President Trump further escalated economic tensions with China by unveiling Thursday (March 22) afternoon extensive new trade restrictions under section 301 of the Trade Act that would effectively block at least $50 billion in Chinese imports from entering the United States.
According to RVIA Monitor Express, Trump directed his administration to take action that will likely result in tariffs on a proposed list of 1,300 products as punishment for Beijing’s intellectual property practices. Once these products have been identified, RVIA will evaluate the possible effects on the RV industry and alert member companies.
The targeted products list, which will be published in 15 days, will largely focus on technology China is accused of forcefully taking from U.S. companies. The value of that list represents the harm that U.S. companies have suffered from China’s practices. In addition to the tariffs on tech products, the administration will also propose for public comment the adding of 25% additional tariffs on certain products that are supported by China’s unfair industrial policy.
The administration will also file a case against China at the World Trade Organization to address China’s discriminatory technology licensing practices. In addition, the administration’s crackdown on China will include the Treasury Department looking at possible restrictions on Chinese investment in the U.S. technology sector and in other important domestic industries.