Trump Targets $200 Billion In Chinese Imports As Spat Grows

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.

Analysts say the Chinese government could target trade in services between the two countries rather than physical products.

"This all shows how quickly trade tensions could escalate between the US and China", said Derek Halpenny, European head of global markets research at MUFG Bank.

The US "practice of extreme pressure and blackmail departed from the consensus reached by both sides during multiple negotiations and has also greatly disappointed worldwide society", China's commerce ministry said in a statement on its website. China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology. "It is very unfortunate that instead of eliminating these unfair trading practices, China said that it intends to impose unjustified tariffs targeting US workers, farmers, ranchers and businesses".

Trump's initial set of newly-announced tariffs last week drew an immediate response from China, despite the USA warning that retaliatory tariffs would see more tariffs applied to Chinese imports.

This comes after the USA slapped 25 percent duties on $50 billion worth of Chinese imports.

Trump once again touted his relationship with Chinese President Xi Jinping.

"The United States will no longer be taken advantage of on trade by China and other countries in the world", he said.

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"Unfortunately, China has determined that it will raise tariffs on $50 billion worth of United States exports".

"This is a global trade war, plain and simple, and the American families will be the ones who suffer most", added Hun Quach, vice president of worldwide trade for the Retail Industry Leaders Association. Those could take a long and painful trade fight.

The U.S. imported $505 billion of goods from China previous year and exported about $130 billion, leaving a 2017 trade deficit of $376 billion, according to U.S. government figures. "Not due to announcements", he said. That means things like tourism and education, industries from which the United States benefits a lot more than China does.

The declines came after a series of moves escalating the brewing trade war between the United States and China, the world's two largest economies.

China has long denied US charges that Chinese firms have stolen ideas and software or forced firms to turn over intellectual property as part of the price of doing business in China.

To respond to Trump's threat to impose tariffs on as much as $250 billion worth of Chinese goods, Beijing would have to find other ways to respond. "For China's part, its leaders will be determined not to be seen to back down to foreign pressure".

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.

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