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Trump threatens extra tariffs on US$200b of Chinese goods

20 June, 2018, 02:56 | Author: Sara Gill
  • Hit ‘em where it hurts Chinese tariffs target American nuts & hundreds of other products

Beijing said on Tuesday it will use "quantitative and qualitative" measures to hit back at US President Donald Trump's act of "blackmail" in threatening to impose tariffs on US$200 billion worth of Chinese products.

Read the full report at the New York Times.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", Mr. Trump said in a statement Monday announcing the new action.

"Such a practice of extreme pressure and blackmailing deviates from the consensus reached by both sides on multiple occasions, and is a disappointment for the worldwide community", the ministry said in a statement on Tuesday.

"If the US side becomes irrational and issues a list, China will have to adopt comprehensive measures combining quantity and quality to make a strong countermeasure", the ministry said.

The ongoing trade dispute between the United States and China knocked the yuan to 6.4660 per dollar, its weakest in more than five months in the offshore market.

People in those swing states are taking notice. China threatened to retaliate, leading Trump to propose broader penalties. He said he would pursue additional tariffs on another $200 billion worth of goods, for a grand total of $450 billion.

The Dow Jones industrial averaged dropped 410 points, or 1.6 percent after the opening bell on worries that the tit-for-tat tariff threats between the United States and China may turn into an all-out economic brawl.

The Chinese Embassy in Washington did not respond to a request for comment.

Freeland met last week with Trump's trade czar Robert Lighthizer, and said Canada, Mexico and the USA will continue negotiating the North American Free Trade Agreement through the summer.

A central concern of the U.S. administration - and the reason for the initial sanctions - was alleged intellectual property theft by Chinese firms.

In response, China announced tariffs on $34bn of U.S. goods including agricultural products, cars and marine products which will also take effect from 6 July. Neither of those tariffs have gone into effect yet. "China's government will step up an already intensive effort to determine whether Trump has the political strength to carry out his threats, while working to maximize pressure on U.S. interests to force him to back down and accept a compromise". But the lopsided status of U.S. What's more, unlike Trump's other trade spats, there are (arguably) real national interests at stake in his showdown with China.

Trump "wants to fight a trade war with China, but he hopes to control the scale of the trade war in a way that China does not fight back, so he can ... show that his hardline policy works", it said.

By slapping tariffs on trade between the two nations, Bardole says both countries are going to feel pain. "We should be creating more jobs, not wiping them out", said Kip Eideberg, vice President for public affairs and advocacy at the Association of Equipment Manufacturers. That means things like tourism and education, industries from which the United States benefits a lot more than China does. China is following a similar schedule.

It was not immediately clear when the new tariffs could be put in place, as the trade office has yet to identify the Chinese goods to be penalized or conduct a legal review.


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