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USA considers higher tariffs on $200 billion in Chinese imports

USA considers higher tariffs on $200 billion in Chinese imports

The news comes amid reports of the U.S. administration's plan to impose 25 percent tariffs on $200 billion in imported Chinese goods, according to US-based media.

The ministry said timing of the implementation of the new tariffs on USA goods would depend on the actions of the US.

The dynamic has proved hard to change, given USA consumers' reliance on Chinese goods.

Two trump administration officials told reporters on a conference call that Trump remains open to communications with Beijing and that through informal conversations the two countries are discussing whether a "fruitful negotiation" is possible."We don't have anything to announce today about a specific event, or a specific round of discussions, but communication remains open and we are trying to figure out whether the conditions present themselves for a specific engagement between the two sides", one of the officials said.

The risk of a trade war between the United States of America and China has grabbed markets' attention recently, fuelled by headlines; Twitter quotes from Donald Trump and also because of the threat of retaliatory action from China.

The U.S.is now imposing $34 billion in Chinese goods, and has another $16 billion planned shortly.

Trump recently threatened to slap punitive tariffs on all Chinese exports to the United States, which amounted to more than $500 billion a year ago.

Geng said China's door to dialogue on the trade dispute is open, but that it had to be based on mutual respect and equality.

China immediately vowed to retaliate though at the same time urged the U.S. to act rationally and return to talks to resolve the dispute.

"As the trade war escalates, there is a good chance that China retaliates by slapping a tariff on USA crude oil imports, making 3% of Chinese imports", Oil Price.com said.

So far, the United States has imposed duties on $34 billion of imports from China as part of a first tranche of sanctions on $50 billion of goods.

The asymmetric economic and financial performance of the United States and China has convinced the White House it has "escalation dominance" and should press home its advantage.

Reacting to media reports that the higher tariffs were coming, Chinese foreign ministry spokesman Geng Shuang warned that Beijing will "definitely fight back" to defend its "lawful rights and interests".

But the move drew swift condemnation from USA business lobby groups anxious that tit-for-tat tariffs would start to hamper economic growth.

Increasing the rates to 25 percent could make them significantly more painful.

China's foreign minister said Thursday that US threats to hike tariffs run against the trend toward globalization and will hurt USA businesses and consumers.

"The money comes after farmers, especially soybean growers, have felt the brunt of retaliatory tariffs placed on agriculture by China and other nations that the Trump administration has penalized with tariffs on imports", NPR's Brian Naylor reported. "The cost increases will be passed on to customers, so it will affect most Americans pocketbooks".

The Trump administration ratcheted up pressure for trade concessions from Beijing this week by proposing a higher 25 per cent tariff on $200 billion worth of Chinese imports. He also has threatened a further round of tariffs on $300 billion of Chinese goods.

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