China Threatens Retaliation if President Trump's New $200 Billion Tariffs Go Ahead

Alvis Upitis  Newscom

Now, President Trump is expected to make the next move, be it imposing 10 to 25 percent tariffs on 200 billion dollars of Chinese goods in different phases or all at once.

"I hate to do this, but behind that there is another $267 billion ready to go on short notice if I want", Trump said.

Trump initiated the trade war to punish Beijing for what it says are China's predatory tactics to try to supplant U.S. technological supremacy.

The tariffs would potentially hurt U.S. companies that import everything from handbags to bicycle tires.

The administration could decide to begin taxing the imports equal to almost 40pc of all the goods China sold the United States previous year after a public comment period ends Thursday.

If the president followed through with all his proposed tariffs, essentially every good being imported from China would be taxed. Both countries have already slapped levies on $50 billion of each other's exports, and China promised on Thursday to respond to any USA escalation with "necessary countermeasures".

The United States has demanded that China better protect American intellectual property, cut its USA trade surplus, allow U.S. companies greater access to its markets and roll back its high-technology industrial subsidy programs.

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"[China] structurally is geared toward being sort of the parasite of the world", White House National Trade Council Director Peter Navarro said during an interview on FOX Business' "Lou Dobbs Tonight" on Friday.

The Nasdaq 100 Index capped its worst week since March as Apple slumped on its warning that the Trump administration's musing over levying virtually everything imported from China would hit a broad range of its products. China has warned that it would retaliate with import taxes on $60 billion worth of USA goods. Comparatively few applauded the tariffs.

"The Chinese aren't paying these tariffs, American families are going to pay these tariffs".

U.S. President Donald Trump speaks to the press aboard Air Force One on September 7, 2018.

White House economic adviser Larry Kudlow just hours before said talks with Beijing were continuing to try to defuse the conflict, and that he was hopeful that a solution could be found. "We want lower (trade) barriers across the board", Kudlow said.

However, she seemed to have a different position than Mexican Economy Minister Ildefonso Guajardo on the relationship between the NAFTA talks and the USA steel and aluminum tariffs.

"Those have been our asks for many months and so far those asks have not been satisfied", he said.

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