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Media Reports Say Trump Is Now Looking At Imposing Steep Tariffs On Chinese Goods
A Made in China label on an electronic product’s packaging (<a href="https://commons.wikimedia.org/wiki/User:Kostmo">Kostmo</a>/Wikimedia Commons)
In what is a seemingly retaliatory move to counter the theft of intellectual property by Chinese firms, United States President Donald Trump is reportedly looking at slapping a steep import tariff on goods making their way to American shores from China, reports PTI.
The matter came to light on 8 March during a cabinet meeting when Trump announced the imposition of import tariffs of 10 per cent on aluminium and 25 per cent on steel. During the course of the meeting, it was reported US Trade Representative Robert Lightizer presented a plan that could target at least $30 billion in imports from China. The US currently has a trade deficit of $500 billion a year and Trump has asked for a plan that targets at least $100 billion in imports from China.
Those familiar with the plan have said that the Trump administration is actively considering imposing tariff hikes on over 100 Chinese products including electronics, telecommunications equipment, furniture, and toys. American media house Politico has said that the new plan go be effective as early as next week.
China on its part has warned the United States of retaliatory action.
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