Trump to call for China trade investigation
- Author: Sonia Alvarado Aug 13, 2017,
Aug 13, 2017, 0:37
American companies "should not be forced or coerced to turn over the fruits of their labour", the official said, adding that the cost of intellectual theft on U.S. economy is estimated to be as high as United States dollars 600 billion a year.
"Trade is trade, national security is national security", the official stated.
The investigation could take as long as a year, USA officials said.
Wilkerson cited the rhetoric used by President Trump, who promised "fire and fury the like of which the world has never seen" in response to reports that North Korea had successfully miniaturised a nuclear warhead, and suggested that the President needed to be reined in. This past week, Trump said he could soften his views on trade if China stepped up its assistance, leading to speculation that the investigation could be a negotiating tactic.
Trump's call with Xi and his potential plans to open the broad trade investigation come against the backdrop of rising tensions over North Korea's nuclear and ballistic missile programs.
"China's unfair trade practices and industrial policies including forced technology transfer and intellectual property theft harm the USA economy and its workers", a second administration official said. "This is why the president has chosen to act now and to act boldly", one administration official said.
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"China is widely recognised as the biggest source of the problem", he said. Meanwhile, 100 days of trade talks with the Chinese carried out in past months resulted in a few trade gains but not the ambitious changes the administration had hoped for.
"President Trump is committed to protect America's intellectual property and national security", the official said.
Used frequently during the Reagan administration in the 1980s, the law allows the United States president to impose tariffs and other measures to force open export markets.
In the conference call, officials did not rule out working with the WTO or other countries to penalize Chinese intellectual property violations, saying that the portions of USA trade law they are relying on, Sections 301 and 302 of the 1974 trade law, allow them to take a broad range of actions. "And I think China will do a lot more". -China trading relationship. But analysts have cautioned that Trump faces a huge challenge in his desire to significantly reduce the US trade deficit with China, which a year ago stood at more than $300 billion.
The administration has been eyeing other moves to rebalance the U.S. "I've heard folks say, 'It's not going well, but a trade war would not be the best thing for us, dialogue is the better path.' And there are others who say, 'Bring it on, '" he said.