Upset to see China not surrendering, Trump warns of fresh tariffs worth $200 bn
Disappointed to see China not cowering down, US President on Monday, June 18, asked the US Trade Representative to prepare fresh new tariffs worth $200 billion on Chinese imports, sending across fresh shockwaves across global markets.
Trump wants to set a 10 per cent rate over the latest tariffs, escalating the dispute over huge trade imbalances between two largest economies of the world. Trump has been taking consecutive measures to impose tariffs on China and his latest call came on June 15 when he ordered tariffs on Chinese goods worth $50 billion. China responded fast by imposing counter sanctions on US goods worth the same amount.
Trump said on Monday that China apparently showed no intention of changing its "unfair practices related to the acquisition of American intellectual property and technology". He said rather, the Chinese were even threatening America's companies, workers and farmers even if they had no fault.
Trump warned that the fresh round of tariffs will go into effect if China refused to change its course and went ahead with the counter tariffs it recently announced. He also hinted at escalating the trade war further even Beijing also matched the latest round of tariffs by pursuing yet another fresh round of tariffs on goods worth another $200 billion.
China hits back in strong language
The Chinese hit back at the US president, accusing him of "blackmail".
According to a report published by China Global Television Network (CGTN), Beijing said it will be forced to adopt retaliatory measures combining quantity and quality if the US indeed went ahead to issue a list of tariffs on lines of Trump's announcement to raise additional tariffs on Chinese goods worth $200 billion with a rate of 10 per cent.
China's Ministry of Commerce accused the US of initiating a trade war and violating the market laws and hence the spirit of the current world trend.
"The act not only harms the interests of peoples and enterprises of China and the United States, but also hurts the interests of other countries across the world," the CGTN report cited the ministry's spokesperson as saying.