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Trump administration threatens tariffs on another $200 billion in Chinese imports

Trump administration threatens tariffs on another $200 billion in Chinese imports

The move comes after the United States imposed 25% tariffs on Chinese goods worth $34 billion last Friday. Trump's threat came on Tuesday and stated a 10% tariffs on $200 billion worth of Chinese imports.

The list includes agricultural products, minerals and consumer goods such as handbags, among other items.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", Trump said.

"The United States has unveiled the list of tariffs in an escalating manner", a spokesperson for China's Ministry of Commerce said.

"China is shocked by the irrational movement of the US".

The USTR, the federal agency that oversees worldwide trade policy and negotiations, said it is responding to Beijing's decision to retaliate instead of changing its policies.

USA policy "actually interferes with the process of economic globalization" and "damages the world economic order", charged Li.

The USTR said it was responding to Beijing's decision to retaliate instead of changing its policies.

"China has no option but to fight fire with fire".

"For over a year, the Trump Administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition".

"Unfortunately, China has not changed its behaviour - behaviour that puts the future of the USA economy at risk".

The new list is a retaliatory measure following China's own retaliatory tariffs the country announced after the us unleashed its initial $34 billion in tariffs last week. "There is no justification for such action".

China's government has vowed to take "firm and forceful measures" as the U.S. threatened to expand tariffs to thousands of Chinese imports such as fish sticks, apples and French doors, the latest salvo in an escalating trade dispute that threatens to chill global economic growth.

In June, Trump instructed Lighthizer to prepare $200 billion worth of Chinese goods for additional tariffs that will be enforced if Beijing imposed retaliatory penalties on US -made products.

'TARIFFS ARE TAXES' Senate Finance Committee Chairman Orrin Hatch, a senior member of Trump's Republican Party, said the announcement "appears reckless and is not a targeted approach". China has vowed to retaliate dollar-for-dollar to any further USA tariffs.

And now China is ready to slap tariffs on American goods like French doors. Imposing taxes on another $200 billion worth of products will raise the costs of every-day goods for American families, farmers, ranchers, workers, and job creators.

The U.S. government is scheduling public hearings from August 20-23.

The National Retail Federation, an industry group, warned about the impact on prices from the new measures.

Americans could soon find themselves paying more for goods they might not have known were imported from China.

"Nobody wins in a global trade war". But according to economists, Beijing is unlikely to do so.

China 'cannot match fresh USA tariffs, ' Vishnu Varathan of Mizuho Bank said.

Global markets are in turmoil as the Trump administration intensifies its trade war once again.

The list covers some $200 billion in Chinese exports that could be hit by a 10 percent tariff.

Administration officials said they hoped the measures would convince the Chinese government to increase market access for USA companies and address allegations of the theft of intellectual property.

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