As reported by CBS
President Trump directed the U.S. Trade Representative to prepare new tariffs on $200 billion in Chinese imports Monday as the two nations moved closer to a potential trade war. The tariffs, which Mr. Trump wants set at a 10 percent rate, would be the latest round of punitive measures in an escalating dispute over the large trade imbalance between the two countries.
Mr. Trump recently ordered tariffs onin retaliation for intellectual property theft. The tariffs were quickly , a move that drew the president’s ire.
“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 Monday announcing the new action. “Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong.”
Mr. Trump added: “These tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced.”
Mr. Trump said that if China responds to this fresh round of tariffs, then he will move to counter “by pursuing additional tariffs on another $200 billion of goods.”
China’s government on Tuesday denounced Mr. Trump’s threat of the new tariffs on $200 billion of Chinese goods as blackmail and warned it would respond with “strong countermeasures.”
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