Trade War: US President Donald Trump warns additional $200bn in tariffs on China
Washington, June 19 (IBNS): Adding more fuel to the growing trade battle, US President Donald Trump has threatened to impose tariffs on an additional $200bn of Chinese goods.
The White House said Monday evening that if China goes through with its promise to retaliate against the US tariffs announced last week, the United States will impose tariffs on an additional $200 billion worth of Chinese goods, reported CNN.
"Further action must be taken to encourage China to change its unfair practices, open its market to United States goods, and accept a more balanced trade relationship with the United States," Trump said in a statement as reported by CNN.
US President Donald Trump on Friday said his country will implement a 25 percent tariff on $50 billion of goods from China that contain industrially significant technologies.
"In light of China’s theft of intellectual property and technology and its other unfair trade practices, the United States will implement a 25 percent tariff on $50 billion of goods from China that contain industrially significant technologies," Trump was quoted saying in a statement issued by the White House.
" This includes goods related to China’s Made in China 2025 strategic plan to dominate the emerging high-technology industries that will drive future economic growth for China, but hurt economic growth for the United States and many other countries. The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices," he said.
Speaking further, he said: "These tariffs are essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs. In addition, they will serve as an initial step toward bringing balance to the trade relationship between the United States and China."
He said: "The United States will pursue additional tariffs if China engages in retaliatory measures, such as imposing new tariffs on United States goods, services, or agricultural products; raising non-tariff barriers; or taking punitive actions against American exporters or American companies operating in China."
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