Published: Tue, June 19, 2018
Markets | By Otis Pena

Trump targets another $200 billion in China imports with tariffs

Trump targets another $200 billion in China imports with tariffs

US President Donald Trump has threatened to impose tariffs on an additional United States dollars 200 billion worth of Chinese goods unless Beijing ceases its "unfair practices", escalating a trade war between the world's two largest economies.

Trump is moving forward with the measures after months of sometimes fraught shuttle diplomacy in which Chinese offers to purchase more American goods failed to assuage his grievances over a widening trade imbalance and China's aggressive industrial development policies.

Last week Mr Trump announced the U.S. would impose 25% tariffs on $50bn worth of Chinese goods. The tariffs were quickly matched by China on USA exports, a move that drew the president's ire. "It is very unfortunate that instead of eliminating these unfair trading practices, China said that it intends to impose unjustified tariffs targeting US workers, farmers, ranchers and businesses". Trump said if China increases its tariffs again in response to the latest United States move, "we will meet that action by pursuing additional tariffs on another $200 billion of goods".

The yen jumped and U.S. equity futures dropped after U.S. President Donald Trump threatened to slap tariffs on more Chinese goods.

Trump had already warned at the time of "additional tariffs" should Beijing hit back with tit-for-tat duties on American goods. They also serve as an initial step toward bringing balance to our trade relationship with China.

Trump also promised to keep upping the ante if China retaliates to his latest action.

"This is unacceptable", Mr. Trump said.

Mr. Trump's comments came hours after the top USA diplomat accused China of engaging in "predatory economics 101" and an "unprecedented level of larceny" of intellectual property.

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"But the United States will no longer be taken advantage of on trade by China and other countries in the world".

"Chinese leaders over these past few weeks have been claiming openness and globalisation, but it's a joke".

Staff members set up Chinese and US flags for a meeting between Chinese Transport Minister Li Xiaopeng and US Secretary of Transportation Elaine Chao at the Ministry of Transport of China in Beijing, China April 27, 2018. That being said, "China is going to retaliate", he added.

"Just ask yourself: Would China have allowed America to do to it what China has done to America?" he said later. Chinese officials have promised to respond accordingly if Trump continues to ratchet up tensions.

Pompeo raised the trade issue directly with China last week, when he met in Beijing with President Xi Jinping and others. "This is a problem that is long overdue in being tackled", Pompeo said.

It follows last Friday's decision to to impose 25% tariffs on $50bn of Chinese products.

On Friday, I announced plans for tariffs on $50 billion worth of imports from China. Specifically, Apple is said to fear that the Chinese government will cite national security concerns to impose bureaucratic delays on its supply chain and finished products, mirroring recent US actions that have penalized Chinese telecom companies Huawei and ZTE. "We do our best to call out unfair economic behaviors as well".

"The United States has initiated a trade war and violated market regulations, and is harming the interests of not just the people of China and the US, but of the world", the ministry said.

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