Trump slaps China with tariffs valued at $200 billion


Trade war.jpg


The U.S. will impose a 10 percent duty on $200 billion more of Chinese goods starting Sept. 24 and raise it to 25 percent at the beginning of 2019, President Donald Trump announced today.

Trump said the announcement comes after an investigation found that China “is engaged in numerous unfair policies and practices relating to United States technology and intellectual property.”

The move brings the total amount of Chinese goods that Trump has hit with tariffs to roughly half of the $505 billion that the United States imported from China last year. The latest round hits far more consumer goods than Trump’s previous actions, which retailers warn will inevitably require them to boost prices.

He also warned China against countering with tariffs on additional American goods.

“If China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports,” a statement from the White House said.

“If countries will not make fair deals with us, they will be ‘Tariffed!’” Trump said in a Monday morning tweet.

New levies could range from 10 to 40 percent, several top U.S. officials have suggested, according to Financial Times. However, others within the administration are pushing to keep the level at 25 percent.

China vs US.jpg

“The president has suggested tariffs on a couple of hundred billion dollars. He has not been satisfied with the talks with China on this,” said Larry Kudlow, head of the White House National Economic Council, the publication reported. Kudlow also added that an announcement would be “coming soon.”

Meanwhile, Beijing emphasized once again that it does not see the trade dispute as beneficial to anyone.

“We have always maintained that the only correct means to resolve the trade dispute is through dialogue and consultation on an equal basis with mutual trust and respect,” China’s Foreign Ministry spokesman Geng Shuang said during a news briefing.