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March 23, 2018

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US imposes tariffs on US$50b of China goods

US President Donald Trump has imposed tariffs on about US$50 billion in Chinese imports to retaliate against the alleged theft of American intellectual property, White House officials said yesterday.

The new import duties will target industrial sectors where “China has sought to acquire an advantage through the unfair acquisition or forced technology transfer from US companies,” senior White House economic adviser Everett Eissenstat told reporters.

In a memorandum signed yesterday, Trump will direct US Trade Representative Robert Lighthizer to publish a proposed list of products that could be subject to tariffs.

The US action sent stocks diving on Wall Street, where the Dow Jones Industrial Average was down about 2 percent ahead of the announcement.

Trump will also direct Lighthizer to take action against China at the World Trade Organization, charging Beijing with preventing US firms from licensing their technology in China. The measure also directs the US Treasury to develop new proposals to increase safeguards against investments that could compromise America’s national security.

Earlier yesterday, China said it will “take all necessary measures” to defend its rights and interests, the Ministry of Commerce said.

“China will absolutely not sit back watching its rights and interests be damaged,” said an unnamed official in charge of the ministry’s treaty and law department.

Last August, the US initiated an investigation into Chinese intellectual property and technology transfers under Section 301 of the Trade Act of 1974.

“Concerning the Section 301 investigation, China has made clear its position several times that it stands firmly against such unilateral and trade protectionist practices from the US side,” the official said.

Since the two countries established diplomatic relations in 1979, bilateral trade has surged 232 times, and total two-way investment has exceeded US$230 billion.

US industries have expressed worries about the unilateral actions taken by the US, with 45 business associations having already expressed their opposition, according to the official.

“We hope that the United States can realize the mutually beneficial essence of Sino-US economic and trade ties, and that it won’t do anything to impair the interests of others or itself,” said the official.




 

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