SHANGHAI, April 4, 2018 (Newswire.com) - A White House official has confirmed that President Donald Trump will announce new tariffs on imported Chinese goods next week. Harvey Blackwood analysts say that the tariffs are an effort to limit the theft of U.S. technology, but will probably prompt a retaliation from China and ramp up fears of a trade war.
Harvey Blackwood analysts say there has been no confirmation on the scope of the tariffs which may include limits on Chinese investment in the U.S. Apart from high technology, other sectors including apparel could also be affected by the new tariffs.
The White House announced that President Trump will sign a presidential memorandum that targets China’s economic aggression next week on Thursday.
An investigation by the United States under Section 301 of the 1974 Trade Act has noted theft from U.S. businesses to reveal their intellectual property as well as acquisitions by Chinese state capital of U.S. firms for their technical knowledge.
China has threatened to hit back by imposing tariffs on U.S. agricultural exports if the US imposes proposed tariffs on Chinese goods imported into the US to the value of up to $60 billion.
The United States has a substantial trade deficit with China of $375 billion. Harvey Blackwood says the estimated value of pirated software, theft of intellectual property and fake goods could reach as high as $600 billion.
Talk of a global trade war began this month when Trump stated that harsh tariffs on metals would be imposed on China’s excess production. These tariffs could also impact other major economies including members of the European Union.
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Source: Harvey Blackwood