Donald Trump seeking to slap steep tariff on Chinese imports, says report

The restrictions would be part of an investigation under Section 301 of the Trade Act of 1974 looking into intellectual property theft.

Amid rising trade tensions between the U.S. and China, the Chinese foreign ministry is urging President Donald Trump to not see trade as a "zero-sum game" (零和游戏 línghé yóuxì). In spite of all prior warnings, and their efforts to distance themselves from the White House, Republican "free traders" have been careful to phrase their opposition in terms of moderating, not blocking, Mr Trump's political trade agenda.

"We are ready for a trade war", said Enggartiasto Lukito, the trade minister.

Lawmakers and industry representatives say fresh restrictions will invite retaliation that could see U.S. exporters suffer.

Wall Street stocks tumbled on Tuesday on growing worries about a trade war as President Donald Trump replaced his Secretary of State and was reportedly planning new tariffs on China.

The US authorities have repeatedly blocked the merger of US companies with Chinese firms citing national security concerns. A U.S. Treasury spokeswoman did not immediately respond to requests for comment.

The list covers $850 million worth of steel products that Trump says he is supporting with his tariffs, with other large targets including more than $500 million worth of bourbon in different sized containers, nearly $200 million in sea-going motorboats and motor yachts, nearly $200 million in "eye makeup preparations" and more than $140 million in "lip make-up preparations".

No-one polled said the tariffs would help the global economy.

"When the president says he is unhappy about too many barriers and tariffs between the European Union and the United States, I can understand him". "Alarm bells are ringing".

White House trade adviser Peter Navarro said Thursday that President Donald Trump would soon consider new punitive measures against China for its alleged "theft" of intellectual property.

The head of Eurofer, Europe's main steel federation, said Trump's reasons for slapping tariffs on steel and aluminum were an absurdity and that the move could cost tens of thousands of jobs across the continent. American farmers - many of whom have built whole business models around supplying soybeans, pork, and other staples to the Chinese market - will be especially vulnerable to retaliatory tariffs.

He stressed that China does not want to begin a trade war and will not unleash one on the United States; however, Beijing will do everything to protect Chinese national interests.

Restrictions on foreign investment in sectors including finance, media and telecommunications and auto manufacturing have been in place as part of the terms of China's accession to the World Trade Organisation.

The Trump administration announced a 25 percent steel tariff and 10 pecent tariff on imported aluminium earlier this month.

According to the Reuters news agency, the tariffs would target up to $60 billion (€48.4 billion) per year of Chinese imports.

China accounts for almost half of the U.S. trade deficit and Trump has been strongly urging China to correct its trade imbalance with the US.

Beijing often requires foreign companies to surrender trade secrets in return for the right to operate in China, where rampant piracy of products including clothes and computer software has long bedeviled multinational corporations. Earlier this year, Trump pulled the US out of the Trans-Pacific Partnership.

"China has been asked to develop a plan for the year of a One Billion Dollar reduction in their massive Trade Deficit with the United States", Trump tweeted. "It will be very surprising if there isn't some measured retaliation over time from major trading partners". The European Union has announced plans to retaliate against USA exports, but in the end the EU may negotiate - and agree to reduce current tariffs on United States products that exceed U.S. tariffs on European products. "You can't cooperate when you're getting whacked around", the person told Reuters.

  • Leroy Wright