|
|
Trump escalates China trade war, threatens tariffs worth $200bn
|
|
|
|
Top Stories |
|
|
|
|
IANS | 19 Jun, 2018
US President Donald Trump has threatened to impose tariffs on an
additional $200 billion worth of Chinese goods shipped to Washington
unless Beijing agrees to a host of sweeping trade concessions, media
reports said.
In a statement on Monday, Trump said he had US
Trade Representative Robert E. Lighthizer, to draw up a list of $200
billion in Chinese products that will be hit with tariffs of 10 per cent
if China refuses his demands to narrow the yawning American trade
deficit and change its industrial policies, reports The Washington Post.
"The
trade relationship between the US and China must be much more
equitable. The US will no longer be taken advantage of on trade by China
and other countries in the world," Trump said.
"Further action
must be taken to encourage China to change its unfair practices, open
its market to US goods, and accept a more balanced trade relationship
with the US," he added.
In a statement published shortly after
Trump's announcement, China's Ministry of Commerce called the move
"blackmail" and accused the US of "extreme pressure and extortionist
behaviour".
"If the US loses its senses and comes up with a new
list, China will be forced to strike back hard and launch comprehensive
measures that match the US move in quantity and quality," it said.
The
tariffs, which the US government says are punishment for intellectual
property theft, will be enacted in two phases, reports CNN.
More than 800 exports, about $34 billion worth, will be subject to tariffs starting July 6.
Another 280 or so still need to undergo a public comment period, and will take effect later.
On June 15, Trump imposed tariffs of 25 per cent on $50 billion in Chinese imports, The Washington Post reported.
China immediately hit back with tariffs on $50 billion in American products, including agricultural goods.
However,
none of the tariffs announced on Monday will take effect until
industries and consumers have a chance to make their views known in a
60-day public comment period.
The tariffs if implemented, would
dramatically expand the goods facing trade measures to a range of
consumer items, forcing Americans to pay more for smartphones,
computers, toys, televisions and just about every other middle-class
staple.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|