Trade War: Trump takes the shot, imposes USD 16 billion import tariffs on China
The Trump administration announced today that it would impose 25 per cent tariffs on imports of 279 items from China amounting to USD 16 billion.
This is the second tranche of such tariffs and comes into effect on August 23.
This is part of the US' response to China's "unfair trade practices" related to the forced transfer of American technology and intellectual property, the US Trade Representative (USTR) said.
In March 2018, the USTR had released the findings of its "exhaustive" Section 301 investigation that found China's acts, policies and practices related to technology transfer, intellectual property, and innovation are "unreasonable and discriminatory and burden US commerce".
The investigation had revealed that China uses joint venture requirements, foreign investment restrictions, and administrative review and licensing processes to require or pressure technology transfer from US companies and it deprives US companies of the ability to set market-based terms in licensing and other technology-related negotiations.
The USTR claimed that China conducts and supports cyber intrusions into US commercial computer networks to gain unauthorized access to commercially valuable business information.
The world's two biggest economies are locked in a trade dispute.
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