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Trump planning new tariff crackdown on China

16 March 2018

"We have the intellectual property inquiry report due out this month, if that says something negative about China, which is what everyone is expecting, I can't see how (President Donald) Trump just sits on his hands and does nothing", Steve Jacobs, CEO of BTG Pactual Asset Management, told CNBC at the Investor Choice Awards Tuesday night.

US automakers are among the businesses with the most at stake, accounting for 38 percent of the aluminum and 15 percent of the steel consumed in the country, according to Ward's Automotive Reports.

A 2011 report by the International Trade Commission estimated that US companies lost more than $48 billion in one year because of widespread Chinese violations of intellectual property.

"If the USA wants to reduce its trade deficit, it has to make Americans more hard-working and conduct reforms in accordance with global market demand, instead of asking the rest of the world to change", it wrote. The duties of their own could take the form of "safeguard" duties to combat a likely increase in imports of steel and aluminum, as product that had previously been going to the United States seeks new markets, or retaliatory duties imposed on politically-sensitive imports from the United States (e.g., agricultural products, coal, motorcycles, bourbon, blue jeans).

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US President Donald Trump will soon "crack down" on China after receiving recommendations about the country's trade and intellectual property rules, White House trade adviser Peter Navarro said.

No-one polled said the tariffs would help the global economy. The US has some $500 billion trade deficit with China.

To tackle the trade deficit problem Washington would prefer to sell China more finished goods, raw materials and agricultural products.

He stressed that China does not want to begin a trade war and will not unleash one on the United States; however, Beijing will do everything to protect Chinese national interests. However, such applications are typically onerous, so many middle-market companies may need assistance from their trade advisors or lawyers.

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Having set new solar-panel tariffs in January, mainly aimed at China, Mr. Trump now plans to impose stiff tariffs on steel and aluminum imports to the U.S.

"Larry Kudlow is very much a free trader", said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco. -China partnership is symbiotic: The United States needs China to buy soybeans, and Beijing needs that supply to make pig feed to sustain its vital pork industry.

Malmstrom told the European Union parliament the 28-nation bloc would develop countermeasures targeting US goods, while continuing to pursue an exemption from Trump's tariffs that could take effect next week.

The White House meeting was first reported by Politico.

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There are reasons to think that these trade tensions may de-escalate, not least because Trump exempted NAFTA partners from the tariffs.

Trump planning new tariff crackdown on China