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Dollars 60 billion United States tariff wall triggers China biz war

Dollars 60 billion United States tariff wall triggers China biz war”

President Trump's plan was three-fold: level tariffs on Chinese imports to the tune of $50 billion, restrict and investigate Chinese investments in the United States, and take action against the country at the World Trade Organization.

"The actions undertaken by the US are self-defeating. That's why manufacturers have welcomed President Trump's focus on addressing this serious problem", Timmons says.

Timmons suggests that the tariffs could provoke China to take further destructive actions against American manufacturing workers.

Today, Trump announced plans to impose tariffs on up to United States dollars 60 billion in Chinese imports and limit the investment in retaliation for years of alleged intellectual property theft.

It is just weeks since Trump short-circuited White House deliberations and announced a raft of sanctions on foreign-produced steel and aluminium off the cuff.

In August 2017, the U.S. initiated an investigation into Chinese intellectual property and technology transfers under Section 301 of the Trade Act of 1974.

Responding to media reports that Washington will soon release results of the investigation, China's Ministry of Commerce said on Thursday that China will "take all necessary measures" to defend its rights and interests.

Beijing will take measures against the 128 USA goods in two stages if it cannot reach an agreement with Washington, the ministry said, adding that it could take legal action under World Trade Organization rules.

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The ministry said China bought about $1 billion worth of those goods past year.

In a letter to Trump on Sunday, 45 US trade associations, representing retail, technology, agriculture and other consumer-product industries, urged the administration not to move forward its tariff plan on Chinese imports, as it would hurt USA consumers and companies.

President Donald Trump addressed Chinese trade infractions on Thursday with a plan that both enflamed fears about an impending trade war and received praise for finally holding the nation accountable for its actions. "If the tariffs reach $60 billion, which has been rumored, the impact would be even more devastating", Donohue said.

Recent U.S. trade actions severely damage the multilateral trading system and disturb the global trading order, China's commerce ministry said, urging Washington to resolve its issues with Beijing to avoid harming the bilateral relationship.

"China uses foreign ownership restrictions, including joint venture requirements, equity limitations, and other investment restrictions, to require or pressure technology transfer from USA companies to Chinese entities", President Trump said.

On Wednesday, Federal Reserve Chairman Jerome Powell warned that the prospect of a trade war was a growing threat to the world's largest economy.

The Dow Jones Industrial Average dropped more than 700 points as of the market's close, while the S&P 500 fell 2.5 percent to its lowest point since early February.

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