Trump to Impose $60 Billion in Tariffs on Chinese Imports?
by Stephen Lendman (stephenlendman.org – Home – Stephen Lendman)
According to unnamed administration officials, Trump will announce a $60 billion package of tariffs on a range of Chinese products he claims were developed by stealing intellectual and other product information from US companies.
Whether he follows through on what’s reported remains to be seen, risking Chinese retaliation if significant tariffs are imposed on its products.
Trade wars assure losers, not winners. US-China Business Council president John Frisbie said “tariffs will do more harm than good in bringing about an improvement in intellectual property protection for American companies in China,” adding:
“Business wants to see solutions to the issues, not just sanctions.”
Alliance for American Manufacturing president Scott Paul disagreed, saying “imposing tariffs on Chinese products would be a clear indication (Trump is) serious about ensuring there are consequences for intellectual property violations and other anti-competitive practices coming from China,” adding:
“He’s not the first president who’s promised he would do something about China. But if he follows through with these tariffs, he’d be the first to ensure there are real consequences for these violations. That’s a step forward for American workers.”
Not according to US Chamber of Commerce president Tom Donohue, saying stiff tariffs on China will have a “devastating impact” on America’s economy, adding:
“The administration is right to focus on the negative economic impact of China’s industrial policies and unfair trade practices, but the US chamber would strongly disagree with a decision to impose sweeping tariffs.”
“As we’re starting to see, tariffs could lead to a destructive trade war with serious consequences for US economic growth and job creation.”
Days earlier, China’s Minister of Commerce Zhong Shan stressed the importance of resolving bilateral trade disputes cooperatively to benefit both countries, adding trade war will harm them and the global economy.
China’s Foreign Minister Wang Yi promised a “justified and necessary response” to US tariffs if imposed.
Corporate interests hijacked US trade policies for decades, fostering a huge trade deficit by offshoring jobs to low-wage countries like China.
Loss of high-pay manufacturing and other jobs, along with force-fed austerity, thirdworldized America.
Monthly Labor Department employment reports show most jobs created are low-pay, poor or no-benefit service ones – what Paul Craig Roberts calls “the hallmark of a third world labor force.”
Corporate America and bipartisan US officials serving their interests are to blame – not China or other low-wage countries.
Outsourcing is self-destructive. Trade war with China will worsen things, not improve them.
Dismal US economic conditions for ordinary people are concealed by phony government data and high equity valuations fueled by speculation, not productive growth.
If Trump imposes $60 billion in tariffs on China, comparable retaliation will harm both countries.
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