China says United States tariff threat runs against trend of the times

The comment period was set to take place later this month, but will now be extended into September, officials said.

Reuters said the escalation could be announced as soon as Wednesday.

A 25% tariff would boost the cost of a range of US imports at a time when inflation has begun to pick up.

In July it accused the United States of bullying and warned it would hit back.

Trump's ongoing trade dispute with China has put him at odds with members of his own party and the USA business community, who have expressed outrage about the protectionist bent of his administration's trade policies, and warned of negative consequences for the U.S. economy.

Mr Trump has threated to slap tariffs on virtually all of China's exports to the United States.

The White House had imposed tariffs on imports of steel and aluminium from the EU, drawing retaliatory levies on USA motorcycles, jeans and whiskey while prompting threats of even more measures from the White House, this time targeting the mighty European automotive sector.

China's government, however, shows no sign of bending to Washington's pressure.

Mr Trump's pressure strategy would not work if he did not resolve trade disputes with USA allies such as the European Union, Mexico and Canada, he said.

The US already imposed 25 per cent tariffs on US$34 billion in Chinese goods, with another US$16 billion to be targeted in coming weeks.

Chinese equities and the yuan extended losses Wednesday afternoon, gaining downward momentum as concern over possible higher USA tariffs overwhelmed optimism about Beijing's pledge to support economic growth.

Washington touted its initial tariffs as being carefully constructed to avoid having a big impact on USA consumers and companies, but the expansion of the tariff lists has drawn in more goods that can not be imported from outside China. When Beijing immediately retaliated, Trump proposed additional taxes on $200 billion in importsーthis time affecting more consumer goods like furniture and computers.

"The Coming Collapse of China" author Gordon Chang on USA trade talks with China and President Trump's overall trade policy. Said: "Though the tariff tantrum ramped up a bit since the last FOMC confab, the core of the Fed is thus far unconvinced that this warrants any material shift in the outlook, our core view remains that the Fed is poised to raise the fund's rate by an additional 50 basis points this year and another 100 basis points in 2019".

"The cost increases will be passed on to customers, so it will affect most Americans pocketbooks".

"We hope that those directly involved in the United States' trade policies can calm down, carefully listen to the voices of USA consumers.and hear the collective call of the global community".

Trump originally proposed only a 10% tariff on the goods.

The public comment period on the U.S. tariffs aimed at $200 billion ends August 30 after public hearings August 20-23, according to the U.S. Trade Representative's office.

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