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Trump card, in order to beat China with billion in annual tariffs
The former state Secretary of Commerce Stefan Selig, President Trump’s steel-and aluminum-rates-impact in China. Selig also weighed in on the Trump-administration of an additional duty to push, to Beijing.
President Trump is expected to level a new round of “protective” tariffs and “investment restrictions” against China on Thursday, the White house officials told Fox News.
In August of last year, the President, the U.S. representative trade representative, Amb. Robert Lighthizer, to examine whether the investigation by the Chinese laws, regulations and practices that may harm American intellectual property rights, innovation, or technology development.” Lighthizer noted that an investigation was justified, and it began to operate under section 301 of the Trade Act of 1974.
“Tomorrow, the President announced the measures that he has decided to take, based on USTR 301 investigation into China’s state – led, market-distorting efforts to force, pressure and steal U.S. technologies and intellectual property,” White House Principal Deputy Press Secretary Raj Shah said in a statement Wednesday.
An administration official told Fox News on Wednesday that the rates that could be practices, the amount of 30 billion dollars or more, are not intended to “punish” China, but rather designed to “damages” from China’s unfair trade.
The investment restrictions, on the other hand, are meant to blunt China’s attempts to “capture the technology of the future.” The official told Fox News that China, the practice of the acquisition of international technology companies, including those in the US distorted the markets, and destroys the cycle of innovation.
2017 Annual report of the U.S.-China Committee recommends that the President “prohibit the acquisition of US assets by Chinese state-owned or state-controlled companies, including the state Fund.”
An official said to Fox News that the President is expected to follow the recommendations of the Committee.
A White house official said on Wednesday that China has a long time to concerns of the United States, Dating back to the Clinton administration.
“We have a lot of thought to what they could do, and how you might respond,” a USTR official said Wednesday. “And what the possible reaction could mean for us…it is not so easy to say, it is quit a simple game.”
Fox News’ Jennifer Bowman contributed to this report.
Brooke Singman is a political Reporter for Fox News. You can follow her on Twitter at @Brooke FoxNews.