Trump Threatens Tariffs on $200B in Chinese Goods

Trump said that if China responds to this fresh round of tariffs then he will move to counter

The collateral damage could be widespread.

"If the USA becomes irrational and issues this list, China will have no choice but to adopt strong countermeasures of the same amount and quality", the statement said. Companies would pay more for imported parts and would have to decide whether to absorb those higher costs - or pass them on to their customers.

Navarro said China's behavior has led to unfair imbalances in the world economy. The Dow tumbled 287.26 points or 1.2 percent to 24,700.21, while the Nasdaq fell 21.44 points or 0.3 percent to 7,725.58 and the S&P 500 slid 11.18 points or 0.4 percent to 2,762.57.

It was retaliation, Trump said, for China's decision to raise tariffs on $50 billion in USA goods, which came after Trump announced similar tariffs on Chinese goods on Friday.

"If the USA becomes irrational and issues this list, China will have no choice but to adopt strong countermeasures of the same amount and quality", the Chinese statement added, according to the AP.

The two sides traded back-and-forth tariff threats on $50 billion worth of imports on Friday, and then Trump on Monday threatened tariffs on another $200 billion worth of imports.

"After the legal process is complete, these tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced".

His latest warning came after the White House revealed last week that it would impose 25% tariffs on $50 billion of Chinese products, starting on July 6.

"Therefore, today, I directed the United States Trade Representative to identify $200bn worth of Chinese goods for additional tariffs at a rate of 10%".

Its study says that uncertainty acts like a non-tariff barrier to impede trade and investment by encouraging American companies to move factories back to the United States and reduce incentives for USA firms to invest overseas. "He's willing to totally close our market to their exports".

Economists have said the impact on the US economy would be muted. Europe, Japan and other trading partners raise similar complaints, but Trump has been unusually direct about challenging Beijing and threatening to disrupt such a large volume of exports.

One of the most important reasons: China is united, it said. Soybeans are on the list - a direct shot at a swath of Trump supporters in the American heartland.

U.S. Secretary of State Mike Pompeo affirmed that China was committed to working with the U.S. on sanctions last week.

And Beijing has other ways to inflict pain on American companies. Or it could hold up their products at customs.

-China Business Council. Parker suggested that such steps might include delaying or denying licenses required by US companies in China. Chemicals company DowDuPont lost 3.4 percent to $65.48.

Large U.S. companies with significant overseas business were hit especially hard.

The Trump administration has tried to limit the impact of the tariffs on American consumers.

Several industry groups covering everything from auto manufacturers to winemakers sent a letter to GOP lawmakers urging Congress to step in to block Trump's tariffs.

Trump said on Tuesday the two nations had a good relationship and could work out a trade agreement on their own.

"During the consultations China showed ample sincerity and goodwill". USA companies that supply ZTE also sank.

The move quickly drew praise from former Trump senior adviser Steve Bannon, who said: "President Trump told China and the world tonight that America will not back down when it comes to economic aggression". At the same time, China pulled back from the deal made with the U.S. on 21 May, which, among other things, involved buying more United States products worth USD70bn.

Related News:



Most liked

Former FIFA President Sepp Blatter claims VAR is failing
Blatter, 82, said he had dined with Putin on Wednesday and congratulated him on Russia's organisation. Petersburg at the end of the week.

Instagram unveils new video service app
Systrom said IGTV is built to be used on a smartphone, and boosts the time for videos from the previous limit of one minute. Eventually, all users will be able to upload videos of any length, Instagram CEO Kevin Systrom said on Wednesday.

USGA apologizes for unfairness of Shinnecock Hills
Finau led the field in strokes gained on approach shots, strokes gained around the greens and strokes gained overall on Saturday. Few could have predicted at the start of the day that Berger and Finau would find themselves in the final pairing on Sunday.

Senators defer on home cultivation issue, clear way for passing cannabis bill
Transformative social policy, I think. "It ends a prohibition model that inhibited and discouraged public health". In the neighboring USA , nine states and the District of Columbia have legalized marijuana.

All five living first ladies condemn USA separation policy
From April 19 to May 31, 1,995 children were separated from 1,940 adults, according to Homeland Security statistics obtained by The Associated Press .

Apple fined $9 million for misleading customers
Opposition spokesman on competition and productivity Andrew Leigh again called for increased fines for breaches of consumer law. Apple was contacted for comment.

Rapper XXXTentacion shot dead in Florida
Enormous talent and limitless potential and a strong desire to be a better person. "God bless his family, friends and fans". TMZ reported that a judge recently granted his request to be let off house arrest so he could tour .

Laura Bush op-ed on Trump immigration policy: It's 'immoral'
Trump himself has falsely blamed Democrats for the policy and said that he is not happy with it. There is no law mandating the separation of children and parents at the border.

Mickelson battles his way into weekend at US Open
I did not feel like continuing going back and forth. "I've had it with the USGA and the way they run their tournaments". Mickelson hit his bogey putt well past the hole and it appeared that it might roll off the green.

The Russia Investigations: What The Justice IG Report Revealed
Comey defended his actions in an op-ed published in the New York Times after the report was released . Mark Meadows, a Republican who is close to Trump, after a briefing on the report .

Cohen Files Restraining Order Against Avenatti
Avenatti's actions are mainly driven by his seemingly unquenchable thirst for publicity", the motion said. Cohen attempted to argue that Avenatti's media appearances could jeopardize his chances at a fair trial.

California to vote on splitting into 3 states
The Secretary of State's office reports that enough valid signatures have been collected to put the measure on the ballot. Revisions, Amar wrote in 2017, are generally seen by the courts as the most substantial kinds of changes to a government.

Singapore Postcard: Summit a chance to showcase its food
North Korea's leader Kim Jong-un shakes hands with Singapore's Prime Minister Lee Hsien Loong at the Istana in Singapore . The agency suggested that in Singapore , Yachi might hold a meeting with Trump's national security adviser John Bolton.

Three days with the North Koreans - awkward glances and a scant smile
Graphologist Koo Bon-jin said Mr Kim's signature suggested an ambitious man who is "intuitive, rather than rational and logical". The statement made clear that Pyongyang was expecting USA concessions before any moves by the North.

Arjun Kapoor's Sweet Message for Jhanvi Will Bring Tears to Your Eyes!
When asked if she had received any tips from her, Janhvi, with a lump in her throat, said, "I definitely miss her today". She also spoke about the one professional advice given to her by Sridevi that will always stay with her.