Donald Trump may crack down on China’s ‘IP theft’ laws with US$30b tariffs – upsetting US Chamber of Commerce
China entered the WTO in 2001 ‘saying they’d play by the rules and since that time they’ve basically broken every rule in the book’, Navarro said
US President Donald Trump will soon crack down on Chinese intellectual property theft, White House trade adviser Peter Navarro said, escalating a confrontation with companies that might suffer from a US-China trade war.
Among the solutions Trump will be offered are tariffs of US$30 billion or more to be placed on Chinese goods unless the country agrees to end a law forcing foreign businesses to transfer proprietary technology to their Chinese partners.
But that suggestion has been slammed by the US Chamber of Commerce, which says that such tariffs could have a “devastating” effect on the incomes of American families.
In an interview on CNBC, Navarro said: “In the coming weeks, President Trump is going to have on his desk some recommendations on [US Trade Representative] Robert Lighthizer’s … investigation into China’s theft and forced transfer of intellectual property.
“This will be one of the many steps the president is courageously going to take in order to address unfair trade practices,” he said.
“I don’t think there’s anybody on Wall Street that will oppose cracking down on China’s theft of our intellectual property.”