Trump imposes $ 60 billion in tariffs on China[/rtl]
[rtl]Release date: 2018/3/23 8:37 • 41 times read[/rtl]
President Donald Trump signed a presidential memorandum on Thursday that could impose a new package of import tariffs from China worth up to $ 60 billion and identify investment in response to what Washington sees as years of intellectual property infringement and technology theft. Of US companies.
The new tariff also limits the ability of Chinese goods and companies to compete in US markets. Trump considers the measures to punish China for "years of soft theft of the US economy."
The White House said the new measures were necessary "to counter the unfair competition imposed by the Chinese state economy on the US economy."
The presidential memorandum notes that the imposition of new measures will only take place after a period of consultation with China, which will give Beijing room to negotiate with the US side and reduce the risk of direct retaliation by Beijing.
The White House also pointed out that years of talks with China have yielded no progress.
For its part, China said it is ready to respond to any measures imposed by Trump with other measures that safeguard its rights.
Trump had earlier said he was seeking a trade deal with China that would be "fair to his country."
"We have negotiated with China and are still in the midst of very large negotiations, and we will wait to see the results," Trump said.
The US trade deficit with China is $ 375 billion.
Trump's decisions come after a months-long probe by Trump, where the White House said the investigation showed several unfair practices in business dealings with China, including restrictions on foreign ownership, putting pressure on technology transfer companies.
According to the White House, the investigation provided evidence of China's unfair treatment of US companies, and the Chinese government is putting obstacles in the way of US industries in several strategic areas.
The White House has prepared a list of about 1,000 Chinese goods that could be subject to the new tariff.
China's Ministry of Commerce said before Trump's decision that its country was ready to respond to any US economic action.
"China will not remain static and leave its legitimate rights vulnerable to manipulation and we will certainly take all necessary measures to defend our interests and our rights," a ministry statement said Thursday morning.
According to the Wall Street Journal, China is ready to respond to the recent decision to impose a package of taxes on various sectors of business dealings with the United States.
The newspaper added that these taxes will include the US agricultural export sector in the US agricultural belt states, which provided great support to Trump in the recent elections.
The United States is wary of China seeking to acquire technologies that could be used in military applications.
The US Congress is preparing to discuss a package of new laws that will allow the government to scrutinize the activities of foreign companies domestically and in deals with a US side.
On the other hand, investors in other sectors, such as the agricultural sector and retail, expressed fears of negative effects on their business as a result of the expected Chinese reprisals.