Trump could raise tariffs on $200 billion in Chinese goods

Trump could raise tariffs on $200 billion in Chinese goods

The administration said Wednesday that Trump has sought to ratchet up pressure on China for trade concessions by proposing a higher 25 percent tariff on $200 billion (152.33 billion pounds) worth of Chinese imports, Reuters said.

6, China's trade data for the first half of 2018 will be published, with many analysts predicting that 2018 may be the first time in 17 years, since China's entrance into the WTO, that China's mid-year account report will be "in the red".

From left, China's President Xi Jinping and U.S. President Donald Trump shake hands on November 9, 2017, during a meeting outside the Great Hall of the People in Beijing.

"If we're going to use tariffs, this gives us more flexibility and it's a more meaningful threat", he said, adding that Trump's pressure strategy will not work if he does not resolve trade disputes with USA allies such as the European Union, Mexico and Canada.

Erin Ennis, senior vice president of the U.S.

MSCI's gauge of stocks across the globe.MIWD00000PUS shed 0.75 percent and Germany's DAX blue-chip index .GDAXI, seen as a trade war proxy, fell 1.5 percent. The Mexicans, for example, targeted US pork and cheese.

"The US has no regard for the world. playing both soft and hard ball with China will not have any effect, and only serve to disappoint the countries and territories opposed to a trade war", China's Ministry of Commerce said in a statement, adding that it still hopes to turn the situation around.

Beijing's earlier round of tariffs appeared created to minimize the impact on the Chinese economy by targeting soybeans, whiskey and other goods available from Brazil, Australia and other suppliers.

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A first round of tariffs came into effect on 6 July, when the U.S. imposed 25% taxes on $34bn of Chinese imports.

Officials however downplayed suggestions the move was meant to compensate for the recent decline in the value of the Chinese currency, which have threatened to take much of the sting out of Mr Trump's tariffs by making the imports cheaper. Beijing retaliated with matching tariffs on the same amount of USA exports to China.

United States threats have escalated since, with the President saying he is ready to impose tariffs on all $500bn of Chinese imports.

"Well, let's put it into arithmetic perspective".

Lighthizer published a list of the $200 billion in products that would face the 10 percent tariff threshold several weeks ago.

Trump's trade fights, including the battle with China, are starting to seep into the United States economy based on recent data. Since then there have been no meaningful contacts between the two sides.

If the United States takes further steps to hinder trade, Beijing will retaliate, Foreign Ministry spokesman Geng Shuang has told a daily news briefing.

"The bottom line is the president's going to continue to hold China responsible for their unfair trade practices", said White House press secretary Sarah Huckabee Sanders.

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