Trump threatens 10% tariff on $200bn of Chinese goods

Trump threatens 10% tariff on $200bn of Chinese goods

The Commerce Ministry on Tuesday gave no details but said Beijing is ready to "defend the interests of the Chinese people and enterprises".

Security guards walk in front of containers at the Yangshan Deep Water Port in Shanghai, China on April 24, 2018.

Last week, Mr. Trump announced plans for tariffs on $50 billion worth of imports from China in the technology sector, a move aimed at what he called "bringing balance to our trade relationship with China".

A full-blown US-China trade war looms after President Donald Trump threatened tariffs on another $200 billion worth of Chinese goods, prompting Beijing to denounce his "blackmail" and warn of retaliation in kind.

China's commerce ministry immediately responded by saying the U.S. "practice of extreme pressure and blackmail departed from the consensus reached by both sides during multiple negotiations and has also greatly disappointed worldwide society".

The trade war has heated up, with Washington promising further tariffs if China retaliates, which it duly has. It said with retaliatory tariffs imposed by American trading partners added in, the total rises to $181 billion, or 1 percent of global trade.

Last week, he announced 25 percent tariffs on $50 billion in Chinese imports, prompting Beijing to retaliate with matching duties on U.S. goods.

Initially, 545 U.S. products valued at $34 billion will be targeted by China, mimicking the Trump administration's tariff rollout.

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Stock markets have fallen around the world in the wake of President Trump's latest tariffs threat to China. To understand the effects of tariffs, look no further than washing machines and solar panels.

Following Trump's announcement, China rolled out retaliatory tariffs on $50 billion worth of U.S. goods and promised to stand firm against the US's actions.

USA stock markets are set for a sharply lower open as tensions over trade between the US and China seem closer to a boil. "The trade relationship between the United States and China must be much more equitable". Last week he threatened 25 percent tariffs on $50 billion in Chinese products with another $100 billion targeted beyond that.

China responded with a 178.6 percent tariff on all imports of sorghum to the United States.

Isaac Boltansky and Lukas Davaz, analysts at the research and trading firm Compass Point, said the Chinese could use some out-of-the-box thinking to strike against the U.S., including "stalled regulatory approvals, brand boycotts, and currency devaluation". Resolving the trade dispute quickly would decrease the likelihood of manufacturing disruptions for upcoming iPhones, iPads, and Macs, most of which will be assembled in Chinese or Taiwanese factories weeks or months before shipping to other countries.

Pompeo on Monday described US actions as "economic diplomacy", which, when done right, strengthens national security and worldwide alliances, he added.

"I understand where President Trump's coming from", he said. Already, about $208 billion of those goods were subject to some form of import tax.

"Beijing will not panic in response to Trump's latest threat, but will be deeply concerned", said Eurasia Group in a report.

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