Published: Thu, August 02, 2018
Markets | By Otis Pena

White House needs to increase tariffs on Chinese goods: Wilbur Ross

White House needs to increase tariffs on Chinese goods: Wilbur Ross

In a statement, Lighthizer said the proposed higher tariff is meant to provide the administration with additional options to encourage Beijing to change its trade practices.

Robert Lighthizer, US Trade Representative, told Reuters that President Donald Trump directed a higher 25 percent tariff from an earlier proposed 10 per cent, because of Beijing's refusal to meet US demands and has imposed retaliatory tariffs.

At the same time, the USA indicated it is open to restarting formal negotiations with China, though Beijing must agree to open its markets to more competition and stop retaliating against us trade measures.

"If the USA takes measures to further escalate the situation, we will surely take countermeasures to uphold our legitimate rights and interests", said Geng Shuang, spokesman for China's Foreign Ministry, at a regular press conference.

However, the Chinese bourses fall under the pressure on the news that Trump is considering 25% tariffs on Chinese goods worth $200 billion against 10% that are being discussed now. "If the United States takes further escalatory steps, China will inevitably take countermeasures and we will resolutely protect our legitimate rights", Chinese Foreign Ministry spokesman Geng Shuang said.

Trump has ultimately threatened tariffs on over US$500 billion in Chinese goods, covering virtually all U.S. imports from China.

EA's Origin Access Premier subscription service is now live
But if you're a dyed in the wool EA fan, the free games probably make it worthwhile as is - and the early games are a good bonus. In short, members will have access to every EA PC release, as well as being able to play new releases early in their entirety.

Trump's threats of higher tariffs weighed on China's financial markets.

The U.S. has already imposed 25 percent tariffs on $34 billion in Chinese imports and is readying 25 percent tariffs on another $16 billion worth to punish China for allegedly using predatory tactics to obtain U.S. technology. "Regrettably, instead of changing its harmful behavior, China has illegally retaliated against USA workers, farmers, ranchers and businesses", Lighthizer said.

"The United States' method of adding pressure will not, I'm afraid, have any effect", he told reporters on the sidelines of a regional forum.

There have been no formal talks between Washington and Beijing for weeks over Mr Trump's demands that China make fundamental changes to its policies on intellectual property protection, technology transfers and subsidies for high technology industries.

Raising the proposed tax rate on those goods means extending the deadline for public comment on the plan from August 30 to September 5. "It's OK, we can take it" - these are incredible people", the president said.

The tariffs would affect food, chemicals, steel and aluminum and consumer goods ranging from dog food, furniture and carpets to vehicle tires, bicycles, baseball gloves and beauty products.

Like this: