Donald Trump Readies New Tariffs for China

Donald Trump Readies New Tariffs for China

President Trump has asked officials to identify $200bn dollars-worth of Chinese goods to be subject to a 10% tariff in what is becoming an increasingly bitter trade war.

U.S. crude futures took additional hit also as China's retaliatory tariffs included crude oil.

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".

As late as May 20, US Treasury Secretary Steven Mnuchin was saying the trade war with China was "on hold" and that negotiations with Beijing were ongoing.

Mr. Trump had announced a 25 percent tariff on up to $50 billion in Chinese imports.

Such a step would be virtually unprecedented in USA history and would put almost all of the $505 billion in products that the US imports from China under trade restrictions.

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"The trade relationship between the United States and China must be much more equitable", the president said in explaining his decision.

In addition to tariffs on oil, China has also threatened imports on other energy sources, notably coal, in a bid to hurt Trump politically as well as economically.

Trump moved forward with measures after months of sometimes fraught shuttle diplomacy in which Chinese offers to purchase more American goods failed to assuage his grievances over the soaring trade imbalance and China's aggressive industrial development policies.

The tariffs were quickly matched by China on US exports, a move that drew the president's ire.

The Chinese Commerce Ministry responded that it would "strike back hard" with "measures that match the USA move in quantity and quality".

"After the legal process is complete, these tariffs will go into effect if China refuses to change its practices", the president said in a statement. "Rather than altering those practices, it is now threatening U.S. companies, workers and farmers who have done nothing wrong".

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Trump once again touted his relationship with Chinese President Xi Jinping.

Pompeo said China's theft of US intellectual property "is at an unprecedented level of larceny" and he had raised the issue in talks last week with China's President Xi Jingping.

The US announced plans for tariffs this spring, after an investigation into China's intellectual property practices. Last week, however, the Trump administration announced tariffs on 1,102 separate categories of Chinese products, to go into effect on July 6.

Earlier on Monday, stock markets fell amid fears of further deterioration of US-China trade relations.

"Chinese leaders over these past few weeks have been claiming openness and globalization, but it's a joke".

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