Trump administration threatens tariffs on another $200 billion in Chinese imports

US to impose tariffs on $200 billion Chinese imports

China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods in a move that rattled global markets.

The goal is to bring the total amount of Chinese imports up to 40 percent of the total imported from the Asian power, since the US products hit by Beijing's retaliation represent that share of exports, an official told reporters in a conference call.

The statement issued by Lighthizer was that of an imperial overlord whose word is law, to be obeyed without question, with any opposition to be met by escalating reprisals.

U.S. President Donald Trump has said he may ultimately impose tariffs on more than $500 billion worth of Chinese goods - roughly the total amount of U.S. imports from China previous year.

Trump has said the European Union is "possibly nearly as bad as China" when it comes to trade, as a raft of retaliatory tariffs from Brussels came into effect on June 22.

"For over a year, the Trump Administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition".

China gave no details, but it has plenty of options to retaliate that could extend beyond additional tariffs on USA imports. That raises the risk China could retaliate in other ways, such as placing restrictions on us companies doing business in the country. Rather than address our legitimate concerns, China has begun to retaliate against USA products.

China's commerce ministry said on Wednesday it was "shocked" and would complain to the World Trade Organisation, but did not immediately say how it would retaliate. However, China has vowed to match every tariff tit-for-tat, and will likely follow through. Beijing is running out of American goods for retaliatory tariffs due to its lopsided trade balance, which means it might impose other measures.

In fact, a trade war would only accelerate a process already under way in China of becoming more self-sufficient economically, Lim says.

And Beijing is still holding up at least one major takeover involving foreign companies - U.S. chipmaker Qualcomm Inc's deal to buy Netherlands-based NXP Semiconductors NV NXPL.O.

China bought US$130 billion of U.S. goods a year ago. "Something as simple as ball bearings - the prices are going up", said University of Denver Professor John Holcomb.

There was a price to be paid by American companies as government policies legislated winners and losers. "The US side ignored the progress, adopted unilateral and protectionist measures, and started the trade war".

Backlash over Forbes dubbing Kylie Jenner 'self-made'
Even Dictionary.com roasted the magazine for the title, Tweeting yesterday "Self-made means having succeeded in life unaided". Her ranking at such a young age is undeniably impressive. "Her story is not inspiring or motivating for anyone".

Sacha Baron Cohen fires back at Sarah Palin
On Thursday, Cohen fired back at Palin. well, sort of. "You used to hunt the most unsafe animals in the country, like wolves and people on welfare", the statement concluded.

Catalan politician can legally be extradited, German court rules
German justice denies that the October 1 referendum was rebellion", Puigdemont tweeted following the court decision. English version by Simon Hunter .

- Canada and Mexico - Canada and Mexico, members of the North American Free Trade Agreement (NAFTA) with the USA, have not been spared the Washington offensive on steel and aluminum and have imposed their own counter-tariffs on U.S. goods.

One senior European official commented that North Atlantic Treaty Organisation members are preparing for a worst-case scenario should Mr Trump repeat his threat to end or curtail defence cooperation, with allies not on track to hit their defence funding target of 2% of GDP by 2024.

The move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it "reckless" and not "targeted". He said: "As in the past, the United States is willing to engage in efforts that could lead to a resolution of our concerns about China's unfair trade practices and to China opening its market to USA goods and services". "Many agree that tariffs will ultimately be bad for the global economy and therefore markets but there still seems to be some hope that common sense will prevail and a full blown trade war will be averted".

The president also believes China hasn't been helpful enough in US efforts to convince North Korea to abandon its nuclear weapons program, said the White House official.

Trump's push to ever-higher tariff threats is causing behaviour changes more than 8,000 miles from Washington.

So far, tariffs imposed by the two countries are expected to have a modest impact on growth and inflation, economists estimate.

China hasn't yet clarified how it will respond to the latest salvo. "China cheats, and manufacturers want to see China held accountable".

But Trump, for his part, showed no sign of reconciling with China.

"We will remain vigilant in defending the ability of our workers and businesses to compete on a fair and reciprocal basis", he said.

Merkel said she was concerned about the expansion of USA tariffs against European Union exports. The Trump administration has so far rejected Chinese offers to trim its massive trade surplus by buying more American goods, and is demanding more systemic change.

