Trump eyes US$60 billion in tariffs on Chinese tech
Mar 16 2018 by Lorena Waters
Trump is looking to levy tariffs on up to $60 billion of Chinese imports, targeting the technology, telecom and apparel sectors, sources told Reuters on Tuesday. The loonie-peso exchange rate may be set for more turbulence in the aftermath of Trump's recent steel and aluminum tariffs which, while exempting the nations for now, introduced another wrinkle to a fraught trading outlook for the two currencies.
At the meeting, the US Permanent Trade Representative Robert Lighthizer presented to the head of state proposals for customs duties that affect imports worth 30 billion Dollars per year.
A 2011 report by the International Trade Commission estimated that usa companies lost more than $48 billion in one year because of widespread Chinese violations of intellectual property.
On the Comey question, the Democratic document goes through how the committee asked the White House if there were any "tapes" of the meetings or phone calls involving President Trump and Comey.
"We come in peace here", Navarro said in an interview on CNBC on Thursday.
The EU says the best way forward would be for the U.S.to cooperate in trying to reduce a glut of steel and aluminum on worldwide markets, which experts says is largely due to China's overproduction in recent years.
This is unedited, unformatted feed from the Press Trust of India wire.
Economists and policy analysts say that using Section 301 to hit Chinese tariffs would be a monumental protectionist step by Trump.
Indonesia said that while it the steel and aluminum tariffs are not a big problem for its industry, the country would be in trouble if the US targeted its palm oil, a key export used in a huge number of consumer products. His glowing support for the president's trade policy contracts starkly with the Buckeye State Democrat's previous barbs directed at Trump.
The president's message to his trade chief was "make it bigger", said one lobbyist familiar with the discussion. It said it will retaliate by taking strong measures to protect China's interests. Experts say the lesson from that episode is that while protectionism helps producers, it harms manufacturers that buy steel.
The trans-Atlantic rift over Trump's tariffs was evident in the European Union legislature in Strasbourg, France, where parties of just about all persuasions lined up to criticize the USA plans. The currency has broken through C$1.30 per US dollar as the Bank of Canada strikes a dovish tone after a run of soft economic data and growing concerns over household indebtedness.
The largest sources for the material are Japan and Brazil, she said, adding that United States tire producers will lose business to foreign competitors if their steel costs rise. "Consumers are just beginning to see more money in their paychecks following tax reform, but those gains will soon be offset by higher prices for products ranging from canned goods to cars to electronics".
Washington's move to target Chinese firms comes amid allegations of intellectual property theft. The EU had already signalled that it would impose trade retaliatory measures to the tune of more than €2.5 billion ($3.5 billion).
Restrictions on foreign investment in sectors including finance, media and telecommunications and auto manufacturing have been in place as part of the terms of China's accession to the World Trade Organisation.
"We are working this from the product side and the country side".