Trump Asks For $200 Billion More In Tariffs To Impose On China

Gladys Abbott
June 19, 2018

"If the United States loses its senses and comes up with a new list, China will be forced to strike back hard, and launch comprehensive measures that match the U.S. move in quantity and quality", the Chinese Commerce Ministry said in a statement Tuesday.

Security guards walk in front of containers at the Yangshan Deep Water Port in Shanghai, China on April 24, 2018.

The Trump administration said Friday that it will impose a 25% tariff on $50 billion of Chinese exports.

China on Tuesday condemned Donald Trump's threat to impose 10 percent tariffs on $200 billion worth of Chinese goods as "blackmail" and warned it was prepared to take countermeasures if Washington goes through with them.

"Such a practice of extreme pressure and blackmailing deviates from the consensus reached by both sides on multiple occasions, and is a disappointment for the worldwide community", the ministry said in a statement on Tuesday.

"China doesn't want a trade war", China's foreign ministry spokesperson Lu Kang said Friday in a statement.

In a statement released by the White House on Monday, Trump cited Beijing's decision to respond to USA tariffs on $50 billion-worth of Chinese imports, imposed earlier, as his reason to escalate the conflict.

Analysts say the Chinese government could target trade in services between the two countries rather than physical products.

Washington and Beijing appeared increasingly headed toward open trade conflict after negotiations failed to resolve United States complaints over Chinese industrial policies, lack of market access in China and a $375 billion U.S. trade deficit.

I have an excellent relationship with President Xi, and we will continue working together on many issues.

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"This latest action by China clearly indicates its determination to keep the United States at a permanent and unfair disadvantage, which is reflected in our massive $US376 billion trade imbalance in goods". According to data from the U.S. Energy Information Administration, the country exported nearly 28.5 million barrels of crude oil and petroleum products in March 2018, of which over 18.4 million barrels, or close to 65 percent, was imported by China.

The declines came after a series of moves escalating the brewing trade war between the United States and China, the world's two largest economies.

Trump's comments come hours after the top USA diplomat accused China of engaging in "predatory economics 101" and an "unprecedented level of larceny" of intellectual property.

"The trade relationship between the United States and China must be much more equitable", the president said in explaining his decision.

Trump said that the new tariff would go into effect if the Chinese government did not lower recently announced tariffs on U.S. goods and failed to address the theft of United States intellectual property by Chinese companies.

That being said, "China is going to retaliate", he added.

While on the campaign trail, Trump has repeatedly criticized China's economic and trade practices.

Trump called the tariffs "essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs".

However and unfortunately, China has determined that it will raise tariffs on $50 billion worth of United States exports.

"This is unacceptable", Mr. Trump said. "The problem is, such a tactic is unlikely to work with China", said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities in Tokyo.

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