Trump Targets China With Tariffs

Trump intends to impose duties of 25% on imported steel and 10% on aluminum imports

The Washington Post reported that Trump doubled a senior staff recommendation of $30 billion in tariffs.

A source who had direct knowledge of the administration's thinking told Reuters last week that the tariffs, authorised under the 1974 US Trade Act, would be chiefly targeted at information technology, consumer electronics and telecoms and other products benefiting from US intellectual property. He is determined to bring down the USA trade deficit with China, which reached $375 billion a year ago.

However, another source said this volley of trade taxes will be different to Trump's sweeping safeguard for USA steel and aluminum.

"Tomorrow the president will announce the actions he has chose to take based on USTR's 301 investigation into China's state-led, market-distorting efforts to force, pressure, and steal US technologies and intellectual property", the official said. And with just a few days before the tariffs take effect, the void has left many companies and governments confused, frustrated and concerned that the trade action could spiral into a global crisis. We are NOT going to say that "not resigning from Office" was at the top of the list.

Trade ministers from Europe and other countries have been seeking to meet with Trump officials in recent days, even as they and business groups in the US and overseas have been waiting for the administration to clarify what it will take for nations to get tariff exemptions. Ms Kang Kyung-wha foreign minister of South Korea a leading steel exporter branded Washington's trade move unhelpful and not something that the United States should be doing to a security ally.

About 40 million tonnes of steel are imported into the European Union each year.

The Trump administration has already said Canada and Mexico will be exempt.

USA tariffs on aluminum and steel imports will add thousands of jobs at domestic producers, offsetting labor losses in other industries, while economic growth will slow by a tiny percentage, according to the Coalition for a Prosperous America. Some people in Germany, he said, are so baffled by what's happening that they hope the whole undertaking by Trump can be postponed.

President TrumpDonald John TrumpKoch-backed group launches six-figure ad buy against Heitkamp Anti-abortion Dem wins primary fight Lipinski holds slim lead in tough IL primary fight MORE late Tuesday admitted to wrongly claiming a few weeks ago that unemployment for African Americans was at its lowest rate ever. Li repeated a suggestion that the U.S. ease restrictions on exports of high-technology goods to China as a way to even the balance.

In issuing the tariffs, Trump moved to fulfill a campaign promise to aid domestic steelworkers and get tough on trade rivals, whom the president blames for America's industrial and economic troubles.

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