Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
Photo: Kevin Dietsch-Pool/Getty Images
President Trump plans to unveil his aggressive package of tariffs against China tomorrow, with a charge led by U.S. Trade Representative Robert Lighthizer that will use Section 301 of the Trade Act of 1974 to target Beijing.
The big picture: Two sources with direct knowledge tell me Kevin Hassett has been crunching the numbers, and the dollar value of the tariffs will likely be around $50 billion per year — or slightly less. The administration has used an algorithm to select a batch of Chinese products and then apply tariff rates to those products in a way that will hopefully limit the harm to American consumers.
Why it matters: The Trump administration is cracking down on intellectual property theft by the Chinese, and the president has publicly expressed his interest in reducing the U.S. trade deficit with China. The administration is looking at range of options, from clothing and shoes all the way to consumer electronics, sources told Bloomberg for a story earlier this week.
CNBC and Politico previously reported on the planned tariff news.
The backdrop:
- Trade has been the most contentious issue within the White House but Trump’s team has more agreement over the 301 issue than any other.
- Everybody internally agrees China’s IP theft is a big problem, and the US should respond aggressively.
- And while there’s been some argument over the size and scope of these tariffs, this decision went through the normal interagency process and was bashed out behind closed doors.
- This wasn’t Trump interceding like he did with the steel and aluminum tariffs, though he did tell his team that their original figure of $30 billion in tariffs against China wasn’t big enough and they needed to get him a bigger number.