China Trade War Latest: Trump Raises the Stakes By Another $100 Billion

by Abel Hampton April 7, 2018, 1:28
China Trade War Latest: Trump Raises the Stakes By Another $100 Billion

"On the other hand, China simply announced by fiat Dollars 50 billion worth of potential tariffs", the official said.

Trump argues China's trade practices have led to the closure of American factories and the loss of millions of American jobs.

Chinese state media hailed their leaders' quick counteroffensive in the brewing trade war with the USA and said America would learn a "painful lesson" by tangling with China.

The Chinese commerce ministry unveiled a list of 106 products, including chemical products and frozen beef, that will get hit by duties of 25 per cent, though it did not announce a date for their implementation.

Gao gave no details of what measures Beijing might take.

The prospect of a trade war between the world's two largest economies has spooked investors and sent the world's financial markets into a frenzy.

Responding to Mr. Trump's threat to up the ante on tariffs, Chinese economic officials said they are prepared to fire back. He's also instructed his secretary of agriculture "to implement a plan to protect our farmers and agricultural interests".

Instead of asking China to reduce its exports to address the trade imbalance, the United States should increase its own exports, the editorial said, adding that Washington was already restricting its exports to China, especially of high-tech products.

The US president has said he will impose steep tariffs on steel and aluminium imports, which would hit China.

The U.S. has threatened to levy import taxes on more than 1,300 Chinese products, including televisions, dishwashers and printers. Tesla electric cars, Ford's Lincoln auto models, Gulfstream jets made by General Dynamics and Brown-Forman Corp's Jack Daniel's whiskey are also on Beijing's list.

In a first round move, China on Monday had imposed fresh levies on 128 USA items, worth $3 billion, setting the tone for retaliatory cycle of tariffs.

Tensions have been rising between the world's two largest economies since August, when the United States president initiated an investigation into anti-competitive trade practices by China and alleged theft of U.S. intellectual property.

"Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers", Trump said Thursday. "Following a thorough investigation under section 301 of the Trade Act of 1974, the United States Trade Representative (USTR) determined that China has repeatedly engaged in practices to unfairly obtain America's intellectual property". Trump has demanded that the China cut the trade gap by $100 billion.

One trade policy expert said he doubted that Trump's rhetoric would help forge any deal with China.

U.S. soybeans are used in Chinese aquatic feed production.

Any additional tariffs would be subject to a public comment process and would not go into effect until that process is complete.

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