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President Trump Announces Trade Actions Targeting Chinese Tech and Intellectual Property Policies

President Trump Announces Trade Actions Targeting Chinese Tech and Intellectual Property Policies

The United States has bestrode the global economy for much of the last century, but this fight comes as China - with its population of 1.4 billion - is starting to challenge USA hegemony.

However, Lighthizer did not clarify the extent of the new round of tariffs in his news release Friday morning.

China's commerce ministry called a media briefing on Friday night, an unusual move on a public holiday.

Trump spoke about the clash in an interview with the "Bernie and Sid" radio show on 77 WABC Radio that was taped Thursday and aired Friday.

The additional tariffs are in response to China imposing tariffs on $50 billion of imported USA goods, which itself was the Chinese response to Trump's initial punitive tariff proposal.

"If the United States disregards the opposition of China and the global community, and insists on unilateralist and protectionist trade practices, the Chinese side will follow through to the end and will not hesitate to fight back at any cost", the Chinese Commerce Ministry said in a statement Friday.

Overnight, U.S. stocks rose for a third straight session amid expectations that the tit-for-tat tariff announcements are only a precursor to negotiations of a trade agreement between the United States and China.

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"Hopefully the President is just blowing off steam again but, if he's even half-serious, this is nuts", said Senator Ben Sasse. "He's threatening to light American agriculture on fire", Sasse added.

The US government on Tuesday threatened to levy import taxes on more than 1,300 Chinese products, including TVs, dishwashers and printers.

"Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers", Trump said in a defiant statement. "It's something we had to do, and ultimately if you take a look it's not only trade with China - it's everybody". "They do not wish to point out that", Trump stated on Thursday.

This suggests the USA will now levy tariffs on a total of $150 billion of Chinese imports, or on about a third of the Chinese products being imported. "Under these circumstances, the president is right to ask for additional appropriate action to obtain the elimination of the unfair acts, policies, and practices identified in USTR's report". But he says President Donald Trump will remain steadfast on protecting US economic interests.

Larry Kudlow said President Donald Trump means "enough is enough" and is demanding that China stop "stealing" American intellectual property. "They don't want to mention that", Trump said on Thursday. Euro zone government bond yields also dipped as the trade dispute between the United States and China flared.

On March 22, 2018, the Office of the United States Trade Representative released its Section 301 report, finding that China's policies harm to the U.S. economy by at least US$50 billion per year. He warned that talks "could be complex and various factors such as [intellectual property] and technology will linger beyond a single trade dispute".


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