Trump seeks Dollars 100 billion additional tariffs on Chinese imports

Trump seeks Dollars 100 billion additional tariffs on Chinese imports

"He's a friend of mine and I'm a friend of his, and I like him a lot but he's representing China and I'm representing the United States of America and it was time that we did something", said Trump.

In Beijing, a Commerce Ministry spokesman said China doesn't want a trade war - but isn't afraid to fight one.

President Donald Trump ordered his administration to consider imposing tariffs on an additional US$100 billion in Chinese imports, a salvo that sent USA stock futures tumbling on concern the world's two largest economies were hurtling toward a full-blown trade war.

Mr Trump's proposal intensified what was already shaping up to be the biggest trade battle since the Second World War.

During a campaign event on Thursday in Sandy, Utah, Romney said Trump's policies will "wake up" Beijing and "they'll recognise that business as usual is going to have to change".

Trump also explained that he has asked Agriculture Secretary Sonny Perdue "to use his broad authority to implement a plan to protect our farmers and agricultural interests".

"Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers", Trump's statement said.

After the USA threatened on Tuesday to levy tariffs on $50 billion of Chinese goods for alleged violations of US intellectual property laws, China quickly came up with its own $50 billion hit list of US exports to China, including aircraft. The Chinese list Wednesday included soybeans, the biggest USA export to China, and aircraft up to 45 tons (41 metric tons) in weight.

China retaliated Wednesday with its own tariffs on $50 billion dollars of American products, including pork, beef, soybeans, whiskey, wine and aircraft. "So we may take a hit, and you know what, ultimately we're going to be much stronger for it, but it's something we ought to do".

After years of mistakenly assuming economic engagement would lead to a more open China, the U.S. government was doing something about Beijing's demand that U.S. companies give up trade secrets in exchange for access to China's market, Warren said.

Mr Trump said the United States has already lost any trade war, as he defended his proposed tariffs, saying the move might cause "a little pain" but the USA will be better off in the long run.

Trump says China's trade practices have caused American factories to close and lead to the loss of American jobs.

Wall Street slumped again following a week of rising tensions between the two countries that has rattled financial markets and raised the prospect of disruption to world trade.

The next step in the process may be for US negotiators to give a list of "suggestions" to their Chinese counterparts in an effort to settle ongoing disputes, Kudlow said.

Trump tweeted moments later, criticizing the World Trade Organization and suggesting it's "unfair" to the U.S.

"We're not running a trade war", White House economic adviser Larry Kudlow said. He warned that talks "could be complex and various factors such as [intellectual property] and technology will linger beyond a single trade dispute". "The first tariffs targeting $50 billion in goods was sold as placing a minimal burden on American families". "If the United States announces an additional $US100 billion ($130 billion) list of tariffs, China has already fully prepared, and will not hesitate to immediately make, a fierce counterstrike". There's no timeline for developing a product list for Trump's new request for tariffs on an additional $100bn worth of imports, and interested parties will have an opportunity to comment, an administration official said on Friday.

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