President Trump Not Stepping Back, New Tariff Thread for China

President Trump Not Stepping Back, New Tariff Thread for China

The 35-page report titled "How China's Economic Aggression Threatens the Technologies and Intellectual Property of the United States and the World" came a day after President Donald Trump threatened to slap additional tariffs on goods from China, setting off market turmoil.

China's Commerce Ministry said Beijing will fight back with "qualitative" and "quantitative" measures if the United States publishes another list of tariffs on Chinese goods, accusing Washington of launching a trade war.

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

Mr Trump said he asked trade advisers to identify additional Chinese products on which to impose new tariffs.

In total, Trump has now threatened up to $450 billion U.S. in Chinese imports with tariffs, including another $200 billion United States in Chinese goods if Beijing retaliates after the step Trump announced on Monday.

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

Ford Motor is already facing delays at Chinese ports, according to Reuters.

House Freedom Caucus founder Jim Jordan (R-Ohio) told Bloomberg that he thinks "most Americans are willing to give this president some latitude to get the best kind of trade deal that benefits the United States", adding, "I have concerns about tariffs in general".

Shares in Chinese telecommunication equipment maker ZTE Corp, another casualty of US-China tensions, plunged more than 20% in Hong Kong after the US Senate's passage of a defence bill set up a potential battle with Trump over whether ZTE can resume business with its US suppliers.

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The tariffs on Chinese imports are the latest in a spate of protectionist measures unveiled by Trump in recent months.

In every case, China's standard of living is reduced by USA tariffs which in turn cuts Chinese demand for a range of commodities, including Australian iron ore.

Beijing also drew up a second list of $16 billion in chemical and energy products to hit with new tariffs, though it did not announce a date for imposing them.

"Faced with this heightened intimidation from the US, China has no choice but to fight back with targeted and direct measures aimed at persuading the US to back off, since it appears that any concessions it makes will not appease the Trump administration, which wants to suck the lifeblood from the Chinese economy", the paper said.

China is retaliating by raising import duties on 34 billion dollars (£25 billion) worth of American goods, including soybeans, electric cars and whiskey.

In a statement published shortly after Monday's announcement, China's Ministry of Commerce called the move "blackmail".

Some companies have reported Beijing is meeting with Chinese businesses to discuss shifting contracts for usa goods and services to suppliers from Europe or Japan, or to local Chinese firms, Parker said.

President TrumpDonald John Trump20 weeks out from midterms, Dems and GOP brace for surprises Sessions responds to Nazi comparisons: "They were keeping the Jews from leaving" Kim Jong Un to visit Beijing this week MORE's trade adviser Peter Navarro says that he doesn't have any knowledge about conversations between Trump and Apple CEO Tim Cook on allegedly exempting the iPhone from future USA tariffs.

"Whether that's threatening our technology leadership through intellectual property theft or forced technology transfer, we are hard at ensuring that we protect American property", he said. And Beijing says it would impose tariffs on $16 billion more if the United States does so, too.

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