US to slap tariffs on extra $200 billion of Chinese imports
US to slap tariffs on extra $200 billion of Chinese imports
The move is the latest step in the trade war between the world's two largest economies
11 July, 2018, 05:24
The president of the European Union Chamber of Commerce in China, Mats Harborn, said Tuesday one of its members moved final assembly of goods for the American market from China to a newly created USA company.
Assuming that happens as planned, the Trump administration will have levied tariffs on over $100 billion in imports into the United States.
So far, Chinese officials have not backed off their promises to retaliate to any Trump tariff move.
The White House says the tariffs are a response to unfair trade practices by China.
China, meanwhile has vowed to match any future tariffs dollar-for-dollar, signaling an escalating trade war between the two nations. High-level talks between the two countries starting in May failed to deliver a breakthrough to head off a trade war.
The tariffs are in addition to Trump's 25% tariffs on $US50 billion worth of Chinese goods. Rather than address our legitimate concerns, China has begun to retaliate against US products. "This new round of proposed tariffs takes the fight onto yet another level from which it is going to be hard for either side to make a graceful retreat", said Eswar Prasad, former head of the International Monteary Fund's China division.
Some US business groups and senior politicians sharply criticized the latest action, with Senate Finance Committee Chairman Orrin Hatch, a Republican, saying it "appears reckless and is not a targeted approach".
"Rather than address our legitimate concerns, China has begun to retaliate against USA products".
The International Monetary Fund has warned that a full-blown trade war could undermine the broadest global upswing in years.
US Trade Representative Robert Lighthizer said the United States would impose tariffs of 10 percent on the additional Chinese imports.
Trump has been considering tariffs against China since his officials concluded in March that Beijing violates US intellectual-property rights, such as by forcing American firms to hand over technology.
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