{"id":167359,"date":"2018-06-19T07:10:00","date_gmt":"2018-06-19T11:10:00","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=167359"},"modified":"2018-06-19T07:10:00","modified_gmt":"2018-06-19T11:10:00","slug":"in-tit-for-tat-trump-threatens-more-tariffs-against-china","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/06\/19\/in-tit-for-tat-trump-threatens-more-tariffs-against-china\/","title":{"rendered":"In tit for tat, Trump threatens more tariffs against China"},"content":{"rendered":"
\"President<\/a>
President Donald Trump directed the U.S. Trade Representative to prepare new tariffs on $200 billion in Chinese imports on Monday as the two nations moved closer to a potential trade war. (File photo<\/a>: Donald Trump\/Facebook<\/a>)<\/figcaption><\/figure>\n

WASHINGTON \u2014 President Donald Trump directed the U.S. Trade Representative to prepare new tariffs on $200 billion in Chinese imports on Monday as the two nations moved closer to a potential trade war.<\/p>\n

The tariffs, which Trump wants set at a 10 per cent rate, would be the latest round of punitive measures in an escalating dispute over the large trade imbalance between the two countries. Trump recently ordered tariffs on $50 billion in Chinese goods in retaliation for intellectual property theft. The tariffs were quickly matched by China on U.S. exports, a move that drew the president’s ire.<\/p>\n

\u201cChina apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology,\u201d Trump said in a statement Monday announcing the new action. \u201cRather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong.\u201d<\/p>\n

Trump added: \u201cThese tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced.\u201d<\/p>\n

China’s Commerce Ministry on Tuesday criticized the latest threat of tariffs, saying it was an \u201cact of extreme pressure and blackmail that deviates from the consensus reached by both parties after many negotiations, and is a disappointment to the\u00a0international\u00a0community.\u201d<\/p>\n

\u201cIf the U.S. becomes irrational and issues this list, China will have no choice but to adopt strong countermeasures of the same amount and quality,\u201d the ministry statement said.<\/p>\n

Trump said that if China responds to this fresh round of tariffs, then he will move to counter \u201cby pursuing additional tariffs on another $200 billion of goods.\u201d<\/p>\n

It wasn’t immediately clear when the new tariffs could be put in place, as the trade office has yet to identify the Chinese goods to be penalized or conduct a legal review. The first round of penalties announced by both nations is set to take effect July 6.<\/p>\n

The intellectual property sanctions were the latest in a spate of protectionist measures unveiled by Trump in recent months that included tariffs on steel and aluminum imports to the U.S. and a tough rhetoric on trade negotiations from North America to Asia.<\/p>\n

The escalation in the dispute with China may also serve as a warning to other trading partners with whom Trump has been feuding, including Canada and the European Union.<\/p>\n

The move quickly drew praise from former Trump senior adviser Steve Bannon, who told The Associated Press: \u201cPresident Trump told China and the world tonight that America will not back down when it comes to economic aggression.\u201d<\/p>\n

But Wall Street has viewed the escalating trade tensions with wariness, fearful they could strangle the economic growth achieved during Trump’s watch. Gary Cohn, Trump’s former top economic adviser, said last week that a \u201ctariff battle\u201d could result in price inflation and consumer debt \u2014 \u201chistoric ingredients for an economic slowdown.\u201d<\/p>\n

Trump’s comments came hours after the top U.S. diplomat accused China of engaging in \u201cpredatory economics 101\u201d and an \u201cunprecedented level of larceny\u201d of intellectual property.<\/p>\n

Secretary of State Mike Pompeo made the remarks at the Detroit Economic Club as global markets reacted to trade tensions between the U.S. and China.<\/p>\n

He said China’s recent claims of \u201copenness and globalization\u201d are \u201ca joke.\u201d He added that China is a \u201cpredatory economic government\u201d that is \u201clong overdue in being tackled,\u201d matters that include IP theft and Chinese steel and aluminum flooding the U.S. market.<\/p>\n

\u201cEveryone knows … China is the main perpetrator,\u201d he said. \u201cIt’s an unprecedented level of larceny.\u201d<\/p>\n

\u201cJust ask yourself: Would China have allowed America to do to it what China has done to America?\u201d he said later. \u201cThis is predatory economics 101.\u201d<\/p>\n

Asked to comment on Pompeo’s remarks, the Chinese foreign ministry in Beijing said in a regular briefing with reporters that the U.S. had lost credibility as a free trader.<\/p>\n

\u201cWe don’t want a trade war, but we’re not afraid of a trade war,\u201d ministry spokesman Geng Shuang said.<\/p>\n

Pompeo raised the trade issue directly with China last week, when he met in Beijing with President Xi Jinping and others.<\/p>\n

\u201cI reminded him that’s not fair competition,\u201d Pompeo said.<\/p>\n

Trump had announced a 25 per cent tariff on up to $50 billion in Chinese imports. China is retaliating by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey. Trump also has slapped tariffs on steel and aluminum imports from Canada, Mexico and European allies.<\/p>\n

Pompeo on Monday described U.S. actions as \u201ceconomic diplomacy,\u201d which, when done right, strengthens national security and\u00a0international\u00a0alliances, he added.<\/p>\n

\u201cWe use American power, economic might and influence as a tool of economic policy,\u201d he said. \u201cWe do our best to call out unfair economic behaviours as well.\u201d<\/p>\n

In a statement, Trump says he has an \u201cexcellent relationship\u201d with Xi, \u201cbut the United States will no longer be taken advantage of on trade by China and other countries in the world.\u201d<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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