Published: Wed, July 11, 2018
Markets | By Noel Gibbs

USA proposes $200B more in tariffs on Chinese imports

USA proposes $200B more in tariffs on Chinese imports

The Office of the US Trade Representative is seeking submissions on the latest proposed tariffs and will conduct hearings in late August, making September the earliest possible implementation date for the new import taxes.

The tariff list could be released as soon as Tuesday, and likely this week, the report said.

The US has announced its plans to impose taxes on a further $200 billion worth of Chinese imports, in retaliation for China's retaliation to America's first round of tariffs.

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All told, Trump has threatened eventually to slap tariffs on up to $550 billion in Chinese imports - more than China actually exported to the United States past year - if Beijing won't relent to USA pressure and continues to retaliate. "This action falls short of a strategy that will give the administration negotiating leverage with China while maintaining the long-term health and prosperity of the American economy".

"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 an emailed statement.

More than 6,031 product lines are affected by the proposed tariffs, including seafood, fruits and vegetables, grains, tobacco, auto rearview mirrors and burglar alarms. These tactics include the outright theft of trade secrets, government subsidies to homegrown tech firms and demands that USA and other foreign companies hand over technology if they want access to China's vast market.

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The move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it "reckless" and not "targeted".

The American president told reporters that tariffs on an additional $16 billion in Chinese goods are set to take effect in two weeks.

"China is forced to strike back to safeguard core national interests and the interests of its people", the Commerce Ministry said in a statement to CNN last week. Beijing immediately retaliated with similar duties on USA exports.

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Trump has been considering tariffs against China since his officials concluded in March that Beijing violates USA intellectual-property rights, such as by forcing American firms to hand over technology. Chinese tactics, the administration said, include outright cybertheft and forcing USA companies to hand over technology in exchange for access to the Chinese market.

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