Trump could raise tariffs on $200 billion in Chinese goods

Trump could raise tariffs on $200 billion in Chinese goods

Trump could raise tariffs on $200 billion in Chinese goods

"We have been very clear about the specific changes China should undertake", said U.S. Trade Representative Robert Lighthizer.

US business groups have expressed angst about Trump's approach, warning it could drive up costs for companies and consumers. "It remains unchanged. The blackmailing and pressure by the U.S. will never work on China if the USA take measures to further escalate the situation we will surely take countermeasures to firmly uphold our legitimate rights and interests".

A spokesman for China's foreign ministry appealed to Washington to negotiate but could not confirm reports the two sides were setting up talks.

Trump's threats of higher tariffs weighed on China's financial markets.

The U.S. imposed 25 percent tariffs on an initial $34 billion of imports from China on July 6, which then led China to respond with similar sized tariffs on U.S. products, according to Reuters.

He added that the door to dialogue is open, but that talks have to be based on mutual respect and equality.

The threat of USA auto tariffs was placed on hold July 26 after Trump and Juncker agreed to refrain from "unilateral actions" while European Union and the United States endeavor to negotiate a trade pact.

Washington- The Trump administration plans to raise pending tariffs on $200 billion in Chinese goods to 25 per cent, much higher than the 10 per cent it previously indicated it might impose, the media reported.

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China's new threat targeting a smaller amount of US goods reflects the fact that Beijing is running out of products for retaliation due to its lopsided trade balance with the United States.

China responded that day by imposing tariffs on the same amount of US goods, largely targeting soybeans and other agricultural products.

The $200 billion list of goods targeted for tariffs - which also include Chinese tilapia fish, printed circuit boards and lighting products - would have a bigger impact on consumers than previous rounds of tariffs.

"I think the uncertainty caused by the trade war with China is probably pushing businesses to bring in goods earlier to avoid potential duty rate increases while it all plays out", Eric Flicker, director of operations and supply chain at CL Apparel Marketing, wrote in a LinkedIn post.

Trump set his sights on China during the 2016 presidential campaign and has followed through during his presidency with a protectionist strategy that he says is aimed at strengthening USA companies and boosting jobs at home. "The cost increases will be passed on to customers, so it will affect most Americans' pocketbooks".

In its statement, however, the Chinese Commerce Ministry said China can achieve "high-quality" economic growth despite the toll exacted by tariffs: "China always holds on to the belief that bad things can be turned into good things".

The duties, initially announced last month, would not be imposed until after a period of public comment. The government will seek public comment on the higher tariffs.

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