Against the backdrop of ‘Phase 2’ trade policy initiatives based on reciprocity, U.S. Commerce Secretary Wilbur Ross talks to CNBC about tariffs, carve-outs and protecting national security ahead of his meeting with the European commissioner for trade.
The hypocritical European Union has expansive protectionist tariffs against U.S. products and has threatened retaliation if the U.S. enforces the Trump administration about trade reciprocity.
Additionally, the Trump administration (Ross, Lighthizer, Navarro and Mnuchin) are focusing on China’s trade theft of intellectual property. According to Reuters reporting there is a possibility of $60 billion in trade tariffs being enforced against China for their IP violations and practices.
WASHINGTON (Reuters) – The Trump administration is expected to unveil up to $60 billion in new tariffs on Chinese imports by Friday, targeting technology, telecommunications and intellectual property, two officials briefed on the matter said Monday. (more)
However, Chinese Premier Li Keqiang puts the panda mask on by saying: “We don’t want to see a trade war” with U.S., and hopes to negotiate disputes. The U.S. market is the customer for the manufactured products by China and Beijing understands the U.S. team holds the leverage.