Trump moves to crack down on China trade with $60 billion in tariffs on imported products
President Trump took the first steps toward imposing tariffs on $60 billion in Chinese goods and limiting China’s ability to invest in the U.S. technology industry Thursday, saying the moves were a response to Beijing’s history of forcing U.S. companies to surrender their trade secrets to do business in China.
The president directed U.S. Trade Representative Robert E. Lighthizer to announce within 15 days a proposed list of products to be hit with tariff increases. After a public comment period, the final list, designed to target Chinese products that benefited from improper access to U.S. technology, will be made public.
“We’re doing things for this country that should have been done for many, many years,” the president said before signing a memorandum setting in motion the trade actions.
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Markets tanked Thursday, with the Dow Jones industrial average down more than 700 points (nearly 3 percent) at the end of trading and the Nasdaq Composite and the Standard & Poor’s 500 index down as well.
“There is no way to impose $50 billion in tariffs on Chinese imports without it having a negative impact on American consumers. Make no mistake, these tariffs may be aimed at China, but the bill will be charged to American consumers who will pay more at the checkout for the items they shop for every day,” said Hun Quach, vice president for international trade at the retail Industry Leaders Association.
https://www.washingtonpost.com/business/economy/trump-moves-to-crack-down-on-china-trade-with-50-billion-in-tariffs-on-imported-products/2018/03/22/c09309e8-2de3-11e8-8ad6-fbc50284fce8_story.html?utm_term=.8205658c80b3
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