White House ups ante, looks at 25% tax on Chinese goods

Trump plans to impose 25 percent tariffs on $200B worth of Chinese goods

Trump plans to impose 25 percent tariffs on $200B worth of Chinese goods

The United States may jack up the tariff rate on the next US$200 billion in Chinese imports it plans to target as it pressures Beijing to reform its trade practices, U.S. officials said Wednesday.

"On June 18, the president directed me to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent, in response to China's decision to cause further harm to US workers, farmers, and businesses by imposing retaliatory duties on USA goods", Lighthizer said.

But Trump's tariffs have drawn criticism at home in the United States for driving up costs for consumers and companies that rely on Chinese imports.

"The US side has repeatedly escalated the situation against the interests of both enterprises and consumers", the Chinese Commerce Ministry said in its statement.

Wang said Beijing recognizes that the US side was trying to put pressure on China.

In Beijing Chinese foreign ministry spokesman Geng Shuang said Wednesday that "blackmail and pressure from the United States side will never work on China".

Conflicting signs over the state of U.S.

The Trump administration has already imposed tariffs on $34 billion worth of Chinese goods and duties on an additional $16 billion worth are expected soon.

The review period for US tariffs on the next $16 billion of Chinese imports ended Tuesday, but senior administration officials said a decision had not been made yet on when or whether to impose them.

6, China's trade data for the first half of 2018 will be published, with many analysts predicting that 2018 may be the first time in 17 years, since China's entrance into the WTO, that China's mid-year account report will be "in the red".

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That fell apart shortly after it was announced by US officials and amid acrimony in the negotiating team sent to Beijing due to disagreements over the concessions that would be made to China. History nearly guarantees that consumers will be picking up the tab for the US-Chinese trade dispute.

"Unilateral threats and pressure will only produce the opposite of the desired result", Geng said.

The public comment period on the U.S. tariffs aimed at $200 billion ends August 30 after public hearings August 20-23, according to the U.S. Trade Representative's office.

"We said before that this round of tariffs amounted to doubling down on the recklessness of imposing trade policy that will hurt USA families and workers more than they will hurt China", said Matthew Shay, president of the National Retail Federation.

A foreign ministry spokesman, Geng Shuang, on Thursday warned the Trump administration "not to try to blackmail China, because it will never work".

It was not immediately clear Tuesday why Trump is now looking at raising the proposed tariffs to 25 percent, but White House officials say trade talks with China have largely stalled. "The 25% duty would be applied to the proposed list of products previously announced on July 10".

Earlier on Wednesday, Congress passed legislation that will strengthen national security-related checks on Chinese investment in the U.S., a move that is also aimed at curbing China's ability to capture valuable American technology.

China's vice-trade minister Wang Shouwen said last month in Geneva that "for any talks to be successful, no party should point a gun at the other party".

Meanwhile, in corporate America, it appears that there is just one thing executives are talking about: tariffs.

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