President Trump Signs Memorandum On Tariffs

President Donald Trump on Thursday signed a memorandum directing U.S. Trade Representative Robert Lighthizer to place tariffs on about $60 billion of Chinese goods, prompting China to threaten reciprocal duties and a meat trade group to warn of harmful consequences for American agriculture.Media reports said China’s Commerce Ministry released a list of more than 120 U.S. products targeted for tariffs if the two countries fail to resolve their trade differences. The Washington Post said a 25 percent tariff could be imposed on items including pork and aluminum and a 15 percent levy placed on other goods such as wine and fresh fruit. In a fact sheet, the U.S. trade representative’s office (USTR) said it will propose 25 percent duties on a range of Chinese imports in response to China’s unfair acquisition of U.S. technology. Products subject to the tariffs will include aerospace, information and communication technology, and machinery, with a proposed list to be announced in the next several days.North American Meat Institute (NAMI) CEO Barry Carpenter, in a statement, said his group is concerned the tariffs will undermine the industry’s access to the Chinese market, noting China was the third largest importer of U.S. pork and fourth largest importer of U.S. beef by value in 2017. Moreover, 60 percent of U.S. hides and skins exports, which total $2 billion annually, are sent to China, he noted.“It’s clear the future growth of the U.S. agricultural economy, and meat and poultry sector, depends upon a robust trade relationship with China. This restrictive trade policy will not only undercut U.S. agricultural exports and economic growth, but will also cause undue harm to America’s agricultural communities, which will likely bear the brunt of China’s retaliatory measures,” Carpenter said.