Saturday, 21 July, 2018

Trump Threatens China With Fresh Tariffs On $200 Billion Of Imports

President Donald Trump and China's President Xi Jinping arrive for a state dinner in Beijing last year President Donald Trump and China's President Xi Jinping arrive for a state dinner in Beijing last year Credit Thomas Peter Reuters
Jodi Jackson | 22 June, 2018, 20:29

China accused the United States on Tuesday of "extreme pressure and blackmailing" and vowed to retaliate after U.S. Trump threatened to impose a 10 per cent tariff on $200 billion USA of Chinese goods in addition to $50 billion of import duties that had already been announced.

The US "practice of extreme pressure and blackmail departed from the consensus reached by both sides during multiple negotiations and has also greatly disappointed worldwide society", it said.

China has threatened "comprehensive measures" in response to U.S. President Donald Trump's new tariff hike, raising the possibility Beijing might target operations of American companies.

In a bid to protect local manufacturing and "fair" global trade, Trump signed executive orders in March that imposed a 25 percent tariff on steel imports and a 10 percent one on aluminum imports.

"Most observers outside the Trump administration think that a trade war between the USA and China will lead to losses on all sides", Oxford Economics analysts said in a research note.

Navarro suggested on the call with reporters that China could use other measures besides tariffs to strike back at the US economically.

The United States and China have the world's biggest trading relationship but official ties are increasingly strained over complaints Beijing's technology development tactics hurt American companies. China's Commerce Ministry has already responded, saying they will adopt counter measures. He added that China is a "predatory economic government" that is "long overdue in being tackled", matters that include IP theft and Chinese steel and aluminum flooding the US market. "President Donald J. Trump says, that's not going to happen on his watch".

"If China increases its tariffs yet again, we will meet that action by pursuing additional tariffs on another $200bn of goods". If Intel makes a chip at its US plants in Oregon, Arizona or New Mexico, then sends it to China for low-level assembly work and then brings it back so it can be put into a device manufactured in the United States, the chip would get hit by the tariff. Cook also said that the trade deficit with China is overstated due to flaws in the way it is calculated.

The Intel logo is shown at E3, the world's largest video game industry convention in Los Angeles, California, U.S. June 12, 2018. Trump said Americans are now being taken advantage of when it came to trade.

It could also be that he thinks China will run out of U.S. imports against which to retaliate.

Last week, Washington announced tariffs on 1,102 separate categories of Chinese products, to come into effect on July 6. A punitive duty the Trump administration applied to lumber imports from Canada has raised the price of a new home by $9,000, according to the National Association of Home Builders.

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