Trump preparing additional tariffs on $200B in Chinese goods
11 July, 2018, 02:53 | Author: Myra Gill
The tariffs could take effect after public consultations end on August 30, according to a statement from the U.S. Trade Representative's office Tuesday.
The Trump administration on Tuesday announced a package of tariffs targeting Chinese exports valued roughly at $200 billion.
The U.S. said it had no choice but to move forward on the new tariffs after China failed to respond to the administration's concerns over unfair trade practices and Beijing's abuse of American intellectual property, according to two senior officials who spoke to reporters. "We can not turn a blind eye to China's mercantilist trade practices, but this action falls short of a strategy that will give the administration negotiating leverage with China while maintaining the long-term health and prosperity of the American economy".
Senate Finance Committee Chairman Orrin Hatch, R-Utah, responded to Lighthizer's announcement with dismay.
President Donald Trump last month threatened additional tariffs against China if it retaliated.
Some countries have already announced retaliatory tariffs and other moves that US industries have said forced them to curb plans for expansion and investments overseas.
The move makes good on the president's threat to respond to China's retaliation for the initial us tariffs on $34 billion in Chinese goods, which went into effect on Friday and would eventually place almost half of all Chinese imports under tariffs. China has vowed to retaliate dollar-for-dollar to any further USA tariffs.
Chinese officials are expected to retaliate in other ways, hitting US firms in China with unplanned inspections, delays in approving financial transactions and other administrative headaches.
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