Thread: Trump calls for tariffs on additional $200B in Chinese goods as trade war ramps up

Trump calls for tariffs on additional $200B in Chinese goods as trade war ramps up

By Vicki Needham and Brett Samuels - 06/18/18 07:43 PM EDT

President Trump on Monday said he is directing his top trade official to identify $200 billion more worth of Chinese goods that will be subject to tariffs, escalating the ongoing trade dispute between the U.S. and China.

Trump said Monday that China's decision to retaliate in kind against his first batch of $50 billion in tariffs — announced on Friday — required a U.S. response to encourage China to change its unfair practices.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology," Trump said in a statement.

The president asked U.S. Trade Representative Robert Lighthizer to find $200 billion worth of Chinese goods that would be hit with a 10 percent import tax.

"After the legal process is complete, these tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced," Trump said.

"If China increases its tariffs yet again, we will meet that action by pursuing additional tariffs on another $200 billion of goods," he said. "The trade relationship between the United States and China must be much more equitable."

The president announced on Friday that the U.S. would impose 25 percent tariffs on $50 billion in Chinese goods. Beijing then responded with tariffs on $50 billion in U.S. products.

Trump had promised on Friday that if China retaliated he would hit back.

The first round of U.S. tariffs worth $34 billion will go into effect on July 6, while a second batch valued at $16 billion will undergo further review, Lighthizer said last week.

Lighthizer said Monday night that he supports the president's action.

"The initial tariffs that the president asked us to put in place were proportionate and responsive to forced technology transfer and intellectual property theft by the Chinese," he said.

"It is very unfortunate that instead of eliminating these unfair trading practices China said that it intends to impose unjustified tariffs targeting U.S. workers, farmers, ranchers and businesses."

The decision stems from the conclusions of a Section 301 investigation launched in August that found that China’s theft of intellectual property is costing the U.S. economy billions of dollars.

Trump previously had said he would hit China with another $150 billion in tariffs but had recently appeared to back off that threat.

The White House's move is expected to further ramp up trade tensions with Beijing and possibly risk Trump's push to denuclearize the Korean Peninsula.

While on the campaign trail, Trump repeatedly criticized China's economic and trade practices.

He has in recent weeks decided to implement steep tariffs against China and other key U.S. allies, despite warnings from congressional lawmakers that doing so could harm American workers and erase gains made from the Republican tax package.

Trump once again touted his relationship with Chinese President Xi Jinping.

"I have an excellent relationship with President Xi, and we will continue working together on many issues," Trump said. "But the United States will no longer be taken advantage of on trade by China and other countries in the world."

The U.S. has also imposed tariffs this year of 25 percent on steel and 10 percent on aluminum from a wide range of nations, including China.

The moves have angered close allies including Canada, Mexico and the European Union, which are pleading their cases to the World Trade Organization and planning their own rounds of tariffs.

The U.S. Chamber of Commerce said that about $75 billion of U.S. exports will be hit with retaliatory tariffs during the first week of July from all of those nations, angering a wide range of business groups and roiling stock markets.

Tags Robert Lighthizer Donald Trump Tariff China

http://thehill.com/policy/finance/39...additional-200

For each job lost from exports, a job is created for an American. In the end, we will be sitting pretty with a strong, self reliant economy, and China will be hurting with high unemployement.

President Trump Is Threatening China With New Tariffs on $200 Billion Worth of Imports

By Jeff Karoub and Zeke Miller
June 18, 2018
AP 9:29 PM EDT

(WASHINGTON) — President Donald Trump directed the U.S. Trade Representative to prepare new tariffs on $200 billion in Chinese imports Monday as the two nations moved closer to a potential trade war.

The tariffs, which Trump wants set at a 10% rate, would be the latest round of punitive measures in an escalating dispute over the large trade imbalance between the two countries. Trump recently ordered tariffs on $50 billion in Chinese goods in retaliation for intellectual properly theft. The tariffs were quickly matched by China on U.S. exports.

“China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology,” Trump said in a statement Monday announcing the new action. “Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong.”

Trump added: “These tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced.”

Trump said that if China responds to this fresh round of tariffs, then he will move to counter “by pursuing additional tariffs on another $200 billion of goods.”

Trump’s comments came hours after the top U.S. diplomat accused China of engaging in “predatory economics 101” and an “unprecedented level of larceny” of intellectual property.

Secretary of State Mike Pompeo made the remarks at the Detroit Economic Club as global markets reacted to trade tensions between the U.S. and China. Both nations started putting trade tariffs in motion that are set to take effect July 6.

He said China’s recent claims of “openness and globalization” are “a joke.” He added that China is a “predatory economic government” that is “long overdue in being tackled,” matters that include IP theft and Chinese steel and aluminum flooding the U.S. market.

“Everyone knows … China is the main perpetrator,” he said. “It’s an unprecedented level of larceny.”

“Just ask yourself: Would China have allowed America to do to it what China has done to America?” he said later. “This is predatory economics 101.”

The Chinese Embassy in Washington did not immediately respond to a request for comment.

Pompeo raised the trade issue directly with China last week, when he met in Beijing with President Xi Jinping and others.

“I reminded him that’s not fair competition,” Pompeo said.

President Donald Trump had announced a 25% tariff on up to $50 billion in Chinese imports. China is retaliating by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey. Trump also has slapped tariffs on steel and aluminum imports from Canada, Mexico and European allies.

Wall Street has viewed the escalating trade tensions with wariness, fearful they could strangle the economic growth achieved during Trump’s watch. Gary Cohn, Trump’s former top economic adviser, said last week that a “tariff battle” could result in price inflation and consumer debt — “historic ingredients for an economic slowdown.”

Pompeo on Monday described U.S. actions as “economic diplomacy,” which, when done right, strengthens national security and international alliances, he added.

“We use American power, economic might and influence as a tool of economic policy,” he said. “We do our best to call out unfair economic behaviors as well.”

In a statement, Trump says he has an “excellent relationship” with Xi, “but the United States will no longer be taken advantage of on trade by China and other countries in the world.”

http://time.com/5315538/donald-trump-china-tariffs-new/

And the war is on!

Good news! About fricken time!

They make cheap garbage.

Made in USA again!

Bring our trades back into the schools Grades 9-12...teach them skills to get a job. Then on to a 1 or 2 year certificate if needed. Get them to work...not college debt with a worthless degree taught by liberal college professors who are brain washing our kids.