Trump threatens China with new tariffs on $200 billion in goods

Tim Cook meets with Apple Store employees in China

Tim Cook meets with Apple Store employees in China

China responded with the threat of a penalty of the same size on U.S. exports, prompting Mr. Trump to order U.S. Trade Representative Robert Lighthizer to target another $200 billion in Chinese goods for 10 percent tariffs.

"This practice of extreme pressure and blackmail deviates from the consensus reached by two parties through many negotiations, and it also disappointed the worldwide community", said a forcefully worded statement from the Commerce Ministry.

"The United States has initiated a trade war and violated market regulations, and is harming the interests of not just the people of China and the USA, but of the world".

China swiftly rebuked the threat and said it would take strong countermeasures to safeguard itself if new tariffs are indeed announced.

The Chinese response clearly angered Trump.

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U.S. Secretary of State Mike Pompeo spoke to a business group in Detroit, Michigan on Monday.

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

The contribution of the Chinese factories in this process is estimated to be only 3.6% of the shipping price, yet USA trade statistics attribute 100% of the value of imported iPhones to China and so hugely overstate the size of the U.S.

"Just ask yourself: Would China have allowed America to do to it what China has done to America?" he said later. But last week, Trump unveiled a revised list that included several categories of chips, raising fears that tariffs could impact the U.S. technology sector. That response prompted President Trump to threaten an additional $200 billion of tariffs. China's Ministry of Commerce quickly responded with a statement saying that it would respond with tariffs on the "same scale and the same strength".

But Oosterveld said he was optimistic that the USA and China would ultimately reach a bilateral deal by the end of the year.

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Wall Street slumped in midday trade as trade tensions between China and the USA continued, as the two largest economies in the world faced a tit-for-tat over trade tariffs.

By contrast, Palmer noted, the U.S. exported only about $130bn worth of products to China in 2017.

Secretary of State Mike Pompeo made the remarks at the Detroit Economic Club as global markets reacted to trade tensions between the USA and China. The price the United States wants is not only to take advantage of China; even more so it wants to wreck China's economy. But the lopsided status of U.S.

"We use American power, economic might and influence as a tool of economic policy", he said. China is retaliating by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey. 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 United States intends to implement tariffs on China.

And as Mr Trump increases the range of goods subject to tariffs it becomes harder for American importers and consumers to avoid the cost by finding alternative suppliers.

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