THE Sino-American trade war is gearing up with US President Donald Trump announcing the imposition another US$200 billion on the imports of Chinese goods, reports London's Financial Times
THE Sino-American trade war is gearing up with US President Donald Trump announcing the imposition another US$200 billion on the imports of Chinese goods, reports London's Financial Times.
@FAXTEXT = US Trade Representative Robert Lighthizer has been given the orders to prepare a list of Chinese imported products to be subjected to the tariffs, with a public notice and comment process running over the next two months before the measures come into effect.
The announcement comes just days after the US signed in 25 per cent tariffs on $34 billion of Chinese industrial goods last Friday, with Beijing saying it was applying retaliatory measures.
President Trump has suggested that he is willing to pursue the trade dispute even up to a total of $500 billion in total tariffs on Chinese imports. The latest duties would be set at a rate of 10 per cent.
'For more than a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition,' said Mr Lighthizer, calling Beijing's retaliation lacking in 'legal basis or justification'.
The announcement has been met with criticism from members of Mr Trump's own party as well as democratic lawmakers, with many fearing that it will be difficult to expand the scope of the trade war without there being an impact on consumers.
