Trump could raise tariffs on $200 billion in Chinese goods

Washington has already imposed 25 percent tariffs on Chinese goods worth $34billion

China roared back at the latest US tariff threat Thursday, vowing to retaliate if the USA presses forward with plans to put 25 percent tariffs on additional $200 billion of Chinese imports.

US President Donald Trump is now considering a 25 percent tariff on $200 billion in Chinese imports, rather than the 10 percent previously touted, reports said Tuesday.

He is also betting that the USA could wield more leverage because Beijing cannot match the tariffs proposed on $200 billion in Chinese goods.

"China is fully prepared and will have to retaliate to defend the nation's dignity and the interests of the people", China's Ministry of Commerce said in a statement on Thursday.

Wang Yi, the Chinese government's top diplomat, said US efforts to pressure China would be in vain, urging its trade policymakers to "calm down". "If the United States takes further escalatory steps, China will inevitably take countermeasures and we will resolutely protect our legitimate rights", Chinese Foreign Ministry spokesman Geng Shuang told a regular news briefing.

Chinese officials responded early Wednesday to threats of higher tariffs by saying they would retaliate again.

The U.S. has already imposed 25 percent tariffs on $34 billion in Chinese imports and is readying 25 percent tariffs on another $16 billion worth to punish China for allegedly using predatory tactics to obtain U.S. technology.

China announced a list of US$60 billion worth of USA imports it plans to apply tariffs on should the Trump administration follow through with its latest trade threats.

The next wave of USA tariffs is set to kick in as soon as Wednesday, with the possible imposition of duties on another $16 billion of Chinese imports.

"He's going to continue to put the pressure on China".

Trump buys off soybean farmers (we’ve got the transcript!)
European countries are also utterly devoted to one of the biggest barriers in EU-U.S. trade: geographical indications. It also will provide funds to outside organizations to build overseas markets for USA food and ag exports.

The administration last month released a list of thousands Chinese products it wants to slap with an additional 10 percent in tariffs, ranging from television components to handbags and seafood to baseball gloves.

Other US goods targeted by China also included semiconductors, some helicopters, small-to-mid-sized aircraft, condoms, beef, steel products and coffee.

China is willing to resolve differences with the United States on an equal footing, the Chinese Government's top diplomat said after meeting US Secretary of State Mike Pompeo, but added they did not address their trade war too specifically.

Senior administration officials expressed frustration Wednesday that China has responded to US tariffs with retaliation rather than capitulation. The Asian economic giant has shown no signs of backing down from Trump's threats, and is said to be considering other types of retaliation, such as tougher inspections on American imports and delaying licensing and approvals for mergers.

"We urge the United States to correct its attitude and not to try to blackmail China because it will never work", said Geng at a news conference.

He said China has always believed that the disputes should be resolved through talks and communications, but the dialogue should be based on "equality and respect as well as established rules and credibility".

The U.S. Trade Representative's office initially had set a deadline for final public comments on the 10 percent proposed tariffs to be filed by August 30, with public hearings scheduled for August 20-23.

China responded that day by imposing tariffs on the same amount of USA goods, largely targeting soybeans and other agricultural products.

- Tariff increases from 10% to 25% follow CNY currency fall.

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

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