USA considers increasing planned tariffs on $270b in Chinese imports

USA considers increasing planned tariffs on $270b in Chinese imports

The US imposed 25 per cent tariffs on US$34 billion of Chinese goods in early July, with another US$16 billion to be targeted in coming weeks, drawing an in-kind retaliation from China.

The Trump administration had earlier threatened additional tariffs of $200 billion and has warned that it has more ammunition than Beijing in the escalating conflict.

" The US is playing a carrot-and-stick tactic on China, but this approach is not going to work on China", the Ministry said.

"They better not underestimate President Trump's determination to follow through on our asks".

Friday's threat targeting a smaller amount of USA goods reflects the fact that Beijing is running out products for retaliation due to its lopsided trade balance with the United States. Growth in factory output has begun slowing across advanced economies, while business leaders fear further escalation.

Donald Trump is ramping up the pressure on China.

India raises key interest rate for second time to stave off inflation
But despite the Bank's optimistic outlook, we think policymakers will find it tricky to hike rates again before Brexit. Reports suggest that it is for the second time that the RBI has increased the interest rates by 0.25%.

The public comment period on the US tariffs aimed at $US200 billion ends on August 30 after public hearings August 20-23, according to the US Trade Representative's office. On Friday Kudlow issued a stark warning to China.

Top White House economic adviser Larry Kudlow on Friday ridiculed China's threat of $60 billion of retaliatory tariffs as "weak" and said the world's second-largest economy was in "trouble".

Trump's tariffs target goods the White House says benefit from industrial policies such as "Made in China 2025", which calls for developing Chinese competitors in robotic, artificial intelligence and other fields.

Days later, Washington unveiled a list of another US$200 billion in Chinese goods, from areas as varied as electrical machinery, leather goods and seafood, that would be hit with 10 per cent import duties. At the same time, the U.S. indicated it is open to restarting formal negotiations with China, though Beijing must agree to open its markets to more competition and stop retaliating against United States trade measures.

The president has also imposed steel and import tariffs on several important trading partners, including the EU, Mexico and Canada, saying they are required to protect American jobs and industry.

While the tariffs imposed by the European Union still remain in place, the bloc has agreed not to implement more while negotiators from Washington and Brussels attempt to thrash out a deal.

Related Articles

  • Chelsea target Kovacic turns down United move

    Chelsea target Kovacic turns down United move

    The squad flew back to Manchester immediately after the game against Real and will return to training on Friday. Mourinho said: "He has the baby and after the baby is born - lovely baby, full of health, thank god".
    India asks 4 million to prove their nationality in northeast

    India asks 4 million to prove their nationality in northeast

    The first version of the list, which is being prepared under the supervision of the country's Supreme Court , came out in December.
    Israel 'thwarts IS attack' on Golan Heights

    Israel 'thwarts IS attack' on Golan Heights

    Before the civil war erupted in 2011, the cease-fire line between Syria and Israel was largely quiet for years. The incident took place on the southern Golan Heights, near the triangle of Syria , Jordan and Israel borders.
  • New search for missing Iowa student

    New search for missing Iowa student

    Investigators say they have concluded that a woman spotted in northwest Missouri was not a missing Iowa college student. "Mollie was a friend to everybody", said Kim Calderwood, her aunt. "Everybody has a Mollie in their life", he said.
    Murray set for hardcourt return in Washington

    Murray set for hardcourt return in Washington

    While serving at 5-5 30-30 in the third set, the American was all set to unleash an easy volley and take the set into tie-breaker. Andy Murray could tackle Kyle Edmund at this week's Citi Open in Washington - where Wayne Rooney has paid the Scot a visit.

    Trump's EPA formally launches rollback of fuel economy standards

    But Trump's EPA said the efficiency rules drive up vehicle prices, keeping many people in older, less safe cars and trucks . No suit would likely be filed, however, until at least after the 60 day public comment period on the rule proposal expires.
  • Trump received letter from North Korea's Kim on August 1 - White House

    Trump received letter from North Korea's Kim on August 1 - White House

    Experts say that the painstaking identification process could take anywhere between days to decades to complete. It's confirmed, President Donald Trump did receive a letter from his North Korean counterpart.
    White House chief of staff to stick around for now

    White House chief of staff to stick around for now

    Today we celebrate his first full year as @WhiteHouse Chief of Staff! But Trump has chose to stick with Kelly - for now, at least. It's a one-man show and no one is getting in the way of Trump's delusion that he's nailing it on a daily basis.
    Ohio's back to school tax-free weekend approaches

    Ohio's back to school tax-free weekend approaches

    Louisiana's Department of Revenue estimates the sales tax holidays would have cost the state $5.2 million in taxes this year. Mississippi's was last weekend, while Arkansas' is schedule Saturday and Sunday and Texas' is scheduled August 10-12.
  • National Archives may not finish reviewing Kavanaugh documents before end of October

    National Archives may not finish reviewing Kavanaugh documents before end of October

    The GOP statement said the committee was counting on receiving documents "in an even more rapid fashion" from the archives of the George W.
    Apple becomes world's first trillion dollar company

    Apple becomes world's first trillion dollar company

    So maybe in 50 years, we'll all be living in houses we bought from Amazon and filled with Google , Apple and Microsoft products. Last year, sales had risen to $229bn and profits to $48.4bn, making it the most profitable public-listed United States company.
    Chipotle Shuts Down Ohio Restaurant After Reports Of Illness Outbreak

    Chipotle Shuts Down Ohio Restaurant After Reports Of Illness Outbreak

    "We acted quickly and closed this single restaurant out of an abundance of caution yesterday", the company said in a statement. A Chipotle restaurant in OH has reopened as officials investigate reports of illnesses linked to the location.