President Trump wants aggressive action against alleged China IP theft
China will soon face stiff tariffs and investment restrictions following allegations of intellectual property (IP) theft, President Donald Trump told Cabinet secretaries and top advisers during a meeting at the White House last week, according to Politico.
U.S. Trade Representative Robert Lighthizer has presented President Trump with a package of tariffs that would target the equivalent of $30 billion a year in Chinese imports, Politico reported. In response, Trump urged Lighthizer to aim for an even bigger number — and he instructed administration officials to be ready for a formal announcement in the coming weeks.
The administration is reportedly considering tariffs on more than 100 Chinese products ranging from electronics and telecommunications equipment to furniture and toys.
U.S. agriculture stakeholders are bracing for possible retaliation against U.S. farm products.
China said Sunday that it would not initiate a trade war with the U.S., but vowed to defend its national interests in the face of growing American protectionism. "There are no winners in a trade war, and it would bring disaster to our two countries as well as the rest of the world," Minister of Commerce Zhong Shan said at a briefing on the sidelines of China's annual parliamentary session. "China does not wish to fight a trade war, nor will China initiate a trade war, but we can handle any challenge and will resolutely defend the interests of our country and our people," he said.