Donald Trump is obviously a seasoned, astute businessperson. As such, it seems like he’d make great business-related decisions as President of the United States. Only time will tell if Trump’s decision to administer tariffs on trade with China will be worth it.
Experts believe that tariffs will value a total of $60 billion on Chinese exports. Insiders familiar with the matter believe that United States businesspeople are often asked for their intellectual property just to do business with most Chinese. With such American businessmen having no recourse, Donald Trump felt it necessary to tax them as such.
Individuals close to the Trump administration that have been brief on the issue believe that tariffs could be placed on nearly everything exported from China, ranging from clothes to electronics.
In recent weeks, Trump had rejected a deal proposed to him that would levy $30 billion on China in tariffs. However, he turned it down because it wasn’t worth enough. As such, news media sources like The Washington Post report that the Trump administration should impose that whopping $60 billion by Friday, March 23, 2018.
Earlier this March, Trump finalized tariffs on steel and aluminum coming into the United States from all countries. China likely isn’t happy about recent American government intervention in terms of regulating – or over-regulating – trade.
Robert Lighthizer, the United States Trade Representative, has been investigating the systemic processes of how Chinese businesspeople treat intellectual properties. Specifically, Mr. Lighthizer has looked into intellectual property practices under the Trade Act of 1974, Section 301.
Such a law gives the Trade Representative power to enact tariffs in the name of “correcting harm against U.S. businesses.”