U.S. President Donald Trump signed a memorandum this afternoon, announcing trade actions against China, invoking Section 301 of the 1974 Trade Act, which formed the basis for the Administration’s investigation.
- The President has directed his Administration to consider a range of actions to respond to China’s acts, policies and practices involving the unfair and harmful acquisition of U.S. technology.
- President Trump’s Administration will propose for public comment adding 25 percent additional import tariffs on China exports into the USA, representing approx. $60 billion annually, on certain products that are supported by China’s unfair industrial policy. Sectors subject to the proposed tariffs will include aerospace, information communication technology and machinery.
If implemented, the tariff package would be one of the broadest sets of economic actions imposed by a modern U.S. President against China and could draw retaliation, fraying the trade partnership between two of the world’s largest economies.
For more information please call Brian Rowe, Director – Customs Compliance & Regulatory Affairs at (905) 882-4880, ext. 213.