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We are in the process of customs duties to $200B in Chinese products begins
The ‘Special Report’ panel reacts to the strategy, behind-the-Trump-government for new levies on Chinese products.
The Trump administration announced on Tuesday that it has begun the process of implementing fresh tariffs on $200 billion worth of imported Chinese goods.
The Move is the latest escalation in the ongoing trade war between Washington and Beijing. On Friday, the US 25 per cent tax slapped on $34 billion in Chinese imports, most of them are industrial goods, the government says the trump, receive subsidies and other unfair support from Beijing. China quickly responded with the imposition of duties on $ 34 billion in U.S. products.
In a statement, US trade representative Robert Lighthizer said that the new 10-percent-were the tariffs in response to what he called China’s “retaliation and failure to change their practices.”
“This is a reasonable reaction, to obtain, under the authority of article 301, the elimination of China’s damaging industrial policy,” Lighthizer added.
More than 6,031 product lines are affected by the proposed rates, including seafood, fruit and vegetables, cereals, tobacco, car rear view mirror and intruder alarm systems.
Lighthizer office will hear public comments on the plan and to make a decision after the Aug. 31, according to a senior administration official informed reporters on condition of anonymity.
Senate Finance Committee Chairman Orrin Hatch, R-Utah, replied Lighthizer, the announcement with dismay.
“Although I have the administration supports targeted efforts to combat China’s technology-transfer regime, the announcement today appears to be reckless and is not a targeted approach,” Hatch said in a statement. “We can not turn a blind eye to China’s mercantilist trade practices, but this action falls short of a strategy that the administration room to negotiate with China, while the long-term preservation of health and the prosperity of the American economy.”
All told, Trump eventually threatens-to-slap-to avenge tariffs on up to $550 billion in Chinese imports — more than China actually exported to the United States in the past year — if Beijing give in to pressure from the United States and.
The White house has complained that China has robbers used practices in a relentless push to grant Chinese companies an unfair advantage in the industries of the future, including robotics, electric cars, and Biopharmaceuticals. This tactic is the outright theft of business secrets, state subsidies for local tech companies, and demands that U.S. and other foreign companies to hand over technology, if you want access to China’s huge market.
A senior administration official said to Fox News that China will “respond” to U.S. actions, and has insisted that Beijing sees no way America was hurt by the Chinese policy. The official added that China, the United States warned that future actions would be met with “economic” attacks on the American markets.
Fox Business Network’s Andrew Lawrence and The Associated Press contributed to this report.