President Donald Trump was ready to hit China with billions of dollars in trade sanctions Thursday for stealing American technology and pressuring U.S. companies to hand it over.
Farmers, electronics retailers and other U.S. businesses braced for a backlash as the Chinese government vowed to take “all necessary measures” to defend itself in an emerging economic showdown.
The expected penalties include restrictions on Chinese investment and tariffs on as much as $60 billion worth of Chinese products. Financial markets edged downward ahead of the announcement.
Dozens of industry groups sent a letter last weekend to Trump warning that “the imposition of sweeping tariffs would trigger a chain reaction of negative consequences for the U.S. economy, provoking retaliation; stifling U.S. agriculture, goods, and services exports; and raising costs for businesses and consumers.”
The announcement will mark the end of a seven month U.S. investigation into the hardball tactics China has used to challenge U.S. supremacy in technology, including dispatching hackers to steal commercial secrets and demanding that U.S. companies hand over trade secrets in exchange for access to the Chinese market. The administration argues that years of negotiations with China have failed to produce results.
This story is from the March 24, 2018 edition of Techlife News.
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This story is from the March 24, 2018 edition of Techlife News.
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