President Donald Trump is reportedly considering tariffs that would hit up to $60 billion in Chinese imports.
The push comes after Mr. Trump according to Reuters.of 25 percent on U.S. steel imports and 10 percent on aluminum imports, and tweeted in support of trade wars, from governments including China, Mexico, Canada and the EU. The new tariffs considered by Mr. Trump would affect the technology and telecommunication sectors,
A formal announcement could be made within the next few weeks, Politico reported. U.S. Trade Representative Robert Lighthizer had proposed targeting about $30 billion per year in Chinese imports, although the president urged for a bigger impact, according to the publication.
By targeting technology products, the Trump administration would be seeking to retaliate against Chinese policies that force American businesses to give up technology secrets in order to operate within China's borders, Reuters said.
"There is a risk that President Trump's recent decision to up the ante could trigger a full-blown trade war," wrote Ben May, director of Global Macro Research at Oxford Economics, in a Wednesday research note. "Global trade tends to be highly concentrated in certain sectors -- if tariffs or other significant measures are introduced in these key areas, the spill-overs could be large and increase the risk of escalation."
The list of products facing new tariffs could expand to 100 items, including furniture and toys.
In addition, President Trumpby China. By some accounts, the U.S. loses about $600 billion a year in IP theft, mostly to China.