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IPFS News Link • Tariffs

US To Impose 25% Tariff On Chinese Tech Goods

• https://www.zerohedge.com

The White House issued a statement Tuesday morning declaring that it would be taking more steps to protect the intellectual property of US companies from China.

According to the statement, the US is planning to impose 25% tariffs on $50 billion in Chinese imports. The list of affected goods will be announced on June 15. Meanwhile, the US will issue investment restrictions and export controls for Chinese groups and people on June 30.

WHITE HOUSE ISSUES STATEMENT ON STEPS TO PROTECT IP FROM CHINA

U.S. TO ANNOUNCE PROPOSED INVESTMENT RESTRICTIONS, ENHANCED EXPORT CONTROLS FOR CHINESE PEOPLE AND GROUPS BY JUNE 30

Once again, the US cited "national security" as the reason for the tariffs, which will impact "industrially significant technology, including those related to the 'Made in China 2025' program".

"To protect our national security, the United States will implement specific investment restrictions and enhanced export controls for Chinese persons and entities related to the acquisition of industrially significant technology," the release said. "The proposed investment restrictions and enhanced export controls will be announced by June 30, 2018, and they will be implemented shortly thereafter."

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"Under Section 301 of the Trade Act of 1974, the United States will impose a 25 percent tariff on $50 billion of goods imported from China containing industrially significant technology, including those related to the "Made in China 2025" program," the release said.

The news comes a day after Chinese and US representatives battled at the World Trade Organization over US President Donald Trump's claim that China is stealing American technology. According to Chinese law, foreign firms hoping to do business in China often must partner with local firms, with whom they're expected to share their technology. This practice has been going on for years. The US said Tuesday morning that it will continue "pursuing litigation" at the WTO, where it filed a complaint accusing China of improperly stealing technology, while China has filed a complaint of its own over US steel tariffs. Treasury Secretary Steven Mnuchin said earlier that the US and China had both put a hold on tariffs and agreed to a deal framework.

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