The Congressional Research Service (CRS) of the US Library of Congress has released a report entitled "Enforcing U.S. Trade Laws: Section 301 and China".
The CRS report indicates an updated date of 23 May 2019 and is designated IF10708.
Due to its concerns over China's policies on intellectual property (IP), technology, and innovation, the United States has implemented three rounds of tariff increases on a total of USD 250 billion worth of Chinese products under sections 301 through 310 of the Trade Act of 1974, as amended, which are commonly referred to as section 301. China has increased tariffs on USD 110 billion worth of US products.
The CRS report states that a protracted and expanding US-China trade conflict could sharply reduce bilateral commercial ties, disrupt international supply chains, diminish global economic growth, and be costly to US consumers and firms that depend on trade with China.
The CRS report also states that China could further retaliate by curbing operations of US-invested firms in China, reducing its holdings of US Treasury securities, and curtailing rare earth material exports to the United States.
The CRS has previously issued a related report entitled "China's Retaliatory Tariffs on US Agricultural Products" (IF11085, 29 January 2019).
The CRS is an agency within the US Library of Congress and serves the US Congress throughout the legislative process by providing legislative research and analysis for an informed national legislature.