Trump Announces New Taxes on TVs and Air Conditioners

Trump Announces New Taxes on TVs and Air Conditioners

"Cooperation is the only correct choice between China and the United States".

"At the same time, the trade dispute can easily be blamed for a variety of ills".

He spoke Wednesday at China's turn for a regular WTO review of countries' trade policies. The Commerce Ministry has repeatedly pointed out that it responding to USA moves in equal measure - not playing the instigator.

The Chinese government has vowed to take "firm and forceful measures" against USA threats to expand tariff hikes.

In Beijing, Li Chenggang, assistant minister at China's Commerce Ministry, said at a forum in Beijing that the latest United States proposals interfered with the globalisation of the world economy and that China's support for a multilateral trade system would not change.

The Trump administration is readying tariffs on another $200 billion in Chinese imports, ranging from burglar alarms to mackerel, escalating a trade war between the world's two biggest economies. China will soon file new complaints at the World Trade Organization to safeguard its legitimate interests. But it could interfere with American automakers and retailers who see China as a key market by regulating import licenses or investigating US firms for tax, environmental, and antitrust concerns, according to the Associated Press. Within four days, the trade war had escalated: a second round of tariffs is already on the horizon.

On Tuesday, the Office of the US Trade Representative proposed implementing 10 percent tariffs on a whopping 6,031 types of Chinese goods, including a range of food products and consumer electronics. "Investors are going to be waiting for a reaction from Beijing once again", said Commerzbank analysts. Chinese tariffs have already impacted US exports such as soybeans.

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On Wednesday, Beijing accused Washington of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 per cent tariffs on $200 billion of Chinese goods.

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

The list is subject to a two-month public comment period before taking effect.

The White House move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it "reckless" and not "targeted". "It will also result in retaliatory tariffs, further hurting American workers", a Chamber spokeswoman said.

The commerce ministry confirmed last month that Chinese exporters were front-loading shipments to the U.S.to get ahead of expected tariffs - a situation that could exacerbate any slowdown in shipments towards year-end.

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.

Later, Beijing responded to the latest tariff list, calling it a "totally unacceptable" escalation of Washington's trade war. Ryan singled out China as one of a number of countries that engage in unfair trade practices, but added, "I just don't think tariffs are the right mechanism" to resolve the problem.

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