Trump targets another $200 billion in China imports with tariffs

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President Trump urges yet another round of China tariffs, amid the escalating trade war with Beijing.

China had offered to ramp up purchases of American goods by only $70 billion to help cut the yawning trade imbalance with the USA, whereas Trump had demanded a $200 billion deficit cut.

"The US could could have been an alternative supplier but of course that won't be the case if a 25 percent import tariff comes into effect", Fritsch told Arab News.

Trump on Friday announced hefty tariffs on $50 billion of Chinese imports, laying out a list of more than 800 strategically important imports from China that would be subject to a 25 per cent tariff starting on July 6, including cars.

Trump moved forward with measures after months of sometimes fraught shuttle diplomacy in which Chinese offers to purchase more American goods failed to assuage his grievances over the soaring trade imbalance and China's aggressive industrial development policies.

"This all shows how quickly trade tensions could escalate between the US and China", said Derek Halpenny, European head of global markets research at MUFG Bank.

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Analysts say the direct impact of those tariffs may be limited, especially for the USA economy, which is in a strong shape with the jobless rate at the lowest level since 2000 with limited inflationary pressure.

China is not the only country facing the prospect of a trade war with the US. "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong", he said.

That being said, "China is going to retaliate", he added.

And the China trade offensive is only one side of Trump's multi-front battle with all major USA economic partners.

Mr. Trump's comments came hours after the top US diplomat accused China of engaging in "predatory economics 101" and an "unprecedented level of larceny" of intellectual property.

West Texas Intermediate crude - the US benchmark for crude oil - fell to its lowest point Monday since the first week of April, and 11 percent from its recent high of over $72 on May 21. The tariffs were the result of an investigation by Commerce Department into the theft of United States intellectual property by Chinese companies. "It's an unprecedented level of larceny".

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Pompeo raised the trade issue directly with China last week, when he met in Beijing with President Xi Jinping and others.

"Just ask yourself: Would China have allowed America to do to it what China has done to America?" he said later.

He said China's recent claims of "openness and globalization" are "a joke". "But it's a joke", Pompeo said.

Over the past six months, the United States has exported an average 363,000 bpd of crude oil to China, which along with Canada is the biggest buyer of U.S. crude.

"This is predatory economics 101, and many other countries have recognized this", said Pompeo, "President Trump is now working to re-shift this balance".

"If the United States loses its senses and comes up with a new list, China will be forced to strike back hard, and launch comprehensive measures that match the U.S. move in quantity and quality", the Chinese Commerce Ministry said in a statement Tuesday.

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