US Releases $200bn List Of Chinese Products For Possible New Tariffs

Shipping containers are seen at a port in Shanghai

The Trump administration announced Tuesday it is preparing a new package of tariffs targeting Chinese exports valued around $200 billion, the latest escalation in the trade war with Beijing. On Friday, the US slapped 25 percent taxes on $34 billion in Chinese imports, majority are industrial goods that the Trump administration says receive subsidies or other unfair support from Beijing.

The trade confrontation between Washington and Beijing has been escalating for months, despite Trump's repeated statements that he has a good relationship with China's President Xi Jinping.

President Donald Trump has threatened to tax as much as $550 billion in Chinese products - an amount that exceeds America's total imports from China past year.

The U.S. imposed those tariffs to pressure China to stop forcing American companies to hand over trade secrets and other intellectual property to Chinese firms as a condition of doing business there.

For the full list, see the 205-page document.

"The Chinese side is shocked by the actions of the U.S.", it said in a statement, according to a translation by Google.

The market slide may have been contained in part by speculation the Trump administration could change its mind by the end of August, when the tariffs are due to come into effect, some strategists said.

China last week accused President TrumpDonald John TrumpMcConnell to meet with Trump's Supreme Court pick Tuesday Kavanaugh offers lengthy judicial record ahead of bitter confirmation fight Hundreds protest Kavanaugh's nomination outside Supreme Court MORE of starting "the biggest trade war in economic history" with his administration's original round of tariffs.

The U.S. Chamber of Commerce has supported Trump's domestic tax cuts and efforts to reduce regulation of businesses, but it has been critical of Trump's aggressive tariff policies. He said his office "will proceed with a transparent and comprehensive public notice and comment process prior to the imposition of final tariffs, as we have for previous tariffs".

"Tariffs are taxes, plain and simple".

A senior administration official told Fox News that China has been "non-responsive" to US actions and has insisted that Beijing does not see any way America has been hurt by Chinese policies.

"American families are the ones being punished".

"The behavior of the USA is hurting China, hurting the world, and hurting itself", it said.

The International Monetary Fund has warned that a full-blown trade war could undermine the broadest global upswing in years.

"This new round of proposed tariffs takes the fight onto yet another level from which it is going to be hard for either side to make a graceful retreat", said Eswar Prasad, former head of the International Monteary Fund's China division.

To view a graphic on U.S. Mr Tusk added "we spend on defence much more than Russian Federation and as much as China".

Related:

Comments

Other news