The White house said on May 29 that the US will impose a 25 per cent tariff on USD 50 billion of goods imported from China containing industrially significant technology, including those related to the 'Made in China 2025' programme. "While obviously more details are needed, this outline represents the kind of actions we have needed to take for a long time, but the president must stick with it and not bargain it away," Schumer said.The trade spat between the top two economies of the world began last month with Trump imposing tariffs on steel and aluminum imports into US. Placing tariffs on medical devices and consumer electronics threaten these gains," Paulsen said. "Our economy is seeing measurable gains thanks to pro-growth policies like the Tax Cuts & Jobs Act.Pelosi said strong, smart and strategic action not reckless and rash floundering was needed to confront China's brazen trade cheating.US will impose 25 pc tariff on USD 50 billion goods imported from China including those related to 'Made in China 2025' programme.

President Donald Trump campaigned on a promise to confront China's unfair trade practices, but his continued chaotic trade brinkmanship threatens to invite retaliation that harms American workers, farmers and the American economy, Congresswoman Nancy Pelosi alleged.Noting that China is engaging in a systematic and multifaceted strategy to steal intellectual property, Gaetz alleged that beyond the economic costs, this theft presented significant concerns for national security.China must address its failure to protect US intellectual property, but these tariffs are not an effective response because it will harm American jobs and consumers, said Erik Paulsen, Joint Economic Committee Chairman Congressman. # The Trump administration's decision to impose tariffs on USD 50 billion worth of Chinese products is in fact a tax on American consumers and will undermine the competitiveness of American companies."In the meantime, the Made in China 2025 initiative continues full speed ahead. Without a coherent strategy, it's hard to see the renewed commitment to threatening tariffs and investment restrictions as anything but more bluster and chaos," Neal said.Congressman Matt Gaetz commended Trump for taking action against China's ruthless and unfair trade practices, as well as its state-sponsored theft of American innovators' intellectual property (IP). "Beijing's regulatory barriers, localisation requirements, labor abuses, theft of trade secrets and counterfeiting of designs, anti-competitive 'Made in China 2025' policy and many other unfair trade practices threaten America's ability to compete both in China and with China around the world," Pelosi said. (Photo: File) Washington: The Trump administration's move to impose a hefty 25 per cent tariff on the USD 50 billion worth of Chinese goods and tighten its noose against China's alleged theft of US' intellectual property rights will have an adverse impact on American consumers, industry leaders and lawmakers have warned.

The administration's decision to impose tariffs on USD 50 billion worth of Chinese products is in fact a tax on American consumers and will undermine the competitiveness of American companies, just as the administration's steel tariffs have dramatically raised prices on steel in the US," he said. "As a member of the Subcommittee on Intellectual Property, I applaud the bold steps President Trump is taking to address this troubling issue.. China is one of America's largest trading partners; their predatory behaviour is unacceptable," he said. The Chinese government is known for using their military's cyber capabilities to hack into private US tech firms, stealing IP, then transferring the technology to state-run companies who profit from its development," he said. 

For too many years, China has pursued trade practices and business policies that make it impossible for foreign companies to compete on a level playing field with Chinese companies."The US Chamber supports the administration's ongoing efforts to deal with China's unfair trade practices and policies. GDP has grown an average of 2.5 per cent over the past five quarters, unemployment is at its lowest rate since December of 2000, and everywhere we are hearing positive stories from businesses large and small. However, we continue to believe that the use of tariffs puts all the burden on American companies and consumers," US Chamber of Commerce president and CEO Thomas J Donohue said on Tuesday. 

These policies, like its 'Made in China 2025 policy' hurt American companies and limit economic growth worldwide," he said.Noting that IP theft costs the US economy over USD 225 billion a year, he said the greatest perpetrator is China. "The majority of Chinese companies that steal or benefit from stolen intellectual property are state-owned

Hide Comments | Add Comment