WASHINGTON (Reuters) – The Trump administration is expected to unveil up to $60 billion in new tariffs on Chinese imports by Friday, targeting technology, telecommunications and intellectual property, two officials briefed on the matter said Monday.
U.S. is expected to imposed about $60 billion new tariffs on Chinese imports by Friday, 23 March 2018. Credit: EPA/MARK
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.
This would be considerably different from the quick implementation of the steel and aluminum tariffs, which are set to go into effect on March 23, just 15 days after President Donald Trump signed the proclamations.
President Donald Trump (L) and Chinese President Xi Jinping (R) with their delegates during G20 meeting in Hamburg, Germany, July 2017. Credit: AP/Evan Vucci
A delayed approach could allow time for negotiations with Beijing to try to resolve trade issues related to the administration’s “Section 301” probe into China’s intellectual property practices before tariffs take effect.
The White House declined to comment Monday. China has vowed to take retaliatory measures in response. Reuters first reported on the $60 billion in tariffs last week.
The Trump Administration is expected to imposed up to $60 billion of new tariffs on Chinese imports to the U.S. by Friday, March 23, 2018. Credit: Reuters
A source who had direct knowledge of the administration’s thinking told Reuters last week that the tariffs, authorized under the 1974 U.S. Trade Act, would be chiefly targeted at information technology, consumer electronics and telecoms and other products benefiting from U.S. intellectual property.
But they could be much broader and hit consumer products such as clothing and footwear, with a list eventually running to 100 products, this person said.
U.S. pork farmers worry that trade disputes with China could impact exports. Credit: Reuters
China runs a $375 billion trade surplus with the United States and when President Xi Jinping’s top economic adviser visited Washington recently, the administration pressed him to come up with a way of reducing that number.
Presidents Donald Trump (L) and Xi Jinping (CR) during G20 Summit in Hamburg, Germany, July 2017. Credit: AFP/Getty Images
In January, Trump told Reuters he was considering a big “fine” as part of a probe into China’s alleged theft of intellectual property. Trump said the Chinese government had forced U.S. companies to transfer their intellectual property to China as a cost of doing business there.
Expectations of the anti-China tariffs have alarmed dozens of U.S. business groups, who warned on Sunday they would raise prices for consumers, kill jobs and drive down financial markets.
