Trump proposes raising tariffs to 25% on $200 billion of Chinese imports

04 August, 2018, 15:31 | Author: Manuel Hopkins
  • White House escalates China trade dispute to secure early breakthrough: John Kemp

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.

Donald Trump is ramping up the pressure on China.

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.

Gun Rights Activists Defy Court Ruling, Post 3D-Printed Gun Blueprints Online
Gun control groups on Friday failed to convince a federal judge to intervene before the designs were expected to go online. A 3-D printed gun's quality often depends on the sophistication of the printer and the quality of the plastic used.

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.

Recommended:

  • China warns of new tariffs on US  goods

    China warns of new tariffs on US goods

    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.
    Trump celebrates John Kelly's first full year as chief of staff

    Trump celebrates John Kelly's first full year as chief of staff

    Kelly has told allies that he feels it his duty to serve even if he and the president differ on style and messaging. A senior administration official confirmed Kelly's announcement, first reported by The Wall Street Journal .
    Turkey threatens to retaliate against any U.S.  sanctions over detained pastor

    Turkey threatens to retaliate against any U.S. sanctions over detained pastor

    He stands accused of carrying out activities on behalf of two organisations Ankara considers terror groups. Brunson's next court date is scheduled for October 12, according to Reuters .
  • Google's Plan to Launch Censored Search Engine in China Revealed

    Google's Plan to Launch Censored Search Engine in China Revealed

    While the search engine was censored, it also flagged to users when information was removed from results. A Google representative told Business Insider, "We don't comment on speculation about future plans".
    Apple becomes first United States  trillion dollar company

    Apple becomes first United States trillion dollar company

    Other technology companies with high-flying, trendy stocks are expected to join Apple in the $1 trillion club before long. Virtual assistant Siri is built into Apple devices, and the company boasts the most popular smart watch on the market.

    North Korea Still Making Missiles, Despite Trump's Claims

    Government officials believe North Korea is continuing to manufacture missiles in a facility near its capital of Pyongyang. That could then allow the North to demand the pullout of 28,500 USA troops deployed in South Korea.
  • Donald Trump insults LeBron James on Twitter

    Donald Trump insults LeBron James on Twitter

    His tweet called Lemon the "the dumbest man on television", and then said Lemon "made LeBron look smart, which isn't easy to do". That campaign appearance probably turned the tide, as Trump didn't always feel so strongly against James.
    Community Shield 2018: Chelsea vs Man City predictions, stats and betting tips

    Community Shield 2018: Chelsea vs Man City predictions, stats and betting tips

    Manchester United manager Jose Mourinho has been urged to smile more by one of the club's former players. When asked if Willian would remain at Stamford Bridge, Sarri told Sky Sports: "Yes".
    Dozens expected to testify against Paul Manafort

    Dozens expected to testify against Paul Manafort

    He also said the prosecution is ahead of schedule and may rest its case next week, according to The Washington Post. Mikuska said agents arrived at around 6 a.m. and knocked three times before entering the condominium with a key.
  • NASA is naming 8 astronauts to fly SpaceX and Boeing's new spaceships

    NASA is naming 8 astronauts to fly SpaceX and Boeing's new spaceships

    The crew assigned to fly on the company's Crew Dragon will liftoff aboard a SpaceX Falcon 9 rocket from historic pad 39A. Starliner and Crew Dragon will dock and undock autonomously to the space station before returning the crew safely home.
    Judge Issues Temporary Restraining Order Blocking 3D-Printer Guns

    Judge Issues Temporary Restraining Order Blocking 3D-Printer Guns

    At the time, the NRA voiced its opposition to expanding the Undetectable Firearms Act . "Court orders him to keep his word". A federal judge has blocked the release of designs meant to allow people to make their own firearms using a 3-D printer .

    Trump at rally makes false claim on photo IDs for groceries

    Florida GOP candidate Ron DeSantis released a new campaign ad on Monday showcasing his child's ability to build a wall . The president accused Democrats of obstructing his agenda and Brett Kavanaugh, who he chose as a Supreme Court nominee.


Popular

Turkey vows to hit back against sanctions over preacher's arrest
It added that the US' "aggressive attitude serves no goal ", and vowed that it would respond in equal measure. Brunson, who led a Protestant church in the Aegean city of Izmir, denies the charges.

San Jose crews help battle massive Mendocino Complex, Carr fires
Every year is teaching the fire authorities new lessons", Gov. "We're kind of anxious to get in there". But tens of thousands of others were still under evacuation orders .

What the interest rates increase means for you
Above: The initial reaction by Sterling was to shoot higher, but a sudden change in heart by the market left it nursing losses. However, the BoE continued to stress that Britain's economy was at risk of too much inflation even with its slow growth.

This Weekend's Tax Holiday is for More Than School Supplies
The term shall include, but not be limited to, cloth and other material used to make school uniforms or other school clothing . English also explained that by shopping local the sales bump up sales tax, which brings in even more businesses to the area.

Apple’s Market Cap Hits $1 Trillion
But the recovery might not have happened if Jobs hadn't evolved into a more mature leader after his exit from the company in 1985. The company's corporate tax rate was slashed and it's bringing hundreds of billions of overseas dollars back to the country.

Pompeo Outlines Strategy to Boost Indo-Pacific Economies
The $113 million in assistance will clearly not scratch the surface of the financing needs in the Indo-Pacific region. "The Belt and Road is, for the moment, China's way of doing things".

Collusion not a crime? Not exactly the point
The message marked the first time Mr Trump publicly elaborated on prior vague claims of conflicts of interest. Giuliani, speaking to CNN on Monday, said he "wouldn't pardon him if he did that to me".

Zimbabwe warns of crackdown after violent protests break out over vote results
But Chamisa, 40, a lawyer and pastor who performed strongly on the campaign trail, sought to tap into the youth and urban vote. Commission chairwoman Chigumba has flatly denied allegations of bias and strongly disputed accusations of rigging.

Elon Musk's apology to analysts he scorned sends Tesla stock soaring
But the company burned through only about $430 million of its cash on hand, leaving it with $2.8 billion in its reserves. But analysts have said in recent weeks they thought demand for the Model 3 might be waning because of long wait times.

Trump willing to shut down government over border security
Back in February, Trump said that he'd "love to see a shutdown" if the government did not address border security. Trump campaigned on the promise of building a wall to deter illegal immigration and making Mexico pay for it.