Economy

Trump threatens higher tariffs on Chinese imports

Trump threatens higher tariffs on Chinese imports

Washington wants China to open its market more to USA products and stop harming American workers, one official said, speaking on condition of anonymity.

The Trump administration is proposing raising planned taxes on $200 billion worth of Chinese imports to 25 percent from 10 percent, turning up the pressure on Beijing in a trade war between the world's two biggest economies.

Though many different USA industries have felt the sting from President Trump's trade dispute with China, Ross argues that American citizens understand the reasoning behind the tariffs.

China's government warned Wednesday it will retaliate if Washington imposes new trade penalties, following a report the Trump administration will propose increasing the tariff rate on an additional $200 billion of Chinese imports.

The United States has already imposed 25 percent tariffs on $34 billion in Chinese imports and is readying 25 percent tariffs on another $16 billion worth to punish China for allegedly using predatory tactics to obtain US technology.

The trade talks between Washington and Beijing have bogged down in recent weeks, a period in which the two nations have imposed reciprocal tariff hikes on various products. "If the United States takes further escalatory steps, China will inevitably take countermeasures and we will resolutely protect our legitimate rights", Chinese Foreign Ministry spokesman Geng Shuang said. The U.S. threat and pressure will not work.

More news: Facebook Is Taking Big Steps to Make WhatsApp a Big Business

Paulina Dedaj is a writer/ reporter for Fox News.

Investors fear an escalating trade war between Washington and Beijing could hit global economic growth, and prominent USA business groups, while tired of what they see as China's mercantilist trade practices, have condemned Trump's aggressive tariffs. "The cost increases will be passed on to customers, so it will affect most Americans pocketbooks".

Erin Ennis, senior vice president of the U.S. China Business Council, said a 10 percent tariff on these products is already problematic, but more than doubling that to 25 percent would be much worse. A hearing on the levies is scheduled for August 20-23.

Trump has threatened to escalate the conflict even more by taxing virtually all of the $500 billion worth of goods China ships annually to the United States.

The proposal would require a more robust justification from the Department of Defense for "Section 232" tariffs such as those imposed on steel and aluminum imports and those now under consideration for autos.


  • RBI hikes repo rate by 25 basis points

    RBI hikes repo rate by 25 basis points

    Reverse repo - the rate at which the RBI borrows money from commercial banks within the country - is adjusted to 6.25 per cent. For instance, every time the RBI lowers repo rate, banks are typically expected to pass on the benefit to retail customers.

    OSU's Urban Meyer knew of assistant's domestic abuse allegations in 2015

    Ohio State Buckeyes head coach Urban Meyer reacts during the fourth quarter against the Iowa Hawkeyes at Kinnick Stadium. Courtney Smith told Stadium, a sports network , that she told Meyer's wife in 2015 about the alleged domestic violence.
    Agency Begins Process of Identifying Korean War Remains

    Agency Begins Process of Identifying Korean War Remains

    North Korea has provided very little information to help identify the remains, a defense official told VOA. North Korea is also reportedly still secretly operating the Kangson uranium-enrichment facility.
  • US judge blocks release of 3D gun blueprints amid uproar

    US judge blocks release of 3D gun blueprints amid uproar

    3D guns are firearms assembled from ABS plastic parts - the same material found in Legos - that can be made with a 3D printer . State Department officials said their only role was to prohibit export of the blueprints outside the U.S.
    Trump Calls for Attorney General to End Mueller Investigation ‘Right Now’

    Trump Calls for Attorney General to End Mueller Investigation ‘Right Now’

    ABC News, citing sources close to the White House, reported that Trump was upset with Mueller's interest in obstruction. Of the call to stop the trial, Ms Sanders said: "It's not an order". "The president is not obstructing.

    Nats reliever Shawn Kelley sent down after glove slam

    Kelley's glove slam cost him a trip out of the nation's capital, as he was designated for assignment on Wednesday morning. I should not have thrown my glove and acted like a baby out there.
  • Facebook & Instagram introduce Time Limit Tools to help with Smartphone Addiction

    You also won't be able to view your historical data after the week has passed, so it may be hard to see changes in your behavior. Both Facebook and Instagram's mobile apps will be getting optional features to curb the amount of time users spend with them.

    Samsung marries new Galaxy Tab S4 with DeX for productivity boost

    The reduced bezel on the front of the device comes at the cost of a fingerprint scanner - the Tab S4 doesn't have one. Samsung also offers up to 400GB of microSD storage as well, but you'll have to buy a separate card for that.
    Japanese yen mostly lower despite surging JGB yields

    Japanese yen mostly lower despite surging JGB yields

    The new forecasts show the BoJ's struggle to stoke inflation, while its peers in the USA and Europe normalise policy. Inflation remains less than halfway to the target after more than five years of extraordinary stimulus.
  • Pegasus Partners Ltd. Increases Position in Tyson Foods, Inc

    Pegasus Partners Ltd. Increases Position in Tyson Foods, Inc

    ANALYSTS VIEWS: The current analyst consensus rating clocked at 2.2 on company shares based on data provided from FINVIZ . In other news, insider Sally Grimes sold 19,258 shares of Tyson Foods stock in a transaction dated Sunday, July 1st.
    Vaginal 'Rejuvenation' Procedures Are Unproven, Pose Serious Risks, FDA Warns

    Vaginal 'Rejuvenation' Procedures Are Unproven, Pose Serious Risks, FDA Warns

    The manufacturers are asked to provide details on the product and on what basis they are assuming approval. If the FDA's concerns aren't addressed, it will consider potential enforcement actions, Gottlieb said.
    Arsenal Thrash PSG 5-1 In Pre-season Friendly

    Arsenal Thrash PSG 5-1 In Pre-season Friendly

    Rob Holding (87′) and Eddie Nketiah (94′) rounded up the triumph with late strikes. We want to find with their quality, with their good positioning.