Trump threatens to ramp up tariffs on Chinese goods

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The administration said Wednesday that Trump has sought to ratchet up pressure on China for trade concessions by proposing a higher 25 percent tariff on $200 billion (152.33 billion pounds) worth of Chinese imports, Reuters said.

Oil Price.com, an industry site, reports that China said on Wednesday that it would respond with quick retaliation if the US moves forward with higher tariffs.

Due to the trade imbalance between the nations, China can not place tariffs on $200 billion worth of USA imports on top of an already announced $50 billion, because it does not import that many goods from the U.S. "Hence China will continue to uphold this basic position of ours", he said.

In 2017 the United States had a $376 billion trade deficit with China, which it is keen to reduce.

Rapid US GDP growth in the second quarter was mostly the result of tax cuts, which stimulated consumer spending, as well as a race to export soybeans and beat the tariffs.

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The threats and counterthreats have stirred increasing unease from USA business and farm groups, which argue that they are the ones losing money and business based on all the new restrictions.

The highest penalties on the new list would be imposed on honey, vegetables, mushrooms and chemicals, targeting farming and mining areas that supported President Donald Trump in the 2016 election.

The GCC's total trade with China was close to $110bn previous year, with the largest export from the region being crude oil, and accounts for more than two thirds of China's trade with the Middle East, according to Nasser Saidi, former chief economist of DIFC, former Lebanese economy minister, who was quoted by gulf daily The National. He also has threatened a further round of tariffs on $300 billion of Chinese goods. It will be September at the earliest before the US decides whether to impose those tariffs. That prompted concern among American companies that retaliation might expand to disrupting their operations in China.

In addition, the United States claims that China is stealing intellectual property despite the practice having been tolerated since China entered the World Trade Organization (WTO).

China was the single greatest source of imports in the UAE in 2016, with imports totaling $25bn, according to OEC, the Observatory of Economic Complexity, a tool that allows users to quickly compose a visual narrative about countries and the products they exchange.

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It would represent a ramping up of pressure over Washington's trade standoff with Beijing.

The dispute is part of broader USA complaints about global trading conditions that have prompted Trump to raise duties on steel, aluminum, washing machines or solar panels from Canada, Europe, Japan and South Korea.

Aerial view of containers at a loading terminal in the port of Hamburg, Germany August 1, 2018.

A spokesman for China's foreign ministry appealed to Washington to negotiate but could not confirm reports the two sides were setting up talks.

This would not help the USA ease its trade imbalance with China either, he added.

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