Trump threatens additional tariffs on $200 billion of Chinese goods

Galtero Lara
Junio 19, 2018

US President Donald Trump delivers remarks at a meeting of the National Space Council at the White House in Washington, US.

Global stocks slid on Monday and U.S. oil prices slumped after U.S. President Donald Trump announced tariffs on Chinese goods and Beijing responded with similar measures in an escalating trade dispute.

The U.S. will prepare tariffs on another $200 billion in Chinese products, doubling the total amount, if China chooses to respond by raising its own tariffs again. The tariffs were quickly matched by China on U.S. exports.

Trump added: "These tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced". "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong". The tariffs were the result of an investigation by Commerce Department into the theft of U.S. intellectual property by Chinese companies.

Asian trade-reliant economies and companies plugged into China's supply chains are anxious that they will suffer collateral damage if world trade slows down, hurting global growth and dampening business confidence.

Mr. Trump's tariffs on Chinese-made goods, as well as on steel and aluminum tariffs from around the world, are prompting increased concern from businesses and Republican lawmakers.

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"Everyone knows. China is the main perpetrator", he said. "This is predatory economics 101".

"I have an excellent relationship with President Xi (Jinping), and we will continue working together on many issues". More than 800 exports, about $34 billion worth, will be subject to tariffs starting July 6.

The exchange of blows between Washington and Beijing has heightened fears of a protracted dispute that could hurt global growth and particularly Europe, given that Trump has signalled he wants to impose tariffs on automotive exports.

Wall Street has viewed the escalating trade tensions with wariness, fearful they could strangle the economic growth achieved during Trump's watch.

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

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", Trump said in a statement.

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