Coming Soon: Trump’s $60 Billion Tariff Plan To Punish China For IP Theft And Push American Job Creation

US President Donald Trump is working on finalising a package of US$60 billion tariff plan against Chinese products, The Straits Times has reported. The administration plans to unveil the tariff plan on Friday.

President Trump has repeatedly warned that he will punish China for intellectual property theft and create jobs in America.

The package is likely to target over 100 products, which Trump argues were developed by using trade secrets the Chinese plagiarised from American corporation or arm-twisted them to hand over as a condition for access to Chinese market.

As part of the tariff plan, the White House may also place restrictions on investment by Chinese firms in the US. The Treasury Department will likely be directed to frame new rules that will determine investment from China.

Last year, the US had launched an investigation into Chinese efforts to secure technology and Beijing’s treatment of intellectual property. The investigations established that Chinese intellectual property practices, including forced technology transfer, caused annual damage of $30 billion to American Companies.

The US’ trade deficit with China stands at a whopping $375.2 billion. The US imports nearly four times as much as it exports to China.

As part of the plan, US may also impose significant penalties on state-owned Chinese firms by arguing that they buy US technology not just for commercial purposes, but also to use it for military use and establish an edge in the race for global technological dominance.