Economy

China warns against blackmail as Donald Trump considers higher tariffs

China warns against blackmail as Donald Trump considers higher tariffs”

Robert Lighthizer said Mr Trump directed the increase because China refused to meet United States demands and has imposed retaliatory tariffs on U.S. goods.

Trump administration officials say the U.S.'s robust economy gives it the high ground in the trade battle against China, which is showing signs of an economic slowdown.

The Trump administration says it's looking into whether to increase the proposed tariff on 200 billion US dollar worth of Chinese imports from 10 percent to 25 percent.

In response to earlier reports that the U.S. was considering the move, Chinese foreign ministry spokesman Geng Shuang warned Wednesday that "blackmail and pressure from the U.S. side will never work on China".

US President Donald Trump's administration is proposing a higher 25 percent tariff on Chinese goods.

China's Foreign Ministry spokesperson Geng Shuang said at a press briefing that President Trump's threats at "blackmail" would fail. All this is on top of a 25% tariff on $34 billion in goods that's already gone into effect, and similar tariffs that are about to go into effect on another $16 billion in Chinese goods.

The U.S. trade war with China just got kicked up another notch.

Global stocks took a tumble on Wednesday as news spread about U.S. plans for steeper tariffs.

The Chinese yuan also ticked lower against the dollar, extending its year-to-date decline to more than 4.5 percent.

"China and the USA have had several rounds of consultations and reached important consensus, but regrettably the US did not fulfill its obligations", Foreign Minister Wang Yi said on Monday.

The higher tariff rate, if implemented, would apply to a list of goods valued at $US200bn identified by the USTR last month as a response to China's retaliatory tariffs on an initial round of U.S. tariffs on $US34bn worth of Chinese electronic components, machinery, autos and industrial goods.

The administration announced last month it will provide up to $12 billion in relief for farmers who are losing money due to the trade battles.

Trump's ongoing trade dispute with China has put him at odds with members of his own party and the USA business community, who have expressed outrage about the protectionist bent of his administration's trade policies, and warned of negative consequences for the United States economy.

The government will seek public comment on the idea.

The tariffs would affect food, chemicals, steel and aluminum and consumer goods ranging from dog food, furniture and carpets to vehicle tires, bicycles, baseball gloves and beauty products.



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