Published: Wed, June 20, 2018
World | By Camille Rivera

China slams US 'blackmailing' after Trump makes new trade threat

China slams US 'blackmailing' after Trump makes new trade threat

If the U.S. goes ahead with the new $200 billion tariffs, they are more likely to be directly felt by individuals than the previous round. Those tariffs were matched by China's threat to penalize on USA exports, a move that drew the president's ire.

He doubts the latest dispute would damage the relationship between the two countries.

"This latest action by China clearly indicates its determination to keep the United States at a permanent and unfair disadvantage, which is reflected in our massive $376 billion trade imbalance in goods", said the USA president.

The United States has initiated a trade war and violated market regulations, and is harming the interests of not just the people of China and the US, but of the world.

The Trump administration has announced plans to target products from China including machinery, electrical goods and vehicles. The administration also revived its complaints Tuesday about America's gaping trade deficit with China, which it says reflects an unfair trading relationship.

The trade war has heated up, with Washington promising further tariffs if China retaliates, which it duly has.

He said the move would be in retaliation for China's decision to raise tariffs on $50 billion in United States goods.

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China's Commerce Ministry lambasted Trump's new tariff threat, saying it violated prior negotiations between the two countries.

The newspaper reported that Cook travelled to the White House last month to warn Trump of the potentially adverse effects of Trump's trade policies on Apple in China but did not specify precisely when Trump made the commitment to Cook.

The move followed tariffs applied last week on Dollars 50 billion in Chinese imports to the US. The two appear to be edging toward a trade fight that analysts say would undermine both their economies and likely slow global growth.

However, many economists and businesses in the United States say the tariffs are likely to hurt some of the sectors the administration is trying to protect, which depend on China for parts or assembly.

Lighthizer said in a statement his office was preparing the proposed tariffs and they would undergo a similar legal process as previous tariffs, which were subject to a public comment period, a public hearing and some revisions.

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

Monday's announcement came days after Beijing announced tariffs on $50 billion worth of U.S. goods in a tit-for-tat response to those finalized by Trump earlier Friday.

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Trump's intervention to help the firm was seen at the time as part of a move to smooth over tensions with Beijing as they embarked on talks to avert a trade war, with the president tweeting on May 13 that too many Chinese jobs were at threat.

U.S. tariffs on imported steel and aluminum have already drawn a response from a range of countries including Canada, Mexico and the European Union.

"President Donald Trump has raised the stakes once more".

So far Beijing has targeted major American exports to China such as soybeans, which brought in $14 billion in sales a year ago, and are grown in states that supported Trump during the 2016 presidential election, as well as other politically important products.

"All they can do is impose higher tariffs on a smaller subset of products", he said.

"Trump is playing a game of chicken, who will blink first", said Ivan Feinseth, chief investment officer at Tigress Financial Partners.

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