Published: Fri, July 13, 2018
Global News | By Stacy Ballard

US slams hefty new tariffs on China as NATO summit begins

US slams hefty new tariffs on China as NATO summit begins

Trump has said he may ultimately target more than $500 billion worth of Chinese goods, the total amount of USA imports from China previous year.

The latest round of proposed tariffs come a few days after the USA government unveiled procedures for companies to apply for exclusions from the first round of tariffs, which went into effect July 6.

Scott Lincicome, a trade lawyer for the group Republicans Fighting Tariffs, said tariffs on $200 billion would amount to a "multibillion-dollar tax on American businesses and families" and prompt China to retaliate against American exporters.

United States President Donald Trump's administration released a list of Chinese goods proposing an additional 10% tariff amounting to $200 billion (Rs 137.65 crore), reported CNBC.

The USTR will accept public comments and hold hearings August 20-23 before reaching a decision after August 31, according to a senior US official who briefed reporters on condition of anonymity.

"Given China's likelihood of retaliation, it's also billions worth of new tariffs on American exporters".

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China' s Ministry of Commerce said that the tariffs are "totally unacceptable" and it is hurting the entire world, as well as China.

US Trade Representative Robert Lighthizer said there was "no justification" for China's retaliation.

China on July 12 said foreign firms operating in China would suffer in a trade war, urging USA companies to lobby their government to protect their interests, and said no talks to end the impasse were now under way.

Asked what Beijing would do, foreign ministry spokeswoman Hua Chunying gave no details but said, "We will take firm and forceful measures".

Trump had threatened earlier that he would impose additional tariffs if Beijing retaliated with countermeasures.

USA president Donald Trump has threatened higher tariffs on more than 500 billion dollars (£377 billion) of goods, or almost all of China's annual exports to the United States.

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President Donald Trump is threatening to impose the tariffs in retaliation for duties that China slapped on $34 billion of US goods on Friday. Each side is planning tariffs on a further $16 billion in goods that would bring the totals to $50 billion.

In financial markets, MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5 per cent, while the main indexes in Hong Kong and Shanghai fell more than 2 per cent.

The Trump administration has complained that USA companies are forced to hand over key technology to access China's market.

The list is subject to a two-month public comment period before taking effect.

Beijing recently indicated that its response to more tariffs would include "qualitative" measures, which many analysts interpreted as creating regulatory hurdles or even stoking anti-US sentiment among consumers of United States products.

If China were to back down, the Trump administration might hold off on the newest tariffs.

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China's next step in the escalating trade skirmish with the United States could be to target U.S. multinationals operating in China. The U.S. actions are aimed at pressuring China to correct infractions identified by the Trump administration in an ongoing investigation "related to technology transfer, intellectual property, and innovation". Ryan singled out China as one of a number of countries that engage in unfair trade practices, but added, "I just don't think tariffs are the right mechanism" to resolve the problem.

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