Trump threatens China with new $200 billion tariffs, China vows to retaliate

Trump threatens China with new $200 billion tariffs, China vows to retaliate

As the United States trade dispute with China escalates into a full-blown trade war, Beijing has hit back at plans by US President Donald Trump to launch another round of tariffs worth a further US$200 billion on Chinese imports.

USA stock markets are opening sharply lower Tuesday as tensions over trade between the US and China seem closer to a boil.

The tariffs announced by the White House on Friday hit more than 1,100 Chinese products with a rate of 25 percent.

"The fundamental reality is that talk is cheap", Navarro told reporters on a conference call, again accusing China of "predatory" trade policies.

"If they thought that they could buy us off cheap with a few extra products sold and allow them to continue to steal our intellectual property and crown jewels, that was a miscalculation". The move would be the largest blow in the tit-for-tat tariff fight between the USA and China.

Electronic broads were covered in red as investors reacted quickly after Trump announced on Monday night that he had asked the US Trade Representative to identify $200 billion worth of Chinese imports for additional tariffs at 10%.

Last Friday, he did just that, announcing that the U.S.

The comments sent global stock markets skidding and weakened both the dollar and the Chinese yuan on Tuesday.

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The trade worries have helped push Shanghai stocks to their lowest level in about two years. The Standard & Poor's 500 index and Nasdaq composite index both fell by 1 percent. The yield on the 10-year Treasury note fell to 2.88 percent from 2.92 percent.

If the United States publishes a new list of tariffs, Beijing will take strong countermeasures to safeguard the interests of China and its people, the ministry said. "But the United States will no longer be taken advantage of on trade by China and other countries in the world". Chinese tourism to South Korea was cut almost in half, hurting hotels, duty free stores and other travel businesses. -Chinese trade means Beijing doesn't import enough American goods to match Trump's latest threat.

The initial US tariffs are aimed at items such as semiconductors, electronics, plastics and other goods from sectors expected to benefit from China's "Made in 2025" initiative to dominate the world in technology areas such as robotics, driverless cars and advanced medical devices.

"And of course a far-reaching trade war would be detrimental for everyone in the end, but mainly the countries whose growth heavily depends on foreign trade", she said.

Several companies - including Total and Peugeot of France, and Russia's Lukoil - have said they are preparing to exit Iran before U.S. deadlines, the last of which is November 4.

"Let us not understate the macroeconomic impact [of the trade spat]", International Monetary Fund chief Christine Lagarde warned last week. "I suspect that we are not going to cause the economies to collapse", Blankfein added.

The tariffs on Chinese imports are the latest in a spate of protectionist measures unveiled by Trump in recent months.

Miffed by Pompeo's comments, China hit back saying that U.S. is making allegations to cover up its unilateral protectionist policies. Jacob Parker, vice president of China operations at the U.S. Technology companies such as Apple have complained about infringement of their innovations while increasingly depending on foreign labor to manufacture their products, issues the US has worked unevenly with China to resolve.

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