President Donald Trump is seeking to impose tariffs on up to $60 billion of Chinese imports and will target the technology and telecommunications sectors.
A third source who had direct knowledge of the administration's thinking said the tariffs, associated with a "Section 301" intellectual property investigation, under the 1974 US Trade Act begun in August, could come "in the very near future". "Right at the time we need to work together as the liberal democracies of this world to curb unfair trade practices of China and others, we are divided".
While Trump has called China "helpful" in dealing with North Korea, his 2016 campaign focused on pulling out of global trade deals that he sees as detrimental to US interests.More news: Warriors announce that Klay Thompson has fractured thumb
Washington is targeting Chinese high technology companies to punish them for China's investment policies that effectively force U.S. companies to give up their technology secrets in exchange for being allowed to operate in the country along with other allegations of intellectual property theft. She added that what we are talking about are not fancy expensive sweaters, but cotton T's, jeans and shoes that children wear to school.
The possible tariffs against China follow a report from Politico, in which Trump rejected a proposal by U.S. Trade Representative Robert Lighthizer that called for tariffs on $30 billion of Chinese imports.
The presidential administration is also considering limiting the number of Chinese visas and the tightening of control over their results.More news: Classy Altior wins Queen Mother Champion Chase
Trump was elected on a protectionist agenda, and in the a year ago he has pulled the U.S. out of the 14-nation Trans-Pacific Partnership (TPP) and started talks to renegotiate the North American Free Trade Agreement (NAFTA) with Canada and Mexico.
They have also said the WTO's Dispute Settlement Body (DSB) has unfairly given preferential treatment to China at the expense of the United States economy, a charge that WTO officials have largely rejected.
Last week, Trump has told members of his cabinet and his advisors that he plans to introduce Chinese commodity duties and impose restrictions on China's investments in response to the cases of intellectual property theft.More news: Disney Reorganization Anticipates 21st Century Fox Assets
The United States is expected to invoke a national security exception to WTO rules in imposing import tariffs of 25 percent on steel and 10 percent on aluminum announced by Trump last week. U.S. Treasury yields traded just off one-week lows touched earlier in the session. "He's serious about calling their hand on this, and my understanding is they are looking at a broad array of options to do that", U.S. House Ways and Means Committee Chairman Kevin Brady said to reporters.
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