Monday, October 26, 2020

Trump considers imposing another $100 billion in tariffs on China

A farmer holds a hand full of soybeans at a large farm in northern Iowa, USA, 04 April 2018. China has proposed tariffs on soybeans and other imports in retaliation for US tariffs on Chinese steel and aluminum. EFE

Washington DC, Apr 5 (EFE).- The President of the United States announced Thursday that he is considering to impose a new set of tariffs worth $100 billion on Chinese products after the Asian giant decided to apply extra duties on US products in response to the $50 billion of taxes Washington levied on Chinese imports.

US President Donald Trump ordered the Office of the US Trade Representative (USTR) to “identify the products to impose such tariffs,” of about $100 billion, “in the light of China’s unfair retaliation”.

Trump added that these additional tariffs would be levied on Chinese products related to intellectual property, innovation and technology transfer.

Trump announced his plan to levy these additional tariffs on China following the Asian giant’s decision to impose extra taxes on 250 US products worth $50 billion, including on soybeans, corn, beef, orange juice, tobacco, cars and certain types of aircraft.

China undertook this measure in response to the taxes worth $50 billion earlier imposed by the United States on about 1,300 Chinese products.

Also on Thursday, China also filed a complaint against the United States with the World Trade Organization (WTO) over the first set of tariffs imposed on China’s imports.

Trump, earlier this week, denied that he has engaged a trade war with China as this battle, he said, “was lost many years ago.”