Trump imposed tariffs on $60 billion imports from China to avert trade war

Vastavam web: U.S. President Donald Trump signed a presidential memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China, although his action was far removed from threats that could have ignited a global trade war.U.S. President Donald Trump signed a presidential memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China, although his action was far removed from threats that could have ignited a global trade war.

“We have spoken to China and we are in the middle of negotiations,” Trump said, adding that the loss of American jobs from unfair trade was one of the main reasons he had been elected in 2016.The threatened tariffs as well as possible investment restrictions on China stem from the U.S. Trade Representative’s investigation of alleged misappropriation of U.S. intellectual property by Beijing.Washington will also pursue alleged breaches of intellectual property law by China through the World Trade Organization, a body that has repeatedly drawn the ire of the administration but which could provide a resolution that avoids a trade war.

Trump, who earlier this month announced steep tariffs on steel and aluminium imports to the United States, also wants the Chinese to take action that would lower the $375 billion goods trade deficit that the United States is running with China.Global stocks sold off earlier on Thursday on the expectation of tough action from Trump and fears of a global trade war. They recovered somewhat after his announcement but fell again in late afternoon trading.