Trump threatens additional tariffs on $200 billion of Chinese goods

US President Donald Trump is playing a game of chicken with China

U.S. President Donald Trump threatened on Monday to impose a 10 percent tariff on $200 billion of Chinese goods, saying the move was in retaliation for China's decision to raise tariffs on $50 billion in U.S. goods.

The US "practice of extreme pressure and blackmail departed from the consensus reached by both sides during multiple negotiations and has also greatly disappointed global society", China's commerce ministry said in a statement on its website. Last week, the USA levied tariffs of 25 percent on $50 billion of Chinese goods.

"Faced with this heightened intimidation from the U.S., China has no choice but to fight back with targeted and direct measures aimed at persuading the U.S.to back off, since it appears that any concessions it makes will not appease the Trump administration, which wants to suck the lifeblood from the Chinese economy", the paper said. "President Trump has given China every chance to change its aggressive behavior".

The iPhone X, Buick Excelle vehicle, Starbucks' double mocha macchiato and tickets to see Tom Cruise's summer action flick are all hot sellers in China. China couldn't come close to matching America's tariffs on $450 billion of Chinese exports.

"Ultimately, a negotiated solution is likely - and this is what both the USA and China want - but the risks are high and the tariffs could well be implemented before the issue is resolved", said Shane Oliver, Sydney-based chief economist at AMP.

Trump also said that if China retaliates yet again, the United States would pursue additional tariffs on another $200 billion of goods.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", MR Trump said in a statement announcing the new action.

"Rather than altering those practices, it is now threatening United States companies, workers and farmers who have done nothing wrong".

In essence, they said, consumers are likely to pay more for goods that are subject to tariffs and buy less as a result, which would slow the growth of the U.S. economy.

He said China's recent claims of "openness and globalisation" are "a joke".

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While there are no winners in a trade war, the U.S. is focused on protecting United States technology and sees the tariffs on Chinese tech products as a legitimate action.

Conservative foreign affairs critic Erin O'Toole said Canadians need to see their elected representatives addressing what is the biggest economic crisis in their lifetime. "It's an unprecedented level of larceny". It could delay or deny licenses that American companies need to operate in China. "This is predatory economics 101". Apple didn't respond to a request for comment on Tuesday morning. -China Relations. Companies in the Standard & Poor's 500 derive a collective 5.5 percent of their revenue from China, according to the data firm FactSet.

"I reminded him that's not fair competition", Mr Pompeo said.

Despite the Chinese government's repeated pledges to further open its economy, 46 percent of respondents in the European Union Chamber of Commerce in China's annual business survey said they thought the number of regulatory obstacles they face in China would increase over the next five years. China retaliated by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey.

But Wall Street has viewed the escalating trade tensions with wariness, fearful they could strangle the economic growth achieved during Trump's watch.

"Trade is not as big an issue for us as overseas economies and it's easy to believe Trump is bluffing because he does a lot of it." said Paulsen.

Sen. Joni Ernst has harsh words for President Donald Trump's tariffs on Chinese goods.

Pompeo on Monday described US actions as "economic diplomacy", which, when done right, strengthens national security and global alliances, he added. The strongest is probably a consumer boycott of U.S. consumer goods but it can also use restrictions on investments in China by USA companies as there are far more United States companies in China than the other way around.

Asked whether the trade war has begun, Geng said, "China will not ignite a trade war, yet we are not afraid of it".

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