Thursday, 18 April, 2019

China slams USA threat to impose tariffs on $200 billion in imports

Markets drop over trade war fears A man walks by an electronic stock board of a securities firm in Tokyo Monday
Priscilla Morrison | 19 June, 2018, 16:47

The US leader warned that after the new measures are in place - on top of existing 25 per cent tariffs on US$50 billion in Chinese imports - tariffs on another US$200 billion of Chinese goods would go forward "if China increases its tariffs yet again".

If the United States goes ahead with the new $200 billion tariffs, they are more likely to be directly felt by individuals than the previous round. "These tariffs are essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs", the president said at the time.

China vowed to protect its interests, countering any U.S. tariffs imposed on its goods with a mirror response.

By slapping tariffs on trade between the two nations, Bardole says both countries are going to feel pain.

A Commerce Ministry statement criticized the USA measures as "extreme pressure and blackmail".

These include major American exports to China such as soybeans, which brought in $14 billion in sales a year ago and are grown in states that supported Trump during the 2016 presidential election. He said the US would impose tariffs on another $200 billion after that if Beijing retaliates.

Pompeo raised the trade issue directly with China last week, when he met in Beijing with President Xi Jinping and others.

Trump's latest tariffs Monday came on the same day the Senate voted to reverse the Commerce Department's recent move to save Chinese telecommunications giant ZTE by lifting a seven-year ban on the company doing business with US firms, which was imposed after ZTE was found violating the terms of 2017 penalty agreement.

More news: Arsenal set to announce another new signing today

The tariffs, which Trump wants set at a 10 percent rate, would be the latest round of punitive measures in an escalating dispute over the large trade imbalance between the two countries.

"Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong", Trump said. That stemmed from a U.S. Trade Representative investigation that determined Chinese theft of U.S. intellectual property and forced technology transfers threatened to undermine U.S. competitiveness.

The yen jumped and U.S. equity futures dropped after U.S. President Donald Trump threatened to slap tariffs on more Chinese goods.

However, many economists and businesses in the USA say the tariffs are likely to hurt some of the sectors the administration is trying to protect, which depend on China for parts or assembly.

"The United States has initiated a trade war that violates market laws and is not in accordance with current global development trends", it added.

Since June 1, steel and aluminium imports from the European Union, Canada and Mexico have been hit with tariffs of 25 per cent and 10 per cent, respectively. "We will continue using all available tools to create a better and fairer trading system for all Americans".

USA lawmakers are trying to block Trump's deal with ZTE.

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