Trade war: Trump again threatens China with $200B in new tariffs

– Electronics, fish, produce and beauty products are part of $200 billion in new 10-percent tariffs on Chinese goods proposed by the Trump administration.

The additional duties are the latest part of President Donald Trump’s trade war with Beijing, which was started to pressure China into abandoning what the administration considers unfair practices.

Last week, the United States formally imposed $34 billion in tariffs on Chinese products and Beijing slammed the U.S. president by saying he’s started “the biggest trade war in economic history.”

Officials in China have denied accusations of unfair trade and said they had no choice but to fire back with taxes on U.S.-made aircraft, cars, computer chips, fuel, pork and soybeans.

The proposed tariffs will undergo a two-month review as officials from both countries negotiate settlements to the disputes.

Some of the president’s own party have voiced opposed to new tariffs, along with retail industry leaders.

Sen. Orrin Hatch, R-Utah, said in a statement although he supports the administration’s “targeted effort to combat China’s technology transfer regime,” but called the latest move “reckless” and “not a targeted approach.”

A tweet by Sen. Jeff Flake, R-Ariz., said the Senate on Wednesday plans to vote on a “motion to instruct,” which he said is a “first step toward reasserting Congress’s constitutional role on tariffs.”

Hun Quach, vice president of international trade with the Retail Industry Leaders Association, said consumers, businesses and the American jobs dependent on trade are the ones suffering because of the “escalating global trade war.”

“The president has broken his promise to bring ‘maximum pain on China, minimum pain on consumers,’ and American families are the ones being punished,” Quach said.

Chinese Foreign Ministry spokesperson Hua Chunying said China is taking countermeasures and will work with the international community to jointly safeguard the multilateral trading system and rules.

“The behavior of the U.S. is typical ‘trade bullying,” Hua said. “”This is a war between unilateralism and multilateralism, between protectionism and free trade, and between power and rules.”

Hua said there will be no winner in the trade war, which not only undermines China and the United States but others in the global industrial chain.

“The U.S. is not only opening fire to the whole world, but also firing at itself,” Hua said. “Authoritative sources of the world economic circles have said that the irrational behavior of the U.S. is dangerous, hurts itself and others, and is discredited.”

read more http://tinyurl.com/ybqkq6yp

2018-07-11T14:02:49+00:00July 11th, 2018|