In a signed memorandum, President Trump has announced that his administration will be moving forward with plans to impose tariffs on Chinese imports. Ahead of a trade summit between the United States and China, the new plan will impose a 25 percent tariff on $50 billion of “industrially significant technology.”
According to a statement from the White House, the tariff will “protect domestic technology and intellectual property from certain discriminatory and burdensome trade practices by China.”
Check it out, per the White House:
- To protect our national security, the United States will implement specific investment restrictions and enhanced export controls for Chinese persons and entities related to the acquisition of industrially significant technology. The proposed investment restrictions and enhanced export controls will be announced by June 30, 2018, and they will be implemented shortly thereafter.
- The United States will continue to pursue litigation at the World Trade Organization for violations of the Agreement on Trade-Related Aspects of Intellectual Property Rights based on China’s discriminatory practices for licensing intellectual property. The United States filed the case regarding these violations on March 23, 2018.
- Under Section 301 of the Trade Act of 1974, the United States will impose a 25 percent tariff on $50 billion of goods imported from China containing industrially significant technology, including those related to the “Made in China 2025” program. The final list of covered imports will be announced by June 15, 2018, and tariffs will be imposed on those imports shortly thereafter.
While a final list of products affected by the tariff will not be released for another couple weeks, as Washington Examiner reports, they will include goods related to the “Made in China 2025” program.
The move comes 10 days after Treasury Secretary Steven Mnuchin said a trade war with China was “on hold.”
Commerce Secretary Wilbur Ross will arrive in Beijing Saturday to discuss cooling trade tensions between the two economic giants.
And, via Fox Business:
President Trump signed a memorandum in late March announcing the administration would take steps to protect domestic technology and intellectual property from China’s “discriminatory and burdensome” trade practices.
The White House also said it would implement specific investment restrictions and enhanced export controls for Chinese people and entities “related to the acquisition of industrially significant technology” as a way to protect national security. These will be announced by June 30 and applied shortly thereafter, it said.
Trade negotiations between the United States and China have been strained for some time as ZTE, a Chinese-based company, has been accused of taking advantage of the current trade deal.
President Trump previously tweeted that he has reopened trade negotiations under new security guarantees.
Senator Schumer and Obama Administration let phone company ZTE flourish with no security checks. I closed it down then let it reopen with high level security guarantees, change of management and board, must purchase U.S. parts and pay a $1.3 Billion fine. Dems do nothing but complain and obstruct. They made only bad deals (Iran) and their so-called Trade Deals are the laughing stock of the world!
Funny to watch the Democrats criticize Trade Deals being negotiated by me when they don’t even know what the deals are and when for 8 years the Obama Administration did NOTHING on trade except let other countries rip off the United States. Lost almost $800 Billion/year under “O”
— Donald J. Trump (@realDonaldTrump) May 25, 2018
Our Trade Deal with China is moving along nicely, but in the end we will probably have to use a different structure in that this will be too hard to get done and to verify results after completion.
— Donald J. Trump (@realDonaldTrump) May 23, 2018