China stands its ground after Trump amps up tariff threats

The Trump administration had initially announced a 10 percent tariff

The Trump administration had initially announced a 10 percent tariff

U.S. Trade Representative Robert Lighthizer said in a statement on Wednesday that Trump directed the increase from the previously proposed duty because China has refused to meet U.S. demands and imposed retaliatory tariffs on U.S. goods.

- China's foreign minister said Thursday that US threats to hike tariffs run against the trend toward globalization and will hurt USA businesses and consumers. "Importers may have ordered aggressively in June ahead of tariffs imposed this month by the USA and China", the port stated in a press release. "So is the United States trying to put tariffs on its own companies?"

The news comes amid reports of the U.S. administration's plan to impose 25 percent tariffs on $200 billion in imported Chinese goods, according to US-based media.

Trump has complained repeatedly about the gap between the amount of goods US companies buy from China and the amount of goods that USA companies export to China.

The US Dollar rose broadly Thursday as markets responded to a decision by President Donald Trump to up the ante in the so called trade war with China, opening the door to a possible retaliation and fresh unease for markets.

The possible change in tariff rate will alter a public comment period for the proposed tariffs on $200 billion worth of goods ranging from Chinese tilapia fish to furniture and lighting products, extending a comment deadline to September 5 from a previously announced deadline of August 30, the officials said.

6, China's trade data for the first half of 2018 will be published, with many analysts predicting that 2018 may be the first time in 17 years, since China's entrance into the WTO, that China's mid-year account report will be "in the red".

The U.S. had threatened an additional $200 billion with levies of 10%, a level the administration may raise to 25% in a Federal Register notice in coming days, one of the people said.

In response, Chinese authorities have warned the United States against "blackmailing and pressuring", and vowed to hit back if its hawkish partner takes further steps to hinder mutual trade.

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"Each tariff escalation leads to further retaliatory action from China - ultimately inflicting even more harm on American businesses, workers, farmers, ranchers, and consumers".

"We urge the United States to correct its attitude and not to try to blackmail China because it will never work", said Geng at a news conference. "Unilateral threats and pressure will only be counter productive".

In July, the U.S. published a list of $200bn worth of additional products to be hit with tariffs of 10% - a figure the USA is now considering raising to 25%.

The duties, initially announced last month, would not be imposed until after a period of public comment.

The administration has said the tariffs would remain in effect until China opens its markets to more competition and stops what the USA says are unfair practices. "I think it would be a very complicated thing to get out of, because I don't see an easy remedy once we go down this path", said Michael Camuñez, president and CEO of Monarch Global Strategies and former USA assistant secretary of commerce for market access during the Obama administration.

Trump campaigned on a promise to bring down America's massive trade deficits by renegotiating trade agreements and getting tough on countries like China that sell the US far more than they buy from it.

He said China has always believed that the disputes should be resolved through talks and communications, but the dialogue should be based on "equality and respect as well as established rules and credibility".

Ed Bryztwa, director of global trade at the American Chemistry Council, was especially concerned about the additional tariffs, even before the threat of more than doubling the tariff rate.

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