As more progress is being made on the trade negotiations with China, one US Congressman is hopeful his solution could be included.
Congressman Steve King says since the trade talks and the tariffs began against China, the Chinese economy has tumbled as much as 38-percent, which he believes means that China needs American products more than America needs Chinese products. “They need a US market if their economy is going to succeed. Much of their economy is dependent upon the export to the United States. It looks like the leverage of this has brought about the commitment to more soybean sales and this needs to be opened up more, and more, and more.”
King still believes the heart of the matter is the Chinese government stealing American intellectual property. He talks about a solution he has that President Donald Trump has also pushed for.
“To put a duty on all products coming from China in an amount to recover the value of our intellectual property that is being pirated by the Chinese. And then distribute those proceeds to rightful property rights holders.”
Sources say if a trade deal isn’t reached by the two countries by March 2nd, the US will increase its tariffs against China from 10 to 25-percent.