Trump threatens additional tariffs on $200 billion of Chinese goods

Trump escalates China trade war with extra tariffs

The White House late on Monday announced that it was asking the USTR to draw up a list of $200 billion-worth of Chinese goods to hit with an additional 10% tariff in response to China publishing a list of 545 United States items worth $50bn in export revenue on Friday that it would slap with a 25% tariff.

"Such a practice of extreme pressure and blackmailing deviates from the consensus reached by both sides on multiple occasions", the ministry said in a statement.

The dollar fell against the yen in early Asian trade on Tuesday after U.S. President Donald Trump's threats of more tariffs on China raised worries about an escalating trade war between the world's two largest economies.

China has threatened "comprehensive measures" in response to U.S. President Donald Trump's new tariff hike, raising the possibility Beijing might target operations of American companies.

U.S. Secretary of State Mike Pompeo spoke to a business group in Detroit, Michigan on Monday.

China bought American goods worth $153.9 billion previous year, while exports to the United States totaled $429.8 billion, according to customs data.

American semiconductor makers saw larger losses at 2 percent or more due to their high exposure in China, according to CNBC.

In a new profile by the New York Times, details have emerged of how Tim Cook has been talking to both Trump's administration and leadership in China to ensure Apple's stability in both countries.

More news: Stocks go nowhere after European Central Bank signals steady rates till next summer

China imported $129.89 billion of USA goods a year ago, while the US purchased $505.47 billion of Chinese products, according to US data. The sources say that China could play the "national security" card to prevent Apple's contract manufacturers like Foxconn from receiving the constant flow of parts needed to keep iPhone assembly lines running smoothly.

Wall Street slumped in midday trade as trade tensions between China and the United States continued, as the two largest economies in the world faced a tit-for-tat over trade tariffs. Taken together, the two measures would raise the effective price on almost half of all imports from China into the U.S.

It could also be that he thinks China will run out of USA imports against which to retaliate.

Read: What can Beijing do if China-US trade row worsens?

"I have an excellent relationship with President Xi (Jinping), and we will continue working together on many issues".

But, he said, "the United States will no longer be taken advantage of on trade by China and other countries in the world".

About $50 billion in tariffs are being targeted as an attempt to get Chinese officials to address intellectual property theft of U.S. companies by Chinese companies.

"We use American power, economic might and influence as a tool of economic policy", he said. Tokyo's benchmark Nikkei index dropped more than 1.7 percent on June 19, with investors jittery over US-China trade tensions and a strong yen.

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