Donald Trump Eyes Tariffs On Up To $60 Billion Chinese Goods

Donald Trump Eyes Tariffs On Up To $60 Billion Chinese Goods

The President has also given Canada and Mexico a reprieve, exempting them from the tax temporarily provided that they agree to renegotiate the North American Free Trade Agreement to Mr Trump's liking.

The tariff report came on the heels of Trump blocking a $117 billion deal between chipmakers Broadcom and Qualcomm - an attempt to curb China's growing progress in the global technology race. The U.S. Office of the Trade Representative has accused China of infringing on U.S. intellectual property rights, including the widespread counterfeiting of goods.

The President has previously said China has been "killing" the United States on trade, making it a refrain of his 2016 presidential campaign.

Trump is seeking to impose tariffs on up to $60 billion of Chinese imports in the very near future and will target the technology and telecommunications sectors, Reuters reported on Tuesday.

The main channel of dialogue on trade between the two nations, the Comprehensive Economic Dialogue, has been put on hold over USA frustration over a lack of progress.

His comments came amid rising global trade tensions in the wake of a United States decision to impose steep tariffs on imported steel and aluminium.

"An in-kind tariff by the United States' top ten trading partners would expose close to 42 per cent of total USA exports, leading to a widening in the trade deficit", they said.

What he heard directly from the president echoed public remarks from Trump's administration: the US trade czar recently said he wants a new NAFTA concluded within weeks, because of upcoming elections in the different countries.

This story is developing.

On average, the EU applies a 3 percent tariff on USA products, while the average tariff applied by the U.S.is 2.4 percent, the European Commission said, adding that isolating cars is "cherry-picking".

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The Office of the U.S. Trade Representative sent a proposal to the White House seeking tariffs on various Chinese products, restrictions on investment in the U.S.by Chinese companies and limits on visas for certain Chinese nationals, a source familiar with worldwide trade said. The tariffs take effect in about two weeks, which means the president could still change his mind.

There is a trade deficit with the USA, meaning more American products and services are bought down under than sent the other way.

The EU rejects Trump's argument that the tariffs are required for national security reasons.

Azevedo said Brazil was "exploring alternatives" for responding to the tariffs.

Citing Chinese researchers, Zhong said the USA has been overstating its trade deficit with China by about 20 percent every year.

Canadian Prime Minister Justin Trudeau on Monday sought to reassure steel and aluminum workers anxious about possible U.S tariffs, telling them the government would always have their backs. On a similar note, China showed its determination to lead the counteraction of WTO members affected by the new US tariff policy. The move would punish Chinese tech companies for having U.S. companies give up their technology secrets in order to operate in China.

A meeting in Brussels between Malmstrom and her USA counterpart Robert Lighthizer on Saturday ended without a breakthrough, as the European Union didn't receive assurances that it will be exempted from the metal tariffs.

US automakers, in general, have much at stake as Trump makes decisions on problems such as the pending renegotiation of the North American Free Trade Agreement and an evaluation of fuel economy requirements through 2025.

The prime minister is on a cross-country tour of aluminum and steel factories to demonstrate his government's support for workers in light of potential threats to those industries from the US administration.