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U.S. steps up China trade spat with $200bn new tariffs

Weimar Republic hyperinflation The Latest: China raises tariffs on optical fiber materials
Ginger Lawrence | 11 July, 2018, 03:50

Some countries have already announced retaliatory tariffs and other moves that USA industries have said forced them to curb plans for expansion and investments overseas.

President Trump escalated his trade war with China Tuesday, identifying an additional $200 billion in Chinese products that he intends to hit with import tariffs.

It also noted that the profits from reciprocal tariffs will mainly be used to minimize the damage to Chinese enterprises and their employees.

The United States and China launched what Beijing called the "biggest trade war in economic history" Friday, July 6, imposing tariffs on billions of dollars of each other's goods amid a spiraling dispute over technology.

The pursuing a new set of tariffs that would hit $200 billion in Chinese goods, according to senior administration officials. He added the USA is ready to target an additional $200 billion, and then $300 billion more should Beijing retaliate.

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The White House says the tariffs are a response to unfair trade practices by China.

The US Trade Representative office will hold hearings on the targeted products and it's expected it will take about two months to finalize the list, at which point Mr Trump would decide whether to go ahead with the tariffs. He is also renegotiating NAFTA, demanding that Canada and Mexico lower trade barriers for the USA while allowing Washington to impose new barriers to Canadian and Mexican companies doing business in the U.S. That second round will be derived from a list already released by the US Trade Representative. "There is no justification for such action", he said in a statement.

Senate Finance Committee Chairman Orrin Hatch, R-Utah, responded to Lighthizer's announcement with dismay.

The International Monetary Fund has warned that a full-blown trade war could undermine the broadest global upswing in years.

Trump has been considering tariffs against China since his officials concluded in March that Beijing violates US intellectual-property rights, such as by forcing American firms to hand over technology.