New tariffs readied for Chinese goods

Trump Announces New Taxes on TVs and Air Conditioners

On Friday, China accused Trump of trade bullying and setting off a chain of possible adverse effects for USA consumers, as well as those overseas.

TESLA IN CHINA: Electric auto producer Tesla will build its first factory outside the United States in Shanghai. "Our global trade is extremely important and we have to start off on the right track and I'm not sure we are right now", he said.

He spoke Wednesday at China's turn for a regular WTO review of countries' trade policies. If China bans Apple - which it has not threatened to do - the company would lose 33 billion euros, which is around 19 percent of its revenue, as well as access to the world's largest consumer market.

The Chinese government has vowed to take "firm and forceful measures" against US threats to expand tariff hikes.

The president last month asked the U.S. Trade Representative's office to identify US$200 billion of Chinese goods that could be hit with 10 percent tariffs. "We have been very clear and detailed regarding the specific changes China should undertake", highlighted Lighthizer.

This latest move follows an earlier $50 billion tariff, which levied 25 percent import duties on Chinese goods used mainly for manufacturing.

'It is totally unacceptable for American side to publish a tariff list in a way that is accelerating and escalating, ' it said. "In order to safeguard the core interests of the country and the fundamental interests of the people, the Chinese government will, as always, have to make the necessary counter-measures".

'Given China's likelihood of retaliation, it's also billions worth of new tariffs on American exporters'.

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"Trump's escalation of trade hostilities makes it increasingly hard to envision an exit path from an all-out trade war".

A possible second round of tariff hikes announced Tuesday by the U.S. Trade Representative targets a $200 billion list of Chinese goods. "Given China's likelihood of retaliation, it's also billions worth of new tariffs on American exporters".

"Although I have supported the administration's targeted efforts to combat China's technology transfer regime, tonight's announcement appears reckless and is not a targeted approach", said Sen.

China bought $130 billion of USA goods a year ago.

"Grocery stores and restaurants thrive when they offer the public options", he said.

President Donald Trump has said he may ultimately impose tariffs on more than $500 billion worth of Chinese goods - roughly the total amount of USA imports from China past year. So far, the United States has raised tariffs, or import taxes, on shy of $40 billion of Chinese goods and it might be quintupling that before the end of September.

US President Donald Trump has suggested these could come into effect later this month. Read 'Shocked' by Latest U.S. Tariff Plan, Beijing Seeks Retaliatory Action here.

"For over a year, the Trump Administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition", Lighthizer said.

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