US President Donald Trump has reportedly imposed 25% tariffs on $50bn worth of Chinese goods and products, accusing Beijing of intellectual copyright theft.
The US will impose further tariffs if China retaliates, the White House said. The tariffs affect more than 800 types of products and are due to come into effect on 6 July. China has already vowed to retaliate, raising fears of a trade war between the world’s two largest economies. Mr Trump said the tariffs were “essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs.” “The US can no longer tolerate losing our technology and intellectual property through unfair economic practices,” he added. The Chinese product lines that have been hit range from aircraft tyres to turbines and commercial dishwashers.
The US wants China to stop practices that allegedly encourage transfer of intellectual property – design and product ideas – to Chinese companies, such as requirements that foreign firms share ownership with local partners to access the Chinese market. US ambassador Robert Lighthizer said that President Trump “rightfully recognises that if we want our country to have a prosperous future, we must take a stand now to uphold fair trade and protect American competitiveness.”
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