Trump threatens new round of $200bn tariffs on Chinese goods
20 June, 2018, 02:58 | Author: Sally Reid
China warned it will take "qualitative" and "quantitative" measures if the US government publishes an additional list of tariffs on its products.
The threat of a growing trade conflict with China hit financial markets hard, with Beijing vowing a firm response after Trump on Monday saidhe would implement tariffs on an additional $200 billion (151.8 billion pounds) of imports from China if Beijing went ahead with reprisals over an initial set of USA tariffs.
The ministry also expressed its disappointment that the new tariffs do not reflect the "consensus" the two countries had come to during recent trade negotiations, after which China declared the trade war was over.
"If the USA becomes irrational and issues this list, China will have no choice but to adopt strong countermeasures of the same amount and quality", the ministry statement said.
Last week, heannounced 25 percent tariffs on $50 billion in Chinese imports, prompting Beijing to retaliate with matching duties on United States goods.
The U.S. imported $505 billion of goods from China past year.
The potential tariffs released on Monday are in retalitation to that statement from China.
Trump, pursuing his "America First" policy, has been insisting that China has been unfairly benefitting from a massive trade imbalance with the USA, now estimated to be Dollars 376 billion.
However, he emphasized no additional duties would be imposed until they have gone through a legal vetting process, which includes taking comments and holding a public hearing.
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The escalation in the dispute with China may also serve as a warning to other trading partners with whom Mr. Trump has been feuding, including Canada and the European Union. That would encompass roughly 90 percent of the $505 billion worth of goods that China exported to the United States in 2017.
Scotiabank said a recession across North America, more tariffs from both the USA and Canada, and the collapse of NAFTA are all in the cards.
United States stock markets fell sharply on Tuesday morning, following similar drops across the world, as investors feared that escalating tensions could trigger an worldwide trade war.
Last week, Mr Trump confirmed that the USA would impose 25% tariffs on $50bn worth of Chinese goods.
"We have to", Trump told reporters Friday.
Some companies have reported Beijing is meeting with Chinese businesses to discuss shifting contracts for USA goods and services to suppliers from Europe or Japan, or to local Chinese firms, Parker said.
"President Donald Trump has raised the stakes once more".
By contrast, Palmer noted, the USA exported only about $130bn worth of products to China in 2017.
Tensions were also stoked by the US Senate's decision Monday to reimpose a seven-year ban on sales of US high-tech chips to Chinese telecom firm ZTE, which had narrowly escaped collapse under a compromise deal announced by the Trump administration.
Shi Yinhong, a professor of global relations at Renmin University of China, said that with the world's two largest economies now embroiled in "a semi economic cold war", Beijing faced the challenge of getting Trump back to the negotiating table.
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