US plans new heavy tariffs for China

The Trump administration plans to impose $ 60 billion in tariffs on Chinese goods this week to punish Beijing for what the US perceives as stealing intellectual property from American businesses.

The administration is said to be considering widespread tariffs on everything from consumer electronics to shoes and clothing in China, as well as restrictions on Chinese investment in the US, according to people briefed on the matter.

The exact size and composition of the sanctions may still change. Although Trump has repeatedly highlighted China as a key trade disruptor, his tough actions, such as withdrawing from the Asia-Pacific Trade Pact - which excluded China - and imposed tariffs on steel, have undermined relations with allies more than with the world's second largest economy. The US Trade Representative's office did not immediately respond to a request for comment.

Earlier this month, the country's foreign minister said in response to Trump's decision to impose tariffs on steel and aluminum that China would be a "justified and necessary response" to any attempt to unleash a trade war.

Chinese Prime Minister Li Keqiang said on Tuesday that the country will continue to open up its economy, including the manufacturing sector, and has pledged to lower import tariffs and cut taxes. According to him, when opening production, China will not force foreign companies to transfer technology to domestic and protect intellectual property.

"Because China's economy is so deeply integrated into the international economy, closing the door only blocks China's own path," Li said at a news conference at the end of the annual National People's Congress in Beijing.

American companies from Walmart Inc. at Amazon.com Inc. warned Trump this week that any radical trade action against China could drive up consumer prices, increase business spending and hurt stock prices.