Donald Trump hits China with $200 billion in new tariffs

Trump Announces New Taxes on TVs and Air Conditioners

China has vowed to retaliate dollar-for-dollar to any further US tariffs. As Trump put it back in June (via Twitter): "China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology".

China hasn't yet clarified how it will respond to the latest salvo.

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

In addition, the United States is considering duties on a further US$16 billion in Chinese goods, after a public hearing later this month. The tariffs announced Tuesday would be the third wave. And if negotiators can't make breakthroughs quickly, avoiding Trump's threatened $200 billion in tariffs before they hit, expect prices to rise at the store.

In total, the new import taxes that President Trump is threatening to impose are nearly equal to the value of China's entire goods exports to the United States, worth more than $500bn past year.

FILE - Imported nuts from the United States are displayed at a supermarket in Beijing, March 23, 2018. He said that "must be addressed" by the trade body or others. The move came just four days after the two countries imposed tit-for-tat tariffs of $34 billion on each other's products.

Whether the trade war continues will depend on the political reaction to the current tariffs, says Gary Hufbauer, senior nonresident fellow at the Peterson Institute.

Americans could soon find themselves paying more for goods they might not have known were imported from China.

Further, tariffs aren't the only tactic the Trump administration is pursuing to force concessions.

Mr Trump has threatened to tax $550bn (£415bn) in Chinese products - exceeding America's total imports from China a year ago. It warned that China would have to respond with "necessary countermeasures" but didn't provide details.

Tuesday's announcement was met with backlash from some quarters.

Christine McDaniel, a senior research fellow at George Mason University in Virginia, told VOA that while the Trump administration's actions have bipartisan congressional support, its strategy to date of tariffs and investment restrictions could be costly to US manufacturers and consumers.

More: These 15 counties are most exposed to China's tariffs.

After U.S. President Herbert Hoover signed the tariff act in 1930, which raised tariffs on more than 20,000 imported goods, America's major trading partners punched back with retaliatory tariffs. "Tariffs ultimately are taxes on American consumers that limit choice". He has not formally directed Lighthizer to prepare that list.

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