Trump threatens 10% tariff on $200bn of Chinese goods

China labels Trump tariff threat as ‘extreme pressure and blackmailing’ | TheHill

Trump threatens China with new tariffs on $200 billion in goods

The reassurance from the White House comes at a time when the administration has already placed tariffs on $50 billion worth of imports from China and is threatening to hit the country with another $200 billion worth of tariffs.

The latest move raises the specter that seafood imported from China, including especially tilapia and shrimp, could be next.

On July 1, Canada is set to impose retaliatory tariffs of $16.6 billion on USA products after Trump slapped tariffs on aluminum and steel - and he has threatened more to come on automobiles. "This is unacceptable. Further action must be taken to encourage China to change its unfair practices, open its market to United States goods, and accept a more balanced trade relationship with the United States".

It was not immediately clear when the new tariffs could be put in place, as the trade office has yet to identify the Chinese goods to be penalized or conduct a legal review.

Europe is also anxious that Washington will follow up on a threat to impose punitive levies on imported cars, something particularly feared by the powerful German auto industry. Products from the country are integrated into global supply chains, and the USA sends the country billions of dollars worth agricultural products, vehicles and machinery each year.

The threat of new tariffs against China pits the world's two largest economies against each other and looks set to disrupt global supply chains for the tech and auto industries, two sectors that rely heavily on outsourced components.

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"If the United States 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 USA move in quantity and quality", the Chinese Commerce Ministry said in a statement Tuesday.

Could Trump's China tariffs make IT more expensive for businesses? China's tariffs would target agricultural products, cars and seafood, among other items. Tokyo's benchmark Nikkei index dropped more than 1.7 percent on June 19, with investors jittery over US-China trade tensions and a strong yen. Only Canada sent the U.S. more seafood past year ($3.3bn worth).

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"China will run out of ammunition sooner than the United States", he wrote in a note published on Tuesday.

Importers of tilapia and shrimp from China have the most to lose.

United States president has asked to target $200b worth of imports for a 10% levy. China was the source of 75% of the US's tilapia imports a year ago. But most economists, business leaders and trade experts on both sides of the aisle have cried foul, arguing that trade wars are a unsafe game that court hurt the economy at home and around the world.

China had offered to ramp up purchases of American goods by $70 billion to help cut its yawning trade surplus with the United States, whereas Trump had demanded a $200 billion deficit cut.

At a news conference in Mexico City, Mexican foreign minister Luis Videgaray said he expected the next negotiating meeting of ministers to be held in July.

"Trump appears to be employing a similar tactic he used with North Korea, by blustering first in order to gain an advantage in negotiations".

"A U.S. -China trade spat alone won't hurt global growth".

China to hit back if United States rolls out new tariff list.

Canada and Mexico, both members with Washington of the North American Free Trade Agreement (NAFTA), have not been spared the United States offensive on steel and aluminium and are threatening their own reprisals.

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