Donald Trump threatens to slap tariffs on virtually all Chinese goods – more than US$500 billion – after Beijing fights back
US President Donald Trump is poised to levy punitive tariffs on all Chinese imports, following China’s announcement on Tuesday that Beijing will respond to Washington’s latest escalation of the trade war by imposing duties on US$60 billion of US imports.
Trump took to Twitter on Tuesday morning to say that any further action by China targeting US farmers and industrial workers would result in “great and fast economic retaliation” from the US.
The president had warned in a statement on Monday evening that such action would take the form of tariffs on the remaining US$267 billion of Chinese imports, further expanding the already unprecedented scope of the trade war.
Repeating that threat in the Oval Office on Tuesday afternoon, Trump said: “We don’t want to do it, but we probably – we'll have no choice.”
Trump announced on Monday that his administration would impose 10 per cent tariffs on US$200 billion of Chinese goods, effective next Monday, a move seen as likely killing any chance of further negotiations taking place.
The US Treasury had suggested a fresh round of talks as the trade hostilities that began between the world’s two largest economies more than two months ago ground on, a prospect welcomed by Beijing.
Following Trump’s announcement, China’s Ministry of Finance stated on Tuesday that taxes of 5 to 10 per cent on US$60 billion of American goods imported into China would be implemented to concur with Washington’s tariffs.
Contacted on Tuesday morning, a representative for the United States Trade Representative’s (USTR) office would only cite Trump’s Monday statement vowing further action in response to a request for comment on China’s retaliatory tariffs.
The latest escalation of the US-China trade clash had all but dismantled the platform for the proposed negotiations before they could even begin.
Source: 紅早
