Trump Asks For $200 Billion More In Tariffs To Impose On China

Trump Asks For $200 Billion More In Tariffs To Impose On China

China's Ministry of Commerce has called the move "blackmail", warning, "If the USA loses its senses and publishes a new list, China will be forced to take comprehensive measures that are both strong in quantity and gravity and will fight back".

Mr. Trump said that if China responds to this fresh round of tariffs, then he will move to counter "by pursuing additional tariffs on another $200 billion of goods".

US President Donald Trump escalated a growing trade war with China by unveiling plans today to impose 10 per cent tariffs on an additional US$200 billion worth of Chinese goods.

The US "practice of extreme pressure and blackmail departed from the consensus reached by both sides during multiple negotiations and has also greatly disappointed global society", China's commerce ministry said in a statement on its website. The tariffs were quickly matched by China on US exports, a move that drew the president's ire.

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

Trump's latest comments came hours after US Secretary of State Mike Pompeo accused China of engaging in "predatory economics".

Trump has taken direct aim at Beijing's industrial policies by targeting tariffs at goods the White House benefit from them.

Trump cited China's imposition of charges on United States goods - which came in response to Washington's opening salvo in a mounting trade dispute - as "unacceptable".

The Chinese Commerce Ministry reacted quickly to Trump's announcement, accusing the United States of "extreme pressure and extortionist behavior" and warning it would "strike back hard".

China had offered to ramp up purchases of American goods by only $70 billion to help cut the yawning trade imbalance with the United States, whereas Trump had demanded a $200 billion deficit cut. "It did not meet the current development trend of the world, harmed the interests of the people and enterprises of China and the United States, and harmed the interests of the people of the world".

"The escalating set of tariffs on Chinese goods come as the Treasury Department is developing a set of investment restrictions/export controls on Chinese investment in certain industries and US technology (due June 30)".

The dollar rose against a basket of currencies as traders bet on a escalating trade war forcing inflation up in the USA because of costlier imports, raising the prospect of more interest rate rises.

Its study says that uncertainty acts like a non-tariff barrier to impede trade and investment by encouraging American companies to move factories back to the U.S. and reduce incentives for United States firms to invest overseas. "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.

Pompeo on Monday described US actions as "economic diplomacy", which, when done right, strengthens national security and worldwide alliances, he added.

"I think that the other side may have underestimated the strong resolve of President Donald J. Trump", Navarro added.

Trump's latest move, as Washington fights trade battles on several fronts, was unexpectedly swift and sharp.

"Dairy", Trump said. "Dairy, 275 per cent tariff".

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