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President Trump punishes China for its retaliations with new tariffs of US$100 Billion on Chinese products
Thursday, April 05, 2018
VietPress USA (April 5, 2018): The Trade War between USA and China is now going to another level.
On March 20, 2018, President Trump declared to apply new Tariff of US$ 50 Billion to punish China over theft of U.S. Technologies and to favor their companies over US companies.
On March 20, 2018, President Trump declared to apply new Tariff of US$ 50 Billion to punish China over theft of U.S. Technologies and to favor their companies over US companies.
China's commerce ministry announced a list of 128 American products as potential retaliation targets, according to a statement on its website posted Friday morning.
Today President Trump instructed U.S. trade officials to consider $100 billion in additional tariffs on China, fueling an already heated trade dispute between the world's two biggest economies.
Trump said in a statement the further tariffs were being considered "in light of China's unfair retaliation" against earlier U.S. trade actions that included $50 billion of tariffs on Chinese goods.
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Trump proposes $100 billion more in new tariffs on China
President Donald Trump said on Thursday he had instructed U.S. trade officials to consider $100 billion in additional tariffs on China, fueling an already heated trade dispute between the world's two biggest economies.
Trump said in a statement the further tariffs were being considered "in light of China's unfair retaliation" against earlier U.S. trade actions that included $50 billion of tariffs on Chinese goods.
He added that the U.S. Trade Representative had determined that China "has repeatedly engaged in practices to unfairly obtain America’s intellectual property."
U.S. stock index futures fell in reaction to Trump's latest statement. Financial markets have swung wildly over the past few days in response to fears of escalating trade tensions between Washington and Beijing.
"Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers," Trump said.
The tariffs are aimed at forcing changes to Chinese government policies aimed at transferring U.S. intellectual property to Chinese companies.
The USTR's "Section 301" investigation authorizing the tariffs alleges China has systematically sought to misappropriate U.S. intellectual property through joint venture requirements that often cannot be negotiated without technology transfers, something China denies.
The tariffs have stirred fears that the two countries will spiral into a trade war that will crush global growth.
The Trump administration this week proposed 25 percent tariffs on some 1,300 Chinese industrial and other products. China shot back with a list of similar duties on American imports including soybeans, planes, cars, beef and chemicals.
The retaliatory tariffs have left Republican lawmakers from Western and Midwestern states fearful of a big hit to U.S. farming exporters.
(Reporting by Eric Beech and Caren Bohan in Washington; Editing by Peter Cooney)
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