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Trump administration announces $22b in fresh tariffs on China

Trump administration announces $22b in fresh tariffs on China”

Announcing the new duties, the US Trade Representatives Office: "China directs and unfairly facilitates the systematic investment in, and acquisition of, US companies and assets to generate large-scale technology transfer".

The trade representative's office also accused China of "cyber intrusions into U.S. commercial computer networks to gain unauthorized access to commercially valuable business information".

Customs officials will begin collecting the border tax August 23, the Office of the U.S. Trade Representative says.

And Mr. Trump has threatened to impose tariffs on virtually everything China sells to the United States.

The latest $16 billion list will hit semiconductors from China, even though numerous basic chips in these products originate from the United States, Taiwan or South Korea.

The investigation had revealed that China uses joint venture requirements, foreign investment restrictions, and administrative review and licensing processes to require or pressure technology transfer from USA companies and it deprives USA companies of the ability to set market-based terms in licensing and other technology-related negotiations.

Negotiations broke off after the Trump administration imposed the tariffs on US$34 billion in Chinese imports, a move the Chinese said would void any promises they'd made in negotiations.

The worry is that the escalating Sino-U.S. trade war, rising corporate bankruptcies, and a steep decline in the value of the yuan versus the dollar could put a significant dent on the economy.

The surplus with the United States was higher than China's overall trade surplus in July, which was $28.05 billion, indicating China ran a net trade deficit with the world excluding the U.S. In mid-June he instructed U.S. Trade Representative Lighthizer "to identify $200 billion worth of Chinese goods for additional tariffs at a rate of ten percent".

In the meantime, it sought public comment on the new items.

China has now either imposed or proposed tariffs on $110 billion of USA goods, representing the vast majority of China's annual imports of American products.

The Semiconductor Industry Association expressed disappointment at USTR's decision to keep the sector on the tariff list.

The office said the move is part of the US response to China's unfair trade practices related to the forced transfer of American technology and intellectual property.



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