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Trump to impose tariffs on $60bn of Chinese imports

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Published: 02:46, 23 March 2018   Update: 15:18, 26 July 2020
Trump to impose tariffs on $60bn of Chinese imports

International Desk: US President Donald Trump has signed an order that paves the way for imposing tariffs on as much as $60bn worth of Chinese goods imports.

The move on Thursday is seen as a direct shot in a brewing trade war between the world's two biggest economies.

Saying it would be the "first of many" trade actions, Trump said the measure was aimed at punishing Beijing over the alleged theft of US technology and Chinese pressure on American companies to hand it over.

"We have a tremendous intellectual property theft situation going on," Trump told reporters.

The White House said that Trump would direct the Office of the US Trade Representative (USTR) to publish a detailed product list of proposed tariffs within 15 days. USTR has already identified potential targets: 1,300 product lines worth about $48bn.

The president is also asking Treasury Secretary Steven Mnuchin to come up with a list of restrictions on Chinese investment.

Referring to the US' $375bn trade deficit with China, which he blamed for the loss of American jobs, Trump said: "It is the largest deficit of any country in the history of our world. It is out of control."

Beijing has already warned that it will take "all necessary measures" to defend itself, raising the prospect of a trade war between the two economic powerhouses.

"China on Thursday reiterated that they would defend their interest at all cost," said Al Jazeera's Scott Heidler, reporting from Shanghai, noting that Chinese officials believe that a requirement of even trade between the two countries is "unrealistic".

"In the past, they have said that if there are any tariffs coming from the US, they will retaliate," he added.

"It's been reported that the retaliation is probably going to be slow and steady, and not overarching, but we really won't know what that kind of retaliation is until Friday, at the very earliest."

Source: Agencies


risingbd/March 23, 2018/Mukul

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