, "pending discussions of satisfactory long-term alternative means to address the threatened impairment to U.S. national security".

Navarro said the USA was "simply strategically defending itself against this particular form of economic aggression" and said the tariffs were neatly tailored to "correspond to the harm" Chinese actions with regard to intellectual property have done to the US. He said Trump and Xi agreed past year on a 100-day agenda of trade-liberalisation measures but Beijing failed to act on about half of them. "Trade war is of no use to anyone", said Jean-Claude Juncker, chief of the European Commission, which handles trade talks for the 28 member states.

The US also launched a complaint against China at the World Trade Organisation (WTO) Friday.

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