White House Urges China Address ‘Unfair Trading Practices’ Not Tariff Retaliation

US-China trade war may raise gadget prices

US-China trade war may raise gadget prices

While the Trump administration has already slapped a 25 percent tax on $34 billion in Chinese products, is readying levies on another $16 billion and has threatened tariffs on $200 billion more, the administration on Wednesday also proposed raising potential tariffs on the $200 billion list to 25 percent from an originally-announced 10 percent.

In mid-July, China slammed the US threat to expand tariff hikes to imports, as reported by NBC News, calling the idea a "totally unacceptable" escalation of the trade battle.

The United States reached a surprise deal on trade last week under which Washington agreed not to put any new tariffs on imports from the European Union, forestalling a possible 25 percent levy on auto imports the Trump administration has been considering.

China has announced retaliatory tariffs on $60 million worth of US goods.

China received 103.4 million cubic feet of LNG from the US last year, the Energy Information Administration says.

China has unveiled plans to impose retaliatory tariffs on USA imports worth $60bn (£46bn), firing the latest volley in the mounting trade dispute between the world's two largest economies.

The Chinese commerce ministry blamed the United States for escalating the situation.

The rising tensions have weighed on Chinese stock and currency markets, with the Chinese yuan falling against the dollar. After earlier action against $34 billion of US goods, that left about $120 billion for retaliation.

"Other presidents have raised the issue of China's illegal and unfair trading and so forth", Kudlow said.

LeBron James discusses Trump: 'I would never sit across from him'
Every student has a bicycle available for them to ride, because James found freedom riding his bike while growing up in Akron. LeBron James I Promise School opened in his hometown of Akron, Ohio , on July 30.

Trump announced a further round of 25 percent of tariffs June 15 on $50 billion worth of Chinese goods.

Mr Trump is aiming to reduce his country's $375.6 billion trade deficit in goods - the gap between imports and exports - with China.

It also said that the date of implementation of the taxes will depend on actions taken by the USA, while adding that consultation on the basis of mutual respect, equality and mutual benefit is an effective way to resolve trade differences.

China's tariffs could threaten to significantly dampen the growth of LNG exports, which have been central to Trump's energy agenda.

"He (Pompeo) was accommodating on this as a direction, and said that he does not want current frictions to continue", said State Councilor Wang Yi, who is also China's foreign minister.

"The Chinese are also coping by lowering the rate of the yuan, while the United States can look towards countries in Southeast Asia as replacements for its imports, so it's not a big issue". The amount could be even larger if the United States resolves a logistics bottleneck.

Tsinghua University economist Yuan Gangming said the measures China had taken were reasonable.

"Foreign investors don't want to be in China". Helicopters with an empty weight of less than 2 tonnes were also on that list.

Latest News