Trump asks US trade representative to consider $100 billion in additional tariffs on Chinese products

FAN Editor

President Donald Trump on Thursday said he has instructed the United States Trade Representative to consider $100 billion in additional tariffs against China.

“In light of China’s unfair retaliation, I have instructed the USTR to consider whether $100 billion of additional tariffs would be appropriate under section 301 and, if so, to identify the products upon which to impose such tariffs,” Trump said in a statement.

Dow Jones futures tanked on the news, with the implied open down more than 400 points.

China on Wednesday announced it would introduce tariffs on 106 U.S. products, including soybeans, cars and whiskey.

The tariffs were introduced as a retaliatory measure against President Trump, who, just 24 hours prior, had unveiled a list of Chinese imports he planned to target with tariffs.

Trump’s proposed tariffs include products used for robotics, information technology, communication technology and aerospace, areas in which Trump feels China could unfairly advance with the help of U.S. intellectual property.

Despite the severity of Trump’s threats on Thursday, he emphasized that the U.S. is still open to negotiation concerning China’s trade practices.

“The United States is still prepared to have discussions in further support of our commitment to achieving free, fair, and reciprocal trade and to protect the technology and intellectual property of American companies and American people,” Trump said in a statement.

U.S. Trade Representative Robert Lighthizer expressed support for the move, calling Trump’s response “appropriate.”

“President Trump is proposing an appropriate response to China’s recent threat of new tariffs. After a detailed investigation, USTR found overwhelming evidence that China’s unreasonable actions are harming the U.S. economy,” Lighthizer said in a statement.

Statement from President Donald J. Trump on Additional Proposed Section 301 Remedies

Following a thorough investigation under section 301 of the Trade Act of 1974, the United States Trade Representative (USTR) determined that China has repeatedly engaged in practices to unfairly obtain America’s intellectual property. The practices detailed in the USTR’s investigation have caused concern around the world. China’s illicit trade practices − ignored for years by Washington − have destroyed thousands of American factories and millions of American jobs. On April 3, 2018, the USTR announced approximately $50 billion in proposed tariffs on imports from China as an initial means to obtain the elimination of policies and practices identified in the investigation.

Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers. In light of China’s unfair retaliation, I have instructed the USTR to consider whether $100 billion of additional tariffs would be appropriate under section 301 and, if so, to identify the products upon which to impose such tariffs. I have also instructed the Secretary of Agriculture, with the support of other members of my Cabinet, to use his broad authority to implement a plan to protect our farmers and agricultural interests.

Notwithstanding these actions, the United States is still prepared to have discussions in further support of our commitment to achieving free, fair, and reciprocal trade and to protect the technology and intellectual property of American companies and American people. Trade barriers must be taken down to enhance economic growth in America and around the world. I am committed to enabling American companies and workers to compete on a level playing field around the world, and I will never allow unfair trade practices to undermine American interests.

This story is developing, please check back for updates.

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