China says new tariffs are an act of 'blackmail'

Trump promises Apple he won’t put tariff on iPhones

'Canada is not going to take advantage of the United States any longer, and Mexico is not going to take advantage of the United States any longer, ' Trump told an audience at the National Federation of Independent Business' 75th Anniversary Celebration on Tuesday afternoon.

"If China increases its tariffs yet again, we will meet that action by pursuing additional tariffs on another United States dollars 200 billion of goods".

The United States and China are sinking into a deepening trade conflict as President Trump threatened this week to impose an additional ten percent tariff on 200 billion USA dollars of Chinese goods.

China's commerce ministry strongly criticized the latest move saying it does not follow "the consensus reached by both sides" during negotiations.

The US dollar fell 0.75 percent to ¥109.715 following Trump's tariff comments.

With the trade feud escalating and no further talks scheduled between the two governments, stocks dropped sharply Tuesday. The Dow Jones Industrial Average gave up all of its gains from 2018 and the S&P 500 also fell along with commodities. He added that China is a "predatory economic government" that is "long overdue in being tackled, " matters that include IP theft and Chinese steel and aluminum flooding the USA market. Boeing's stock shed 4.3 percent, Caterpillar 4 percent and GE 2.2 percent.

Trump has been taking potshots at Prime Minister Justin Trudeau and Canada since the end of the G7 summit earlier this month after the prime minister said at a press conference that he told the USA president that his steel and aluminum tariffs were "kind of insulting", and that Canada "will not be pushed around" and that it would not hesitate to impose retaliatory measures.

The US president said he had asked officials to target $200 billion (€172 billion) worth of imports - and threatened to increase taxes on Chinese exports to the US even further should he meet resistance from Beijing.

More news: Portugal 1-0 Morocco

It was retaliation, he said, for China's decision to raise tariffs on US$50 billion in United States goods, which came after Mr Trump announced similar tariffs on Chinese goods last Friday.

The US wants China to stop practices that allegedly encourage transfer of intellectual property - design and product ideas - to Chinese companies, such as requirements that foreign firms share ownership with local partners to access the Chinese market.

Retaliation from Moscow could have a more muted impact on the USA, however.

Wall Street Journal Associate Editor John Bussey, Zor Capital Managing Director Joe Fahmy and FBN's Deirdre Bolton on the mounting US trade tensions with China.

Mr Trump said yesterday if China reacted again to his tariffs he would double the impost.

The two appear to be edging toward a trade fight that analysts say would undermine both their economies and likely slow global growth.

He doubts the latest dispute would damage the relationship between the two countries.

Pompeo on Monday described US actions as "economic diplomacy, " which, when done right, strengthens national security and worldwide alliances, he added.

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