Responding to Beijing's countermeasures to the recent US decision to punitively tax Chinese goods worth $50 million, US President Donald Trump has instructed trade officials to consider whether $100 billion of additional tariffs would be appropriate. "Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers," Trump said.
The further tariffs are being considered “in light of China’s unfair retaliation," according to a White House statement.Responding to Beijing's countermeasures to the recent US decision to punitively tax Chinese goods worth $50 million, US President Donald Trump has instructed trade officials to consider whether $100 billion of additional tariffs would be appropriate. "Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers," Trump said. #
China recently challenged Trump's first round of proposed tariffs at the World Trade Organisation (WTO) apart from imposing tariffs on 128 US imports worth $3 billion as a counter measure to US duties on steel and aluminum that, according to Beijing, 'seriously infringed' its interests.
None of the tariffs have come into effect until now.
Trump said he was still open to talks, but only if they were aimed at achieving "free, fair, and reciprocal trade," according to reports by global news agencies.
“This is what a trade war looks like, and what we have warned against from the start,” said US National Retail Federation president and CEO Matthew Shay.
“We are on a dangerous downward spiral and American families will be on the losing end,” Shay added in a statement, urging Trump “to stop playing a game of chicken with the US economy.”
The prospect of a trade war has sent financial markets across the world on a rollercoaster ride. (DS)
Fibre2Fashion News Desk – India
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