Trump threatens additional tariffs on $200 billion of Chinese goods

President Donald Trump and China's President Xi Jinping arrive for a state dinner in Beijing last year

A trade spat between the top two economies of the world began in April with Mr Trump imposing tariffs on steel and aluminium imports into the U.S. from China, which also retaliated by imposing additional tariffs worth about $three billion on 128 USA products.

Dr Zhou and her team had looked at the United States imposing tariffs on China without any retaliation, China imposing tariffs on U.S. goods, and an all-out trade war between the two.

Away from Mr Trump's dispute with China, Russia said it would impose tariffs on certain American goods in response to the recent tariffs placed on steel and aluminium imports by the US.

But, Trump's decision to move forward with the tariffs caused the deal to collapse and the trade battle to escalate once again.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", Trump said. "It is very unfortunate that instead of eliminating these unfair trading practices China said that it intends to impose unjustified tariffs targeting U.S. workers, farmers, ranchers, and businesses".

Raymond Yeung, chief economist of Greater China at ANZ, said USA companies and consumers would still buy electronic products from China, even if Trump imposes the tariffs, because there were few alternatives.

President Trump said Tuesday that China's economic exploitation of the USA left him with "no choice" but to hit Beijing with tariffs, while the Chinese government warned that it will retaliate for Mr. Trump's "irrational" move, and stock markets plummeted on fresh fears of a trade war. On Friday evening, China announced tariffs on U.S. products of an equal amount and implemented them on the same date (6 July) as the USA intends to implement tariffs on China.

So China is threatening "qualitative measures" (质量型的措施 zhìliàng xíng de cuòshī), in addition to quantitative ones - i.e., tariffs - according to a statement (in Chinese, in English) by the Chinese Ministry of Commerce. "China tit-for-tat tariff measures", said Selena Ling, chief economist at OCBC Bank. Trump said he hopes to cut the trade deficit with the increased tariffs.

His comments as the official Opposition calls for an emergency debate in the House of Commons over the future of the Canada-U.S. trade.

"This president has promised, going back to June of 2016, that he would use the Section 301 to crack down on China's unfair trade practices", Navarro said on Tuesday.

China says it will take appropriate countermeasures if the United States follows through with additional tariffs on Chinese goods.

Is it now a US-China trade war? Those are set to take effect next month. The next step will be for the Office of the U.S. Trade Representative to identify the Chinese goods to be penalized and to conduct a legal review. -China Business Council. He asked whether that might include delaying or denying licenses required by USA companies. China responded by saying it would hit 659 U.S. products worth $50 billion.

Meanwhile, global stock markets fell Tuesday amidst the global concern over a tit-for-tat trade war between the U.S. and China.

But such a move would have the support of several southern state lawmakers, including senator John Kennedy, a Louisiana Republican, who wrote Trump an April 17 to add shrimp and crawfish from China to the list of items that should get tariffed.

"China trade remains a lingering theme, at least until the USA tariffs take effect early in July", said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo.

But the situation could be much worse, because China accounts for one-third of Australia's total exports.

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