Trump threatens to impose more trade tariffs on China

Ivan Schwartz
June 19, 2018

The U.S. imported $505 billion of goods from China a year ago.

Trump said that the new tariff would go into effect if the Chinese government did not lower recently announced tariffs on USA goods and failed to address the theft of United States intellectual property by Chinese companies.

China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology.

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

Trump's initial set of newly-announced tariffs last week drew an immediate response from China, despite the United States warning that retaliatory tariffs would see more tariffs applied to Chinese imports.

In a statement released by the White House on Monday, Trump cited Beijing's decision to respond to U.S. tariffs on $50 billion-worth of Chinese imports, imposed earlier, as his reason to escalate the conflict.

I have an excellent relationship with President Xi, and we will continue working together on many issues. "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".

The president's action doubled his April threat to respond to any Chinese retaliation for his trade action with $100 billion in additional tariffs.

The White House says the US can withstand trade tensions.

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The announcement comes as China looks for a different oil supply mix ahead of likely reductions in its imports from Venezuela and Iran. Both nations started putting trade tariffs in motion that are set to take effect July 6.

President Trump said the new tariffs will go into effect unless China ends its malicious trade practices.

Secretary of State Mike Pompeo made the remarks at the Detroit Economic Club as global markets reacted to trade tensions between the USA and China. He added that China is a "predatory economic government" that is "long overdue in being tackled", matters that include IP theft and Chinese steel and aluminium flooding the U.S. market.

China has long denied USA charges that Chinese firms have stolen ideas and software or forced firms to turn over intellectual property as part of the price of doing business in China.

China hit back with tariffs on $50 billion of American products, including agricultural goods.

The dollar stood at 110.63 yen, having hit a three-week high of 110.905 on Friday. China has risen to the top of the list of importers of oil from the United States.

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

"China's economy has already been clouded by a sharp slowdown in fixed asset investment growth due to the government's deleveraging drive, a problematic property sector, a mounting debt burden and rising credit defaults", economists at Nomura wrote. "China has, for example, always been engaging in several unfair practices related to the acquisition of American intellectual property and technology", Trump declared last week.

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