Lebanese Ministry of Information
Trump administration reportedly considering additional tariffs on $200bn worth of Chinese goods
China has accused the US of “blackmail” as the Trump administration considers more than doubling its proposed tariffs on Chinese goods amid an escalating trade war.
President Donald Trump is reportedly considering upping his proposed tariffs on $200bn worth of Chinese goods from 10 per cent to 25 per cent.
Chinese Foreign Ministry spokesman Geng Shuang told reporters that Beijing would retaliate to any additional tariffs, adding that “US pressure and blackmail won’t have an effect”.
“If the United States takes further escalatory steps, China will inevitably take countermeasures and we will resolutely protect our legitimate rights,” Mr Shuang said, according to Reuters. He added that the trade disputes should be settled through mutually respectful dialogue.
Trade Representative Robert Lighthizer announced a proposed 10 per cent tariff on up to $200bn worth of Chinese goods at the beginning of July. The Trump administration could announce plans for the 25 per cent tariffs as soon as Wednesday, sources told Reuters.
Meanwhile, representatives of US Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu have been engaging in private talks about restarting negations, according to Bloomberg News.
The Trump administration has already imposed 25 per cent tariffs on $34bn worth of Chinese goods, accusing the country of intellectual property theft. A second round of tariffs on $16bn worth of Chinese goods could take effect this week – raising the total to $50bn. Beijing has responded with equivalent tariffs on American goods like beef, tobacco, and motorcycles.
The Chinese economy appears to be feeling the effects of the tariffs already, with new export orders falling faster than they have in more than two years, according to a July report from the Caixin/Markit Purchasing Manager’s Index.
The Chinese Politburo said in a statement on Tuesday that the Chinese economy is facing “some new problems and new challenges”.
“There are obvious changes in the external environment,” the statement said. “We must do a good job in stabilising employment, finance, foreign trade and investment, and expectations.”
The Independent
