Chinese tech companies ripping off American businesses aren’t happy with President Trump’s latest tariff, a strategic move designed to punish Chinese firms stealing American technology.
The decision immediately impacts nearly $60 billion in Chinese products.
According to Politico:
“President Donald Trump escalated economic tensions with China by unveiling on Thursday extensive new trade restrictions that would effectively block $50 billion in Chinese imports from entering the United States.
“It’s going to make us a much stronger, much richer nation,” Trump said, adding that the retaliation could hit about $60 billion worth of Chinese goods.
“That’s really just a fraction of what we’re talking about,” he said, citing the large trade deficit that the U.S. runs with China.
Trump directed his administration to take action that will likely result in tariffs on a proposed list of 1,300 products as punishment for Beijing’s intellectual property practices, senior White House officials said ahead of the announcement.
The officials said the list of targeted products will largely focus on technology China is accused of forcefully taking from U.S. companies. The value of that list represents the harm that U.S. companies have suffered from China’s practices, they said.”
