Published: Wed, July 11, 2018
Global Media | By Jackie Banks

USA to slap tariffs on extra $200 billion of Chinese imports

USA to slap tariffs on extra $200 billion of Chinese imports

Tuesday's announcement included a 205-page public notice and list of the individual products that could be hit by the new 10-percent tariffs.

The tariffs could take effect after public consultations end on August 30, according to a statement from the US Trade Representative's office Tuesday.

China accused the U.S. of starting "the largest trade war in economic history", after the first round of tariffs took effect last week.

Tariff hikes are "hitting immediately the bottom line" of companies that rely on the free flow of trade across countries, said Mats Harborn, president of the European Union Chamber of Commerce in China.

"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", U.S. Trade Representative Robert Lighthizer said in announcing the proposed tariffs.

The extra taxes were announced after Beijing immediately responded with its own tariffs of $34 billion on U.S. products.

Prior to the first round of USA tariffs against China, UBS said negotiations between the two countries looked promising. However, because China exports more to the United States than it imports there are limits on the amount of tariffs Beijing can impose on American goods.

President Donald Trump vowed to hit back after China retaliated for the first round of 25% tariffs on $34 billion worth of imports that Washington imposed last week.

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The move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it "reckless" and not "targeted".

China immediately retaliated with duties on the same value of USA goods, including soybeans and cars.

The president has repeatedly described his resort to tariffs - which are paid by American importers - as a lever to extract negotiating concessions from US trading partners.

He said last month: "China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology".

"Unfortunately, China has not changed its behaviour - behaviour that puts the future of the USA economy at risk".

Up until now, only a few companies, including Harley-Davidson Inc. and Brown-Forman Corp., have publicly said the tariffs will affect their businesses, as most U.S. retailers and consumer brands were spared in the first round of tariffs on Chinese imports.

Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose USA farmers and manufacturers to retaliation overseas.

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