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20
March 2018
 |
China(The
Total Investment & Insurance Solutions)
Following
up on his threat to punish Beijing for intellectual property theft, US
President Donald Trump is preparing to hit China with a $60 billion annual
tariff package.
The Total Investment & Insurance Solutions
The
tariff package, which Trump plans to unveil by Friday, was confirmed by four
senior administration officials, the Washington Post reported.
Senior
aides had provided the President with a $30 billion tariff package but Trump
ordered them to double it.
The
package could be applied to over 100 products, which Trump argued were
developed using trade secrets from American firms that China either stole or
forced them to hand over in exchange for access to its massive market.
If
implemented, the tariff package would be one of the broadest sets of economic
actions imposed by a modern US President against China and could draw
retaliation, fraying the trade partnership between two of the world's largest
economies.
The Total Investment & Insurance Solutions
"This
looks much more like a President who is excessively eager to apply tariffs than
a well-calculated move to defend American interests," said Phil Levy, who
was a trade advisor to President George W. Bush.
"There
are real concerns about Chinese behaviour on intellectual property, for
example, but there are much more effective ways to address them," he said.
The
new tariffs follow Trump's recent announcement of a 25 per cent tariff on
imported steel and 10 per cent tariff on imported aluminium.
Although
a couple of vital trading partners, such as Canada and Mexico, were excluded
from the tariffs in the original announcement -- and it's possible more could
be excluded -- the European Union has said it will enact retaliatory measures,
and other countries could follow suit.
Many
Republicans have also spoken out against the steel and aluminium tariffs and
GOP Senator Jeff Flake also introduced a bill to nullify them.The Total Investment & Insurance Solutions
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