Trump makes good on threat - $200 billion in new tariffs on China
Jul 11 2018
US President Donald Trump is likely to publish this week a list of $200 billion in additional Chinese products to be hit with tariffs, possibly as early as later on Tuesday, an administration official said. The office will hear public comments on the plan and will reach a decision after August 31, according to a senior administration official who briefed reporters on condition of anonymity.
China, meanwhile has vowed to match any future tariffs dollar-for-dollar, signaling an escalating trade war between the two nations. Another source who is familiar with the situation confirmed the Bloomberg report to Reuters.
The Trump administration announced plans to levy tariffs on another $200 billion of Chinese goods as trade tensions escalate.
All told, Trump has threatened eventually to slap tariffs on up to $550 billion in Chinese imports - more than China actually exported to the United States a year ago - if Beijing won't relent to US pressure and continues to retaliate. "There is no justification for such action".
"Tonight's announcement appears reckless and is not a targeted approach", Senate Finance Chairman Orrin Hatch (R-Utah) said in a statement.
The U.S.is now considering levying duties on a further $16 billion in Chinese goods, after a public hearing later this month. High-level talks between the two countries starting in May failed to deliver a breakthrough to head off a trade war.
China immediately retaliated with duties on the same value of United States goods, including soybeans and cars. China has vowed to retaliate dollar-for-dollar to any further USA tariffs.
The International Monetary Fund has warned that a full-blown trade war could undermine the broadest global upswing in years.
The Trump administration has accused companies in China of repeatedly committing intellectual property theft and other unfair trade practices, while it says China's government remains unresponsive to its concerns. Chinese tactics, the administration said, include outright cybertheft and forcing United States companies to hand over technology in exchange for access to the Chinese market. But Trump hasn't backed down, arguing that China's unfair trading practices are hurting American workers.