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Trump proposes additional tariffs on China

Trump proposes additional tariffs on China

The U.S. had also announced new tariffs on 50 billion dollars worth of Chinese goods, claiming that China was stealing U.S. intellectual property.

Potential tariffs on the additional $100 billion in imports from China that could be targeted will also be subject to a similar public comment process, Lighthizer said Thursday.

Treasury Secretary Steven Mnuchin says the Trump administration is talking with Chinese officials and is willing to negotiate to resolve the trade dispute.

On Thursday Trump responded to Beijing's countermeasures by doubling down. China has not said how it would respond.

Chinese state media had earlier yesterday criticized Trump's threat of more trade action as "ridiculous" after the U.S. president had directed trade officials to identify tariffs on US$100 billion more Chinese imports, escalating an already high-stakes trade dispute between the two nations.

China said it would counter US protectionism "to the end, and at any cost", as a war of words over President Donald Trump's proposed tariffs on Chinese imports escalated.

"Notwithstanding these actions, the United States is still prepared to have discussions in further support of our commitment to achieving free, fair, and reciprocal trade and to protect the technology and intellectual property of American companies and American people", Trump said.

"The request for consultations formally initiates a dispute in the WTO".

China's threat to raise tariffs on USA goods could be a disaster for American soybean farmers but a boon to their Brazilian and Argentine competitors, European aerospace companies and Japanese whiskey distillers.

The tariffs are not yet in effect, and there is still time for both sides to negotiate, but the announced level of tariffs nearly certainly would lead to American and Chinese consumers facing higher prices at stores for many everyday items.

Leading U.S. financial markets fell in early trade on Friday.

China's Customs Tariff Commission has chose to impose additional tariffs of 25 percent on 106 items under 14 categories.

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The clash reflects the tension between Mr Trump's promises to narrow a USA trade deficit with China that stood at $375.2bn (€306.3bn) in goods past year and China's ruling Communist Party's development ambitions. In the currency markets, the United States dollar fell against the Japanese yen.

"I have great respect for the President of China, President Xi".

"We are on a unsafe downward spiral and American families will be on the losing end", Shay added in a statement, urging Trump "to stop playing a game of chicken with the U.S. economy".

"We can't be taken advantage of any longer", Trump said.

Republican Senator Ben Sasse of Nebraska, a frequent Trump critic, called the escalation "the dumbest possible way" to punish China. The American Soybean Association called on the Trump administration "to reconsider the tariffs that led to this retaliation". "If I were running trade for China, I would buy less soybeans from the US and more from Brazil and Argentina".

The widely read Global Times is run by the ruling Communist Party's official People's Daily, although its stance does not necessarily reflect Chinese government policy.

"We don't want a trade war, but we are not afraid of such a war", the spokesperson said.

The amount $50 billion "in each direction is far larger than previous trade spats that we've had", he told AFP. "We must act together to make that happen", Zhang said.

China said the date of implementation of the new tariff regime will depend on when the USA government imposes the tariffs on Chinese products.

Yet Trump signaled a harder line in a speech earlier Thursday, saying it was time to stop China from "taking advantage" of America.

"China and the United States are both big countries in the world and should respect each other and treat each other as equals", he added.


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