If China Retaliates to Tariffs, US Will Impose More

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The two sides have been involved in negotiations with China offering to buy $70 billion dollars in USA goods.

"This is a trade dispute - nothing more, nothing less", Mr Navarro said. Hopefully, the U.S. -China trade war doesn't get to the point where Apple will have to make this decision.

The move comes just three days after the president detailed an initial $50 billion in imports that would be taxed an additional 25 percent, which he said was punishment for the theft of intellectual property from USA companies, as well as the trade gap between the two countries. With Trump's latest salvo, he has now threatened tariffs on up to $450 billion in China's exports, out of a total of just over $500 billion in goods sold to the United States.

The US dollar fell 0.75 percent to ¥109.715 following Trump's tariff comments. Most of those entities are legally based in China because that is where most electronics are built, and that explains why Intel booked $14.8 billion in China revenue in 2017.But it is Intel´s $12.5 billion revenue from the United States that is at risk.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", MR Trump said in a statement announcing the new action.

"Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong".

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A trade spat between the top two economies of the world began in April with Trump imposing tariffs on steel and aluminium imports into the USA from China, which also retaliated by imposing additional tariffs worth about three billion United States dollars on 128 U.S. products. All told, Trump is now threatening to penalize up to $450 billion of Chinese goods - a value representing about 90 per cent of Chinese imports past year.

"If the USA loses its senses and publishes a new list", the statement said, "China will be forced to take comprehensive measures that are both strong in quantity and gravity and will fight back".

"If China increases its tariffs yet again, we will meet that action by pursuing additional tariffs on another $200 billion of goods".

Washington's dispute with China 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.

Mr. Navarro said China is seeking by 2025 to control 70 percent of USA industries such as aerospace, agricultural machinery, artificial intelligence, biotech, business application software, electronics, new generation IT, precision farming, robotics, and satellite communications.

"None of these efforts by the president and his team have resulted in any progress on the two core issues facing the U.S".

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The tit-for-tat moves could start to meaningfully slow USA growth, economists warn.

Stock markets across the region fell Tuesday, with Shanghai closing down 3.78 percent, its biggest drop in two years, and Shenzhen down 5.31 percent.

Tariffs are already raising costs for some goods.

Trudeau has been one of the most vocal objectors and gone on American news shows to try and persuade the president to change his mind. He did not say when the new target list would be unveiled. -Chinese trade means Beijing doesn't import enough American goods to match Trump's latest threat.

Beijing also drew up a second list of $16 billion in chemical and energy products to hit with new tariffs, though it did not announce a date for imposing them. They include electric cars, whiskey and soybeans - a politically and economically vital export of America's heartland, where Trump enjoys support. That response prompted President Trump to threaten an additional $200 billion of tariffs.

Set to an unflattering picture of Mr Trump with his hair flying in the wind, the WeChat account of the ruling Communist Party's People's Daily said China had the confidence and the ability to win the trade battle. The yield on the US 10-year Treasury fell to 2.89 percent from 2.92 percent.

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