(Andrew Mayeda & Jennifer Jacobs – Bloomberg)
The Trump administration is considering clamping down on Chinese investments in the U.S. and imposing tariffs on a broad range of its imports to punish Beijing for its alleged theft of intellectual property, according to people familiar with the matter.
An announcement following an investigation by the U.S. Trade Representative’s office into China’s IP practices is expected in the coming weeks, potentially handing President Donald Trump further cause to impose trade restrictions. His announcement last week of tariffs on steel and aluminum imports has already ratcheted up global trade tensions – and led to the resignation Tuesday of his chief economic adviser Gary Cohn, who opposes such measures.
“The U.S. is acting swiftly on intellectual property theft. We cannot allow this to happen as it has for many years!” Trump said in a Twitter post on Wednesday. In an earlier tweet, he said China has been asked to develop a plan to reduce their “massive trade deficit with the United States.” Click here to read more.