US RAMPS UP TRADE ROW WITH CHINA, THREATENS NEW TARIFFS

WASHINGTON/BEIJING – The Trump administration raised the stakes in its trade dispute with China on Tuesday, saying it would slap 10% tariffs on an extra $200 billion worth of Chinese imports.

The surprising development sent stocks tumbling, with China’s markets leading the declines, it prompted a senior Chinese commerce ministry official to warn that the United States was harming the global trade order.

US officials released a list of thousands of Chinese imports the administration they attend to hit with the new tariffs, it includes hundreds of food products, as well as tobacco, chemicals, coal, steel and aluminium

“For over a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition,” US Trade Representative Robert Lighthizer said in announcing the proposed tariffs.

The Chinese tariffs also include consumer goods ranging from car tires, furniture, wood products, handbags and suitcases, to dog and cat food, baseball gloves, carpets, doors, bicycles, skis, golf bags, toilet paper and beauty products.

Lighthizer added in a released statement, “Rather than address our legitimate concerns, China has begun to retaliate against U.S. products … There is no justification for such action.”

The trade war tensions increased last week after the US imposed 25% tariffs on $34 billion of Chinese imports, and Beijing responded immediately with matching tariffs on the same amount of US exports to China.

Photo Credit- My Republica – Nagarik Network

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