Trump threatens higher tariffs on Chinese imports

Trump threatens higher tariffs on Chinese imports

Trump threatens higher tariffs on Chinese imports

President Trump has threatened to escalate his trade war with China once again, asking the Commerce Department to consider a new 25% tariff on $200 billion in annual imports from China.

The Trump administration said Thursday that it was considering increasing the tariff rate on the next $200 billion of goods from 10 percent to 25 percent.

The latest action against China also comes closely behind the August interest rate decision from the Federal Reserve, which saw the USA central bank leave its monetary policy unchanged but reiterate an otherwise bullish outlook for the United States economy.

Much of American industry and many members of Trump's own Republican Party have expressed outrage but have so far been unable to thwart his trade policies.

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"The impact is huge: almost half of the imports from German companies are directly or indirectly affected by the new tariffs, for example because they source raw materials or components from the other country".

While the tariffs would not be imposed until after a period of public comment ends on September 5, a senior administration official said that Trump "remains open to conversations", and that the administration is "in contact with our Chinese counterparts".

At a campaign rally in Florida Tuesday night, Mr. Trump said China's response targeting USA farmers has been "not nice".

The goods that would be subject to the steep import duties include fish, petroleum, chemicals and handbags. After Liu visited Washington later that month, the nations released a joint statement pledging to reduce the US trade deficit with China, among other things. Beijing retaliated with matching tariffs on the same amount of USA exports to China.

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Trump had said he would implement the $200 billion round as punishment for China's retaliation against the initial tariffs aimed at forcing change in China's joint venture, technology transfer and other trade-related policies. Officials in Beijing have vowed to respond with the same amount of tariffs on US products.

"US pressure and blackmail won't have an effect". But President Trump has done just the opposite, signing a large corporate tax cut that makes foreign investment in the USA more attractive, while forcing Congress to scale back its plans to place more restrictions on Chinese investment in the United States.

China said "blackmail" would not work and that it would hit back if the United States took further steps hindering trade, including applying the higher tariff rate.

The news about tariffs for China appeared shortly before the start of the negotiations round between the major world economies.

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