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

Trump threatens to slap China with $200 billion in new tariffs

Trump threatens to slap China with $200 billion in new tariffs

The US president said in a White House statement on Monday evening that he had instructed the US Trade Representative's office to identify $200 billion in imports from the Asian nation for additional tariffs of 10 percent.

"If China increases its tariffs yet again, we will meet that action by pursuing additional tariffs on another $200bn of goods".

He has in recent weeks chose to implement steep tariffs against China and other key USA allies, despite warnings from congressional lawmakers that doing so could harm American workers and erase gains made from the Republican tax package.

China has hiked its list of US goods on which it said it would slap tariffs six-fold from a version released in April, but the value was kept at $50 billion, as some high-value items such as commercial aircraft were deleted.

Last week, Trump met with USA trade officials and signed off on the $50 billion in additional tariffs on China as he recalled in Monday evening's statement.

Trump announced tariffs on Friday on $50 billion of Chinese imports, including cars, starting on July 6.

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

Trump previously had said he would hit China with another $150 billion in tariffs but had recently appeared to back off that threat.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", Trump said.

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On Friday, I announced plans for tariffs on $50 billion worth of imports from China.

"After the legal process is complete, these tariffs will go into effect if China refuses to change its practices", the president said in a statement.

"Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong".

Trump said he has "an excellent relationship" with Chinese President Xi Jinping and they "will continue working together on many issues".

Over the past six months, the United States has exported an average 363,000 bpd of crude oil to China, which along with Canada is the biggest buyer of USA crude.

Pompeo said China's theft of USA intellectual property "is at an unprecedented level of larceny" and he had raised the issue in talks last week with China's President Xi Jingping. The official Xinhua news agency said China would impose 25 per cent tariffs on 659 U.S. products, ranging from soybeans and autos to seafood.

He said China's recent claims of "openness and globalization" are "a joke".

"China would then buy the additional Saudi and Russian output, using it to replace cargoes from the United States, and even from Iran, assuming the renewed USA sanctions against Iran force Beijing to curtail imports".

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