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.
French President Emmanuel Macron said at a remarkably candid postgame for a small group of reporters last evening that his State Visit left him convinced President Trump will withdraw from the nuclear deal with Iran, and that the U.S. president wants to create "a series of new Trump's deals."
His big takeaway: "[Y]our president is a dealmaker. You always have to understand the rationale of your counterpoint. He's a dealmaker. So he wants to find a deal and he wants to find a deal under his condition."
"I think his experience with North Korea is that when you are very tough, you make the other side [move] and you can try to go to a good deal or a better deal. ... [S]o that's a strategy of an increasing tension."
At their White House press conference on Wednesday, Macron said he wanted "to work on a new deal with Iran," and Trump signaled openness.
Macron: "Nobody is a magician and will fix the situation overnight."
Why it matters: The "Trump's deals" concept — perhaps eventually covering Iran, climate and North Korea — echoes the U.S. president's vow on trade, where he wants to renegotiate big agreements on "America First" terms.
Hours after addressing Congress — and after two dinners, a press conference and several meetings with Trump — Macron sat down with a dozen or so journalists on couches in the George Washington University student center.
The 40-year-old president shook hands with each of the columnists and reporters on the way in, as scores of students craned for a glimpse behind barriers outside.
Macron began the 45-minute session, all in English, with: "So, I'm yours!"
Macron and Trump had such playful, touchy-feely interactions for cameras that a New York Times headline called it "Le Bromance."
But with the reporters, Macron was mostly clinical, saying about the aftermath of a U.S. withdrawal from Iran deal: "I want to be the honest broker of the situation."
Macron spoke with a clarity that's rare for an on-the-record meeting with a world leader, where diplomatic fog is more the norm. In that way, Macron was Trump-like: He just said what he thought.
Macron thinks Trump will get out of the Obama-era deal with Iran by a May 12 deadline "for domestic reasons":
"That's my view. I don't have any specific information. I'm not an insider. But my view is that there is a big risk he will leave."
"I tried to follow which kind of rationality he can respect. ... Your president made very strong statements to say this is an awful agreement, and so on and so on. We pushed. I tried to convince. I did my best."
"[W]hen a lot of people say President Trump is not predictable, I think exactly the opposite. He's very predictable. Look at the campaign commitment."
"[H]e repeated in his office ... [that it's] the worst deal ever, it's a nightmare, it was a catastrophe and so on."
When a columnist asked if Trump will have a "much more difficult time persuading North Korea to accept a deal if he does not honor the Iran deal," Macron replied:
"I agree with that. I used the same argument."
Be smart ... Macron had this take on U.S. vacillation on international agreements, including the Iran deal and the Paris climate accord: "It can work [in] the short term, but it's very insane [in] the mid- to long-term."
How it's playing ...WashPost above-the-fold headline: "Macron charms Congress in speech" ... L.A. Times A1 tease: "Macron challenges Trumpism."
