President Trump threatens new tariffs on $200 billion in Chinese imports

22 June, 2018, 23:50 | Author: Frank Williams
  • Trump escalates China trade war with extra tariffs

"However, and unfortunately, China has determined that it will raise tariffs on Dollars 50 billion worth of United States exports". But the rhetoric is intensifying, with Trump lashing out at Beijing over its threat to retaliate against the administration's latest proposed tariffs.

Washington meanwhile has taken a hardline approach to push for China to change what it calls unfair trade practices and alleged theft of United States technology, as well as to reduce the trade gap.

This move from President Trump could be counted as a countermeasure to China's decision to raise tariffs about $50 Billion on U.S products.

Beijing responded to Trump's announcement last week by applying tariffs to 659 us products, including agricultural products, cars and marine products.

He added he would identify an extra $200 billion of goods - for a possible total of $450 billion, or most Chinese imports - "if China increases its tariffs yet again".

The new round of tariffs, which would be imposed at a rate of 10 percent, extends the tit-for-tat battle between the two countries in what is looking more and more like an all-out trade war.

"That could have an enormous impact because many of our companies operating in China have significant market share built up over decades".

President Donald Trump has directed the U.S. Trade Representative to prepare new tariffs on $200 billion in Chinese imports as the two nations move closer to a trade war.

On Friday, the USA chose to impose 25% tariffs on $50bn of Chinese products. That response prompted President Trump to threaten an additional $200 billion of tariffs.

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Should the United States add Chinese seafood to tariff next it has a long list of products to choose from.

Canada imposes such onerous tariffs on USA products - shoes, for instance - that people are forced to "scuff 'em up" in order to "smuggle" them home, the president said, seemingly confusing tariffs with duties.

"While trade tensions are not a positive theme, the market has become accustomed to President Trump's comments, which appear to be negotiating tactics".

In an editorial, the English language China Daily, often used by Beijing to get its message out to the rest of the world, said the United States had failed to honor an agreement on rebalancing trade, referencing a deal stuck in May for China to significantly increase purchases of USA goods and services.

USA stock markets are set for a sharply lower open as tensions over trade between the US and China seem closer to a boil. Those are set to take effect next month. China forces the - USA companies to give some of its information to China. China responded by saying it would hit 659 U.S. products worth Dollars 50 billion.

Trade frictions between the United States and Canada have been particularly strained in recent weeks, with Trump taking umbrage at remarks by Canadian Prime Minister Justin Trudeau that were critical of the heavy USA tariffs.

The moves could start to meaningfully slow US growth, economists warn.

Wall Street has viewed the trade tensions with rising concern that they could strangle the economic growth achieved during Trump's watch.

"What are the likely consequences of this impending trade war?" Many in the Republican Party, who are more instinctively in favour of free trade, don't think this is the right way to tackle problems with China.



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