While summer is usually the peak season to export USA lobsters to China, the "crazy" 25% tariffs could drive customers to Canadian suppliers, according to Justin Oakes, a business development manager for North America at Gfresh, an online Chinese seafood marketplace.

In a report submitted ahead of the three day review, China insisted it had "been a strong advocate for free trade" since joining the WTO in 2001 and "comprehensively fulfilled its commitments".

Related News:



Most liked

Donald Trump Publishes Letter from North Korea’s Kim Jong
Some remains have been returned to the US over the years, but very few since recovery efforts were mostly halted in 2005 as U.S. Forces Korea said that it had moved 100 wooden "temporary transit cases" to the border to prepare for the remains' delivery.

Microsoft introduces free tier in competitive workplace chat app market
Microsoft is also debuting a set of futuristic new meeting features first teased during its Build conference earlier this year. Teams free offers unlimited app integrations with 140-plus business apps to choose from, including Adobe, Evernote and Trello.

Tushar Arothe resigns as India women's cricket coach
Arothe, 51, was appointed last April after his predecessor, the former women's captain Purnima Rau, was sacked by the board. India will begin their World T20 campaign in the tournament opener to be held in the West Indies from November 9 to 24.

Trump blames Theresa May for Brexit debacle in explosive interview
But services including financial services such as accounting and insurance account for three-quarters of the British economy. While there would be "no tariffs on any goods", the U.K.'s vast services sector will suffer significant disruption.

Should the Milwaukee Brewers Keep Pursuing Manny Machado?
Shaw and Braun would add a home run threat to the Rays offense, and Archer would provide the next level pitching for the Brewers. They could conceivably make a move for a starting pitcher (even though they have been a lot better lately) or bullpen help.

Meghan Markle has reportedly expressed support for Ireland's abortion ban repeal
This is not the first time that Markle and Prince Harry shared a sweet moment with children during their trip to Ireland. Her Royal Highness opted for a custom black canvas heel in a silhouette that bridged the understated and the sexy.

Whaling company accused of killing rare blue whale
The whale has been positively identified by experts as a blue whale, according to Sea Shepherd . HSI noted the features of a blue whale are a darker belly, all black baleen and bluish colour.

Lewis Hamilton accuses Ferrari of dirty tricks
Hamilton sat second following the first Q3 runs, just 0.057s behind his German rival. Marcus Ericsson had a high-speed crash on lap 33, which brought out a safety auto .

Flynn's New Consulting Gig Turns Into Circus Hours After Announcement
If Cohen agrees to cooperate, whatever relevant information he could provide would likely be shared with Mueller's team. Sullivan agreed to the delay Tuesday, saying he didn't want to "micromanage" Flynn's cooperation with prosecutors.

Passenger who went overboard from B.C.-bound cruise has died
Tuesday afternoon, they recovered him unresponsive from the water and transferred him to emergency workers waiting on shore. The ship was scheduled to arrive in Victoria on July 10 and back in Vancouver on July 11.

Massive fuel tank explosion rocks Cairo airport
While flights have not been affected, some witnesses described the vehicle traffic in and out of the airport as a " nightmare ". Business Insider A massive explosion reportedly rocked the area near Cairo International Airport on Thursday evening.

Update your Instagram to use the new Questions sticker
Type in what you want to say to your followers like "I'm stuck in traffic, ask me anything about fashion and beauty". Beware, however, before you confess to your crush on the platform that the users can see who asks what question.

Thailand promises citizenship to three rescued boys and coach
Police officers took photographs of each other at the massive cave entrance, as pumps continued to suck out huge volumes of water. He added that everyone worked together without concerns about race or religion, as the goal was to save the young football team.

Monster Hunter Gets Animated Special Airing in 2019
After a six month wait, PC gamers are finally going to get a chance to play Monster Hunter World in just over a month's time. In it, you'll see a Hunter interacting with a Moogle and a Kulu-Ya-Ku staring at a mysterious crystal.

Bank of Canada hikes rates, shrugging of trade tensions
It was Poloz's fourth hike over the last 12 months and marked the first time the rate has been this high since December 2008.