Trump orders expansion of tariffs on Chinese products; is tilapia next?

Trump orders expansion of tariffs on Chinese products; is tilapia next?

Trump orders expansion of tariffs on Chinese products; is tilapia next?

The United States had already announced it will impose 25 percent tariffs on $50 billion in Chinese goods beginning in July to punish China for what Trump says are unfair trade practices.

"This practice of extreme pressure and blackmail deviates from the consensus reached by both parties on many occasions and is disappointing for the worldwide community", the ministry said, adding that it would respond firmly with "comprehensive measures combining quantity and quality" if the us ends up pursuing more tariffs.

China has threatened "comprehensive measures" in response to U.S. President Donald Trump's new tariff hike, raising the possibility Beijing might target operations of American companies.

Trade frictions between the United States and Canada have been particularly strained in recent weeks, with Trump taking umbrage at remarks by Canadian Prime Minister Justin Trudeau that were critical of the heavy USA tariffs.

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

He said China's recent claims of "openness and globalisation" are "a joke".

Secretary of State Mike Pompeo made the remarks at the Detroit Economic Club as global markets reacted to trade tensions between the US and China.

American semiconductor makers saw larger losses at 2 percent or more due to their high exposure in China, according to CNBC.

Smaller, more USA focused stocks were doing better than more internationally-focused US stocks, said Mokhtari. Trump said the latest round of tariffs - which he set at 10% - will go into effect if Beijing moves forward with its own import restrictions.

The Chinese Commerce Ministry reacted quickly to Trump's announcement, accusing the United States of "extreme pressure and extortionist behavior" and warning it would "strike back hard".

"Although many think this might be another bluff from Trump, markets are likely to stay nervous to trade-related headlines for now".

"Everyone knows. China is the main perpetrator", he said. China clearly disagrees, which is why we believe we are heading into a tit-for-tat scenario, in which we believe the USA will soon raise the amount subject to tariffs to USD150bn. Cook also said that the trade deficit with China is overstated due to flaws in the way it is calculated. At the same time, China pulled back from the deal made with the USA on 21 May, which, among other things, involved buying more United States products worth USD70bn.

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

U.S. tariffs that affect more than 800 Chinese products worth $34bn in annual trade are due to come into effect on 6 July.

Benchmark U.S. crude was down $1 to $64.85 per barrel in electronic trading on the New York Mercantile Exchange.

Apple's iPhones are assembled in China from parts manufactured in China, the USA, and other countries, a process that could bring the tech giant into the forefront of the Trump administration's escalating trade actions against Beijing as well as China's retaliatory measures.

"This president has promised, going back to June of 2016, that he would use the Section 301 to crack down on China's unfair trade practices", Navarro said on Tuesday.

About $50 billion in tariffs are being targeted as an attempt to get Chinese officials to address intellectual property theft of United States companies by Chinese companies.

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