President Donald Trump’s administration will be considering a trade package including indefinite tariffs, investment restrictions along with possible visa restrictions on Chinese travelers, a source told CNBC Tuesday.
The brand-new package was crafted in response to the findings through a recent investigation of China by U.S. Trade Representative Robert Lighthizer.
The so-called Section 301 investigation was formed to determine whether China’s practices were “unreasonable or discriminatory along with burden or restrict U.S. commerce.”
The proposed package of penalties, which could foment a more adversarial trade relationship with China, comes amid a report through Reuters which theTrump administration will be also seeking to impose heavy brand-new tariffs on China.
Trump may impose tariffs on $60 billion of Chinese goods, Reuters reported Tuesday, citing a source who had discussed the issue with the White House.
The potential tariffs could target the technology along with telecommunications sectors, according to Reuters, however could not be limited to those sectors.
Politico reported earlier which Trump had rejected proposals for tariffs on $30 billion of Chinese imports, demanding instead even steeper duties on China.
China runs a $375 billion trade surplus with the United States along with when President Xi Jinping’s top economic advisor visited Washington recently, the administration pressed him to come up using a way of reducing which number.
Trump came to office on a protectionist agenda along with his first action as president was to pull the United States out of the 14-nation Pacific trade pact, known as the Trans-Pacific Partnership (TPP).
He has started out talks to renegotiate the North American Free Trade Agreement (NAFTA) along with most recently imposed tariffs on steel along with aluminum imports.
This kind of story will be developing. Please check back for updates.
–Reuters contributed to This kind of report.