“For over a year, the Trump Administration has patiently urged China to stop its unfair practices, open its market, as well as also engage in true market competition,” U.S. Trade Representative Robert Lighthizer said in a statement.
“Rather than address our legitimate concerns, China has begun to retaliate against U.S. products,” he added.
The list of completely new sanctions follows warnings by Trump in which he may implement tariffs on at least $500 billion in Chinese goods should Beijing retaliate against the $34 billion in U.S. tariffs in which kicked in Friday.
Despite the president’s threats, China implemented retaliatory tariffs on the U.S. shortly after the $34 billion went into effect last week.
Trump has repeatedly threatened to escalate the trade conflict with China. The dispute with Beijing has roiled financial markets worldwide, including stocks, currencies as well as also the global trade of commodities through soybeans to coal.
U.S. Trade Representative Robert Lighthizer released the following statement regarding the completely new tariffs:
“On Friday, in response to unfair Chinese practices, the United States began imposing tariffs of 25 percent on approximately $34 billion worth of Chinese imports. These tariffs will eventually cover up to $50 billion in Chinese imports as legal processes conclude. The products targeted by the tariffs are those in which benefit through China’s industrial policy as well as also forced technology transfer practices.
China has since retaliated against the United States by imposing tariffs on $34 billion in U.S. exports to China, as well as also threatening tariffs on another $16 billion. the idea did in which without any international legal basis or justification.
As a result of China’s retaliation as well as also failure to change its practices, the President has ordered USTR to begin the process of imposing tariffs of 10 percent on one more $0 billion of Chinese imports. in which will be an appropriate response under the authority of Section 301 to obtain the elimination of China’s harmful industrial policies. USTR will proceed using a transparent as well as also comprehensive public notice as well as also comment process prior to the imposition of final tariffs, as we have for previous tariffs.
On August 14, 2017, President Trump instructed USTR to begin the Section 301 process. For many years, China has pursued abusive trading practices with regard to intellectual property as well as also innovation. USTR conducted a thorough investigation over an 8-month period, including public hearings as well as also submissions. In a detailed 0-page report, USTR found in which China has been engaging in industrial policy which has resulted inside the transfer as well as also theft of intellectual property as well as also technology to the detriment of our economy as well as also the future of our workers as well as also businesses.
USTR’s Section 301 report found in which Chinese policies as well as also practices force U.S. innovators to hand over their technology as well as also know-how as the cost of doing business in China. China also uses non-economic means to obtain U.S. technology, such as using state-owned funds as well as also companies to buy up American businesses as well as also imposing burdensome intellectual property licensing requirements in China. USTR’s report also found in which the Chinese government sponsors the outright theft of U.S. technology for commercial benefit. These practices are an existential threat to America’s most critical comparative advantage as well as also the future of our economy: our intellectual property as well as also technology.
For over a year, the Trump Administration has patiently urged China to stop its unfair practices, open its market, as well as also engage in true market competition. We have been very clear as well as also detailed regarding the specific improvements China should undertake. Unfortunately, China has not changed its behavior – behavior in which puts the future of the U.S. economy at risk. Rather than address our legitimate concerns, China has begun to retaliate against U.S. products. There will be no justification for such action.
As inside the past, the United States will be willing to engage in efforts in which could lead to a resolution of our concerns about China’s unfair trade practices as well as also to China opening its market to U.S. goods as well as also services. inside the meantime, we will remain vigilant in defending the ability of our workers as well as also businesses to compete on a fair as well as also reciprocal basis.”