Trump orders tariffs on $200B more Chinese goods

China labels Trump tariff threat as ‘extreme pressure and blackmailing’ | TheHill

"If the US loses its senses and publishes a new list, China will be forced to take comprehensive measures that are both strong in quantity and gravity and will fight back", it read.

Trump said in a White House statement Monday evening that he had instructed the U.S. Trade Representative's office to identify $200 billion in imports from the Asian nation for additional tariffs of 10 percent.

A Commerce Ministry statement criticized the USA measures as "extreme pressure and blackmail".

"If the USA side becomes irrational and issues the list, China will have to adopt measures that are comprehensive measures in quantity and quality in order to make strong countermeasures". One day later, Beijing announced that it would meet Trump's tariffs, tit for tat: come July 6, China would apply a 25 percent duty to $34 billion of American exports, including soybeans, whiskey, orange juice, electric cars, salmon, and cigars. "At the president's direction, USTR is preparing the proposed tariffs to offset China's action". "China has, for example, always been engaging in several unfair practices related to the acquisition of American intellectual property and technology", Trump declared last week.

The planned new wave of tariffs would have to go through a similar process of public consultation and comment as the earlier ones before taking effect.

China, also affected by USA steel tariffs, denounced Trump's approach of "extreme pressure and blackmail" and warned it would "take strong, powerful countermeasures" if the president enacts his threats.

"This is unacceptable", Mr. Trump said.

China bought American goods worth $153.9 billion previous year, while exports to the United States totaled $429.8 billion, according to customs data.

The likelihood of a retaliation from China and a brutal new trade war has business leaders all over the world terrified-especially ones like Cook who depend on China to manufacture a majority of their companies' goods. "These negative repercussions span a broad spectrum, extending from the risk of domestic political backlash, to the risk of decreased Chinese cooperation on North Korea, to the outside possibility that China will move to test US mettle with regional security alliances".

President Trump announced today that he's retaliating for China's retaliation against last week's tariff announcement.

If Trump carries through on all his trade threats, the result would be higher costs on virtually all the goods that the US imports from China.

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

Benchmark U.S. crude was down $1 to $64.85 per barrel in electronic trading on the New York Mercantile Exchange. The total number of goods imported to the United States from China in 2017 amounted to around $505.6 billion. Trump is doing what he said he would do: "'Trade wars are good, and easy to win'".

So far Beijing has targeted major American exports to China such as soybeans, which brought in $14 billion in sales past year, and are grown in states that supported Trump during the 2016 presidential election, as well as other politically important products.

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