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No more phoney war after Trump's attack

No more phoney war after Trump's attack

President Donald Trump threatened to add an additional $267 billion in Chinese imports to the target list if China retaliated for the latest US taxes.

China said on Tuesday that it has no choice but to retaliate against new United States trade tariffs, raising the risk that President Donald Trump could soon impose duties on virtually all of the Chinese goods that America buys.

Sohn said he thinks that China will retaliate against every USA tariff and that the back-and-forth sparring will escalate until the U.S.is taxing all Chinese imports - $524 billion past year.

Trump added that the USA will immediately pursue additional tariffs on about 267 billion US dollars of Chinese imports. if Beijing strikes back against American farmers and industry.

The U.S. -China trade war will last not for 20 months or 20 days, but "maybe 20 years", he said. The White House warned Monday that it would respond to any retaliation from Beijing with yet more tariffs on roughly $267 billion of Chinese exports.

The trade dispute between the world's two largest economies has so far remained largely restricted to tariffs on goods and has not spread to other financial realms, despite repeated threats from Trump, dating back to the 2016 election campaign, that he would label China as a currency manipulator.

The trade war between both sides has been escalating for months and the latest round of tariffs means that about half of all Chinese imports to the USA will be subject to increased costs.

Trump also accused China of actively targeting the U.S. election on Tuesday, but offered no evidence to back up his allegation. The lack of progress and collapse of that deal have made future negotiations more hard, as it's unclear who speaks for the United States administration and there's a lack of confidence that any deal will be honored. Beijing has warned that it would hit an additional $60 billion in American products if Trump ordered more tariffs.

It has signalled it might target products manufactured in China that are critical to the supply chains of United States technology and manufacturing companies; products relatively low in value but not easily or readily available elsewhere. "They also know that I am the one that knows how to stop it", he said in a statement on Twitter on Tuesday. That isn't a hypothetical-a boutique case maker called CaseLabs shut down in August, with its CEO claiming that tariffs helped raise their costs by 80 percent.

Also spared from the tariffs were Chinese inputs for US -produced chemicals used in manufacturing, textiles and agriculture.

It is that simplistic (some might say ignorant) view of trade that has led the USA into trade confrontations with China, with its North American Free Trade Agreement partners Canada and Mexico, with South Korea and with Europe.

The latest round of imports will face 10 per cent tariffs through the end of the year, and then the rate will jump to 25 per cent. In these circumstances, the President has directed the U.S. Trade Representative to increase the level of trade covered by the additional duties in order to obtain elimination of China's unfair policies.

The U.S. taxes are targeting Chinese goods that Washington says have benefited from improper industrial policies.

The United States' current unilateral trade actions can not be accepted by China, and the United States has not been honest, ministry spokesman Geng Shuang told a daily news briefing.

This week, Washington raised the stakes by saying it would impose new tariffs on $200bn (£152.1bn) worth of Chinese goods from Monday. US crude exporters could find other buyers, but they might have to discount their oil more heavily.

"If we're not right, we'll roll them back, " Trump is reported to have said.

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