Trump proposes raising tariffs to 25% on $200 billion of Chinese imports
04 August, 2018, 15:31 | Author: Manuel Hopkins
The Trump administration has already imposed tariffs on $34 billion worth of Chinese goods and duties on an additional $16 billion worth are expected soon.
Senior administration officials expressed frustration Wednesday that China has responded to US tariffs with retaliation rather than capitulation. "Importers may have ordered aggressively in June ahead of tariffs imposed this month by the USA and China", the port stated in a press release.
In early July, the US government imposed 25 percent tariffs on an initial 34 billion dollars of Chinese imports.
Participants at the meeting in Geneva on July 31 said they are considering an array of options, including an appeal to the World Trade Organization's dispute settlement system and the imposition of retaliatory tariffs against USA goods.
China's Foreign Ministry spokesperson Geng Shuang responded to questions Wednesday about the possibility of the United States raising tariffs on $200 billion in goods.
The U.S. economy is heavily reliant on importing more than $500 billion in goods each year from China. But they have rejected changing technology development plans they see as a path to prosperity and global influence.
China has urged the United States to return to rationality after President Donald Trump's administration ratcheted up pressure on Beijing over trade. He is also betting that the US could wield more leverage because Beijing cannot match the tariffs proposed on $200 billion in Chinese goods.
White House officials had hoped Trump's latest threat would frighten Chinese officials into negotiations, where Trump aims to secure more favorable terms for US manufacturers in one of the world's largest marketplaces.
Beijing's earlier round of tariffs appeared created to minimize the impact on the Chinese economy by targeting soybeans, whiskey and other goods available from Brazil, Australia and other suppliers.
President Trump is ratcheting up trade tensions with China, threatening to increase proposed tariffs on Chinese imports from 10 percent to 25 percent.
It's unclear if the Chinese government is purposely pushing the value of its currency down or if that has been a market-based reaction to concerns about how USA tariffs could hurt China's economy.
Chinese authorities warned earlier that if the dispute escalated, they would adopt unspecified "comprehensive measures". -China imbroglio may follow a similar pattern of months of mainly rhetoric and skirmishes before an eruption into a serious economic event.
"So is the United States trying to put tariffs on its own companies?"
The dispute is part of broader US complaints about global trading conditions that have prompted Trump to raise duties on steel, aluminum, washing machines or solar panels from Canada, Europe, Japan and South Korea.
Foreign ministers of ASEAN countries appreciated China's support in building ASEAN community as well as the Belt and Road Initiative for boosting regional interconnection and common development, and expressed the hope that both sides will continue to enhance cooperation in trade and economy, innovation and tourism.
China is willing to resolve differences with the United States on an equal footing, the Chinese Government's top diplomat said after meeting US Secretary of State Mike Pompeo, but added they did not address their trade war too specifically.
The deficit had narrowed in previous months as companies rushed out exports to beat the imposition of tariffs. The new China tariffs on the USA will impact metals, chemicals, and agriculture-related items.
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