Trump Will Reportedly Impose $60 Billion In Tariffs On Chinese Imports

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The tariffs would reportedly apply to more than 100 products Trump feels were developed using trade secrets stolen from the U.S.by China.

In a letter first reported Sunday by the Wall Street Journal, 45 USA trade groups representing everything from the high-tech industry to apparel vendors and auto parts importers said planned tariffs on China shipments would backfire sooner or later.

A source who had direct knowledge of the administration's thinking told Reuters last week that the tariffs, authorized under the 1974 US Trade Act, would be chiefly targeted at information technology, consumer electronics and telecoms and other products benefiting from US intellectual property.

The Trump administration "should not respond to unfair Chinese practices and policies by imposing tariffs or other measures that will harm U.S. companies, workers, farmers, ranchers, consumers, and investors".

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The groups called on Trump to work with trade allies to push for changes to China's policies. As you continue to investigate harmful technology and intellectual property practices, we ask that any remedy carefully consider the impact on consumer prices.

"The administration is right to focus on the negative economic impact of China's industrial policies and unfair trade practices, but the U.S. Chamber would strongly disagree with a decision to impose sweeping tariffs", U.S. Chamber of Commerce chief executive officer Thomas Donohue said in a statement.

The delegation will also seek to learn about concrete measures the USA will adopt to impose heavy tariffs on imported steel and aluminum.

Worries about the potential for a US-China trade war and frustration over Trump's steel and aluminum tariffs are likely to dominate discussions during a gathering of G20 finance leaders in Buenos Aires this week.

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Such measures could also hurt USA companies that sell components of products exported from China, as well as raising input costs for American manufacturers, the coalition said.

Kohl's is the latest Wisconsin-based company to publicly denounce Trump's proposed tariffs.

The US trade deficit with China ran to a record $375 billion past year - but US exports to the country were also at a record.

The Association of Equipment Manufacturers (AEM) will run a 30-second ad for the next several weeks featuring manufacturing employees directly warning Trump and other top administration officials that the tariffs will hurt their industries and make it harder to compete with foreign companies.

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