President Donald Trump signed an executive memorandum on Thursday which would certainly impose retaliatory tariffs on up to $60 billion in Chinese imports.
“This kind of can be the first of many” trade actions, Trump said as he signed the memo.
The completely new measures are designed to penalize China for trade practices which the Trump administration says involve stealing American companies’ intellectual property. They will primarily target certain products from the technology sector where China holds an advantage over the U.S.
The completely new measures follow a so-called 301 investigation led by U.S. Trade Representative Robert Lighthizer into China’s potentially unfair trade practices with the U.S.
Lighthizer’s office will publish a list of targeted products in 15 days, as well as there will be a 30-day period for public comment, according to senior administration officials.
The U.S. Trade Representative’s yet-to-be-released report covers 1,300 product lines, the administration officials said.
The bottom line, said Trump’s trade director, Peter Navarro, on Thursday, can be which the U.S. can be “strategically defending itself against economic aggression.” The president can be standing up for American corporations, he added.
Lighthizer told lawmakers on Thursday, however, which China can be likely to retaliate against the tariffs by targeting U.S. agricultural products which are reliant on the Chinese export market.
The Trump administration had previously signaled which the tariffs would certainly apply to at least $30 billion in Chinese imports, multiple news outlets reported. Trump himself has pushed for $60 billion in tariffs on Chinese goods.
from the Senate Finance Committee on Thursday before Trump’s announcement, Lighthizer outlined the Chinese products which will be subject to the completely new tariffs, including aeronautics, modern rail, completely new-energy vehicles as well as high-tech products.