Money US ramps up its trade war with China, unveiling a $200 billion list of goods for new tariffs

05:16  11 july  2018
05:16  11 july  2018 Source:   businessinsider.com.au

China just recorded the largest trade surplus with the US on record

  China just recorded the largest trade surplus with the US on record <p>In what will do little reduce trade tensions between the two sides, China's trade surplus with the US jumped to $US28.97 billion, larger than the $US24.58 billion recorded in May.</p>Load Error

US officials have revealed a list of Chinese goods they will be targeting with 10 percent tariffs , raising fears of an escalating trade war . US retailers have slammed the decision.

WASHINGTON — American and Chinese officials made progress on Friday toward an agreement that could help avert a trade war , with China pledging to increase its purchase of American goods by at least $ 200 billion by 2020

a man wearing a suit and tie: US President Donald Trump with China's President Xi Jinping on November 9, 2017 in Beijing, China. © Provided by Getty US President Donald Trump with China's President Xi Jinping on November 9, 2017 in Beijing, China.

The Trump administration has released a gargantuan list of Chinese goods that will be subject to tariffs, kicking a burgeoning trade war into high gear.

The new 10% tariffs will apply to a huge amount of items ranging from seafood and other fresh goods to raw materials and industrial chemicals, according to the list released by US Trade Representative Robert Lighthizer.

“As a result of China’s retaliation [the introduction of tariffs on $US34 billion worth of US imports] and failure to change its practices, the President has ordered the US Trade Representative (USTR) to begin the process of imposing tariffs of 10% on an additional $US200 billion of Chinese imports,” Lighthizer said.

Trump administration announces $US200 billion in extra China tariffs

  Trump administration announces $US200 billion in extra China tariffs <p>The US is planning to implement 25 per cent tariffs on a further $US16 billion ($22 billion) worth of Chinese imports within the next fortnight.</p>The office of US Trade Representative Robert Lighthizer has released a list of Chinese products, running to almost 200 pages, that will potentially be hit with a 10 per cent import tax as early as September.

A tariff on $ 200 billion worth of Chinese goods would be a massive escalation of Trump's trade war with China . President Donald Trump is nearing the release of another gargantuan round of tariffs on China according to a new report, kicking a burgeoning trade war into high gear.

Did China make a $ 200 billion trade offer to the US ? US trade with China , explained. China and the United States are offering different accounts of what has been discussed in high-stakes talks this week to avoid a trade war .

“This is an appropriate response ... to obtain the elimination of China’s harmful industrial policies. USTR will proceed with a transparent and comprehensive public notice and comment process prior to the imposition of final tariffs, as we have for previous tariffs.”

The tariffs are in addition to Trump's 25% tariffs on $US50 billion worth of Chinese goods. Tariffs on the first $US34 billion worth of goods went into place on Friday. The second round, which will apply to around $US16 billion worth of Chinese goods, is set to be imposed in the coming weeks. That second round will be derived from a list already released by the US Trade Representative.

The release of the $US200 billion list is perhaps the most concrete step yet toward an all-out trade war with China and triggers a formal process to implement the tariffs. The next step will be a comment period, during which businesses and consumers can raise issues with the inclusion of certain goods on the list.

China just slammed massive tariffs on $34 billion worth of US goods — here's what will get hit

  China just slammed massive tariffs on $34 billion worth of US goods — here's what will get hit President Donald Trump and China are engaged in a nasty trade war, with both sides hitting the other with large tariffs on a variety of goods.Soon after US President Donald Trump's imposed a 25% tariff on $US34 billion worth of Chinese goods, China's Ministry of Commerce struck back with tariffs of equal size on some US exports to China.

Trump threatens China with new tariffs on another $ 200 billion of goods . China , claiming the United States had "launched a trade war ," retaliated almost immediately, outlining its own tariffs on US goods worth billion .

The Trump administration on Tuesday released a list of 10 percent tariffs on $ 200 billion in Chinese goods , making good on the president’s recent threats to escalate a broadening trade war with Beijing. “The $ 200 billion figure we 're looking at is roughly equal to their exports to us

The developments means roughly half of all Chinese imports to the US will be subject to increased duties.

Trump has warned that if the Chinese decide to counter the tariffs on $US200 billion worth of goods, a fourth round of restrictions will hit another $US200 billion worth of Chinese goods. In the event all threats are realised, Trump will have hit just over 80% of all Chinese exports to the US with tariffs.

So far, Chinese officials have not backed off their promises to retaliate to any Trump tariff move. On Friday, the Chinese Ministry of Commerce said Trump started the "largest trade war in economic history."

Trump to Pull Tariff Trigger at Midnight in Trade-War Escalation .
President Donald Trump is preparing to slap tariffs on Chinese goods early Friday, the first shot in a trade war between the world’s two biggest economies. Tariffs on $34 billion of Chinese goods are scheduled to take effect at 12:01 a.m. in Washington, the U.S. Trade Representative confirmed in an email Thursday. The milestone marks a new and damaging phase in a conflict that has roiled markets and cast a shadow over the global growth outlook.In Beijing, policy makers are digging in for what could be a protracted fight -- one in which they say they won’t be the aggressor. Beijing has said retaliatory tariffs on U.S.

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