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Donald Trump eyes massive tariffs on China tech sector

16 March 2018

A China-based business source with knowledge of discussion among senior European officials said there had been a "clear effort" by the USA government over the past six months to introduce a coordinated approach to Chinese industrial policy, but that Trump's proposed metals tariffs under section 232 of the Trade Expansion Act of 1962 had undermined support from Europe.

The week of March 4, President Trump issued a presidential proclamation imposing a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports following findings in the Department of Commerce's Section 232 National Security Investigation of Imports of Steel and Aluminum.

China's industrial output grew more strongly than expected at the start of the year, suggesting the economy has sustained solid momentum even as U.S.

Trade war fears sent USA stocks diving on Wednesday, with the Dow Jones Industrial Average down more than 300 points, or 1.3 percent, shortly after 1600 GMT.

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"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.

Alleged intellectual property theft by China has always been a source of tension between Beijing and Washington.

We applaud the administration's efforts to rebalance trade and protect the USA steel industry and workers, but we are concerned that global import tariffs on steel and aluminum would have a devastating effect on steel-consuming manufacturers downstream, including the auto care industry.

Trump on Thursday announced steep tariffs on steel and aluminum but provisionally exempted Canada and Mexico, two of the largest U.S. suppliers who are now participating in talks with Washington to revamp the North American Free Trade Agreement.

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Beijing has repeatedly warned it will respond to hostile United States trade measures and has launched an anti-dumping investigation into USA imports of sorghum and has not ruled out measures on soy beans.

In Beijing, Chinese foreign ministry spokesman Lu Kang said Sino-U.S. trade relations should not be a zero-sum game, and that the two countries should use "constructive" means to manage tension. On Monday, the EU's Trade Commissioner Cecilia Malmström said the bloc would "stand up to trade bullies".

"The case that has been constructed is that, given Broadcom's business practices, the worry is that they will cut investment significantly, particularly in the 5G roadmap, weaken Qualcomm as well as the US position and allow Huawei, a Chinese company, to take the lead", explained Stacy Rasgon, chip analyst at Bernstein. "We will look at the impact onJapanese businesses and make a final decision".

"Their incentive to negotiate is to head us off from a major trade conflict".

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Asked again about Trump's approach, if the tariffs are a negotiating tactic by Trump, Trudeau again moved past the potential threat. There had been a willingness to do something together on China.

Donald Trump eyes massive tariffs on China tech sector