Trump threatens to impose more trade tariffs on China

Trump threatens to impose more trade tariffs on China

Trump threatens to impose more trade tariffs on China

In contrast, the United States exported only about $130 billion worth of goods to China a year ago, so Beijing has far less room to raise tariffs in a way that would immediately affect trade.

If the United States publishes a new list of tariffs, Beijing will take strong countermeasures to safeguard the interests of China and its people, the ministry said.

Mr Trump said in a statement that he had asked the U.S. trade representative to identify the Chinese products to be subject to the new tariffs.

China's Commerce Ministry on Tuesday criticised the latest threat of tariffs, saying it was an "act of extreme pressure and blackmail that deviates from the consensus reached by both parties after many negotiations, and is a disappointment to the global community".

China slammed the threats as "blackmail" and warned that if the United States followed through with the tariffs it would "have no choice but to take comprehensive measures of a corresponding number and quality and take strong, powerful countermeasures". "It is very unfortunate that instead of eliminating these unfair trading practices China said that it intends to impose unjustified tariffs targeting U.S. workers, farmers, ranchers, and businesses".

In an official statement, Trump said that these new tariffs would be in retaliation for China threatening to impose retaliatory tariffs on USA goods in response to the last round of tariffs imposed on China by the U.S.

China slapped a 25 percent tariff on 545 American imports including agricultural products, seafood, cars and whiskey.

In a separate statement, Lighthizer said that he supported Trump's action and that his agency "is preparing the proposed tariffs to offset China's action".

Trump said he hoped the US could work out a trade agreement with Canada, saying the two countries had a good relationship but that Americans were being taken advantage of. To understand the effects of tariffs, look no further than washing machines and solar panels.

In total, Trump has now threatened up to $450 billion (341.5 billion pounds) in Chinese imports with tariffs, including another $200 billion in Chinese goods if Beijing retaliates after the step Trump announced on Monday.

The latest threat from Trump darkened an already negative mood in stock markets, according to Stephen Innes, head of Asia-Pacific trading at online futures brokerage Oanda. -China Business Council in Beijing, said China would undoubtedly "begin looking at other ways to enforce action against U.S companies that are operating in the market".

"Although many think this might be another bluff from Trump, markets are likely to stay nervous to trade-related headlines for now".

"The United States has initiated a trade war that violates market laws and is not in accordance with current global development trends", it added.

"We can no longer be the stupid country; we want to be the smart country", Trump said to rousing applause.

So far Beijing has targeted major American exports to China such as soybeans, which brought in $14 billion in sales a year ago, and are grown in states that supported Trump during the 2016 presidential election, as well as other politically important products.

Led by President Donald Trump, U.S. officials have started a trade war with China in an effort to wring concessions from the country, which has surged economically over the past two decades due to low-priced labor and lax intellectual property protections.

USA business groups said members were bracing for a backlash that would affect all American firms in China, not just in sectors facing tariffs.

Read the full report at the New York Times. The White House has said it opposes the ZTE provision, but a Trump veto of a defense bill to save Chinese jobs would be awkward.

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