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President Trump has signed a presidential memorandum directing the U.S. Trade Representative Robert Lighthizer to draw up a list of Chinese products on which tariffs could be imposed. The list will be made public in 15 days, and tariffs will take effect after a 60-day comment period:
The US plans to impose tariffs on up to $60bn (£42.5bn) in Chinese goods and limit the country's investment in the US in retaliation for years of alleged intellectual property theft.
The White House said the actions were necessary to counter unfair competition from China's state-led economy. It said years of talks had failed to produce change. China said it was ready to retaliate with "necessary measures". Beijing also said it would "fight to the end" in any trade war with the US.
US stock markets closed lower on Thursday, as investors responded to the announcement. [...] The White House said it has a list of more than 1,000 products that could be targeted by tariffs of 25%. Businesses will have the opportunity to comment before the final list goes into effect.
Reuters portrays the action as "far removed from threats that could have ignited a global trade war". Bloomberg notes that many industry trade groups and companies are opposing the tariffs.
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(Score: -1, Troll) by Ethanol-fueled on Friday March 23 2018, @02:44PM (1 child)
The Chinks have a stranglehold on rare-earth metals, even less rare ones like Neodymium that are used in fucking everything. And according to this, [investingnews.com] most other countries that have them don't have nearly as much or are Russia, and we've been pissing Russia off a lot lately.
We could go the India route, but their relationship with us has become more dubious in recent years, and they're in a powder-keg zone. I guess we could harvest what little we have domestically or enlist help from the Favela Monkeys of Brasil.
(Score: 3, Informative) by c0lo on Friday March 23 2018, @10:08PM
Mmmm... China Russia India Brasil... how do you spell BRICS [wikipedia.org]?
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford