The Trump administration will impose about $60 billion in new trade penalties on China, the first targeted trade measures aimed directly at Chinese “economic aggression.”
“We have a tremendous intellectual property theft situation going on,” President Donald Trump said Thursday, revealing that he has spoken with Chinese leadership about this issue and the “out of control” trade deficit. As these problems have yet to be resolved, the U.S. is preparing to take punitive action against China to the tune of tens of billions of dollars.
“This is just a fraction of what we’re talking about,” the president added, announcing that he has asked China to take steps to reduce the trade deficit by $100 billion or more. Trump said the U.S. is having “very large negotiations” with China on trade.
U.S Trade Representative Robert Lighthizer launched an important investigation of China under Section 301 of the Trade Act of 1974 last August looking “into Chinese laws, policies, and practices which may be harming American intellectual property rights, innovation, or technology development.”
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