Australian dollar smacked as Trump readies $200bn tariffs for China

Galtero Lara
Julio 11, 2018

China responded with levies of its own, targeting $34 billion in USA products such as pork and whiskey.

"As a result of China's retaliation [the introduction of tariffs on $US34 billion worth of US imports] and failure to change its practices, the President has ordered the US Trade Representative (USTR) to begin the process of imposing tariffs of 10% on an additional $US200 billion of Chinese imports", Lighthizer said.

Last Friday, the US imposed 25 per cent tariffs on $34 billion in Chinese products, and Beijing responded by hitting the same amount of USA imports. He added the United States is ready to target an additional $200 billion, and then $300 billion more should Beijing retaliate.

The move marked the latest escalation of the ongoing trade war between Washington and Beijing.

"For over a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition", U.S. Trade Representative Robert Lighthizer said in announcing the proposed tariffs.

"Rather than address our legitimate concerns, China has begun to retaliate against U.S. products".

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The U.S. Chamber of Commerce, which has supported Trump's tax cuts and efforts to reduce regulation of businesses, also criticized the administration's move.

Meh. What's $200 billion these days?

Chinese officials are expected to retaliate in other ways, hitting USA firms in China with unplanned inspections, delays in approving financial transactions and other administrative headaches. Rather than address our legitimate concerns, China has begun to retaliate against USA products.

"American families are the ones being punished".

China last week accused President TrumpDonald John TrumpMcConnell to meet with Trump's Supreme Court pick Tuesday Kavanaugh offers lengthy judicial record ahead of bitter confirmation fight Hundreds protest Kavanaugh's nomination outside Supreme Court MORE of starting "the biggest trade war in economic history" with his administration's original round of tariffs.

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