“China is at economic war with us.”
Not exactly news. But up to now, the trading deals made with the Chinese have either not addressed theft of intellectual property (they steal our patents, or reverse engineer our finished products, then make their own copies), or the technology was given to them in exchange for cash that went to support a domestic political program here in the US, or even to enrich certain pockets.
Donald Trump has slammed the window shut on these practices,by executing the applicable law. Section 301 of the Trade Act of 1974 provides the United States with the authority to enforce trade agreements, resolve trade disputes, and open foreign markets to U.S. goods and services. It is the principal statutory authority under which the United States may impose trade sanctions on foreign countries that either violate trade agreements or engage in other unfair trade practices. When negotiations to remove the offending trade practice fail, the United States may take action to raise import duties on the foreign country’s products as a means to rebalance lost concessions.
Yeah, but American CEO’s who sent jobs to China’s cheap labor factories can now afford 4 vacation homes instead of just 2, so it all balances out.