Markets

Trump's latest US$200 billion China tariffs target consumers

Trump's latest US$200 billion China tariffs target consumers

The United States has listed $200 billion in Chinese export goods that could be hit with 10% tariffs as soon as September.

Lighthizer's office will hear public comments on the plan and will reach a decision after August 31, according to a senior administration official who briefed reporters on condition of anonymity.

The US has announced its plans to impose taxes on a further $200 billion worth of Chinese imports, in retaliation for China's retaliation to America's first round of tariffs. "There is no justification for such action".

Administration officials said the tariff fight is aimed at forcing China to stop stealing American intellectual property and to abandon policies that effectively force US companies to surrender their trade secrets in return for access to the Chinese market.

Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose USA farmers and manufacturers to retaliation overseas.

The move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it "reckless" and not "targeted". The trade war could also jeopardize China's help in confronting North Korea's nuclear program.




The president has repeatedly described his resort to tariffs - which are paid by American importers - as a lever to extract negotiating concessions from US trading partners.

According to the Ministry of Commerce, China considered the substitution of imports and the overall impact on trade and investment while making up a list of USA goods hit by import duties.

"The Trump administration is gambling that by wielding such a big club, it will force China to back down", said Edward Alden, a senior fellow at the Council on Foreign Relations. Chinese tactics, the administration said, include outright cybertheft and forcing U.S. companies to hand over technology in exchange for access to the Chinese market.

The United States complains that China uses predatory practices in a push to challenge American technological dominance.

The U.S. Chamber of Commerce, which has supported Trump's tax cuts and efforts to reduce regulation of businesses, also criticized the administration's move.


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