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Trump Eyes Tariffs on $60 Billion Chinese Goods; Tech, Telecoms, Apparel

Trump Eyes Tariffs on $60 Billion Chinese Goods; Tech, Telecoms, Apparel

Tusk, a former Polish prime minister, also criticised U.S. President Donald Trump's moves to what Tusk called a "trade war" and said Russian interference in Western countries showed the need for more, not less, Transatlantic cooperation.

Another separate source with direct knowledge of the thinking by the administration said that tariffs, which are associated with a Section 301 investigation of intellectual property, under the U.S. Trade Act of 1974 that started past year during August, could come soon.

The White House spokeswoman declined to provide details about how the administration would like China to accomplish the surplus-cutting goal - whether increased purchases of USA products such as soybeans or aircraft would suffice, or whether it wants China to make major changes to its industrial policies, cut subsidies to state-owned enterprises or further reduce steel and aluminum capacity.

Trump has targeted the high technology companies in China to punish the country for its investment policies which have effectively forced companies from the U.S.to give up technology secrets in order to be given approval to operate there.

The Trump administration is also considering imposing investment restrictions on Chinese companies over and above the heightened national security restrictions, but details on these were not immediately known.

"We're not talking about fancy cashmere sweaters, we're talking about cotton T-Shirts and jeans and shoes that kids wear for back-to-school", she added.

The White House recently urged the top economic adviser of Chinese President Xi Jinping to come up with a plan for reducing that number.




Trump has said that the import tariffs are necessary on national security grounds, but Malmstrom insisted this is a ruse and said that "we suspect that the USA move is effectively not based on security considerations but an economic safeguard measure in disguise".

Trump came to office on a protectionist agenda and his first action as president was to pull the United States out of the 14-nation Trans-Pacific Partnership (TPP).

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.

Lawmakers and industry representatives say fresh restrictions will invite retaliation that could see U.S. exporters suffer.

The tariffs announced by the Trump administration last week on steel and aluminum are viewed as relatively insignificant in terms of imports and exports.

European countries, many of which are North Atlantic Treaty Organisation allies, argue that they should also be exempt, and EU officials including European Commission President Jean-Claude Juncker have said that retaliatory tariffs include measures against classic American products such as bourbon. "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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