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Trump Assesses $60 Billion in Tariffs on China

China has been stealing our intellectual property for years. Finally, a president is getting tough about it.

“This is the first of many,” Trump said as he signed some $50 billion worth of tariffs on Chinese goods coming into the United States.

Of course, reporters present tried to ask about whether he would testify before special counsel Mueller, which is all anybody in Washington thinks about. But for American business, this is an important moment, and for American voters it’s the keeping of a key campaign promise to get tough with China, which has been ripping us off for many years as it accrues to capital it needs to build a war machine that can challenge us in the Western Pacific and around the world.

From the Wall Street Journal:

The Trump administration complains that the Chinese use intimidation and subterfuge to acquire U.S. technology, put U.S. firms in China at a disadvantage through unfair licensing deals and siphon away U.S. jobs. Mr. Trump sees confrontation as the way to get results, feeling that past administrations haven’t been tough enough, said senior White House officials.

China contends it has improved its protection of intellectual property and that it is moving fast to further liberalize its economy. It also is putting together a package of retaliatory measures against U.S. tariffs.

The $50 billion figure equals about 10% of U.S. imports from China. U.S. officials said the amount is roughly equal to its calculations of annual lost earnings by U.S. companies in China as a result of forced joint ventures and technology transfers.

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