Trump Threatens China With Fresh Tariffs On $200 Billion Of Imports

Trump Threatens China With Fresh Tariffs On $200 Billion Of Imports

Trump Threatens China With Fresh Tariffs On $200 Billion Of Imports

In a statement, Mr Trump said he had asked the U.S. trade representative to identify the Chinese products to be subject to the new tariffs.

Read: What can Beijing do if China-US trade row worsens?

"This trade dispute will lead to relatively small effects in two economies that collectively add up to about $30 trillion in annual GDP". But the rhetoric is intensifying, with Trump lashing out at Beijing over its threat to retaliate against the administration's latest proposed tariffs.

The administration says that China is trying to maintain a permanent and unfair advantage.

Although this would indeed badly damage American companies, he says it would have the side benefit of flooding markets with cheaper goods - except in the United States, of course, where such goods would be hit with steep tariffs.

The escalating tension on trade sent European and Asian markets lower as well, while growth-linked commodities like copper and crude fell.

Wall Street's stocks fell overnight with the Dow Jones Industrial index off more than one per cent. Boeing dropped 3% and construction and mining equipment maker Caterpillar shed 2.7%.

The US president said he had asked officials to target $200 billion (€172 billion) worth of imports - and threatened to increase taxes on Chinese exports to the US even further should he meet resistance from Beijing. The list was created using a computer algorithm that chose products to hurt Chinese exporters while limiting the impact on United States buyers.

"Such practice of imposing extreme pressure and blackmailing is contrary to the consensus the two sides have reached through rounds of consultations, and disappoints the worldwide community", a Ministry of Commerce spokesperson said.

In Beijing, China's Commerce Ministry responded swiftly to Trump's latest threat, warning that if the U.S. imposed fresh tariffs, China would have to adopt "comprehensive measures combining quantity and quality to make a strong countermeasure".

Even as the US trade conflict with China deepens, Trump has raised trade tensions on other fronts.

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However, business expert Derek Scissors of the American Enterprise Institute says the US could gain from the dispute.

The U.S. blocked ZTE's access to U.S. suppliers in April, saying the company violated a 2017 sanctions settlement related to trading with Iran and North Korea and then lied about the violations.

"'We still see follow-through weakness for the C-dollar".

"It's kind of a lose-lose for both the people in China and the US soybean industry, and the soybean farmer", said Bardole.

Tariffs are already raising costs for some goods.

"President Donald Trump has raised the stakes once more". Apple representatives did not immediately respond to a request for comment on the report.

Apple's iPhones are assembled in China from parts manufactured in China, the US, and other countries, a process that could bring the tech giant into the forefront of the Trump administration's escalating trade actions against Beijing as well as China's retaliatory measures.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, was also down, dropping 5.77%, or 97.60 points, to 1,594.05 on turnover of 232.5 billion yuan (RM145 billion). That response prompted President Trump to threaten an additional $200 billion of tariffs.

As economist Dean Baker explains at the Center for Economic and Policy Research website, China has the tools to deliver massive blows to some of America's biggest businesses despite the fact that it has a sizable trade surplus with the United States.

"The latest headlines from Trump are pushing investors to risk-off-mode", said Shintaro Ikeshima, chief manager of forex and financial products trading division at Mitsubishi UFJ Trust and Banking Corp.

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