Trump, China trade war: 25% tariff on $200 billion of Chinese import

Washington has already imposed 25 percent tariffs on Chinese goods worth $34billion

President Trump plans to impose 25 percent tariffs on $200 billion worth of imported Chinese goods, a report said on Tuesday.

China has been quick to retaliate against most USA tariff actions, although the Ministry of Commerce is yet to respond to Wednesday's announcement.

Mickey Kantor, who was USA trade representative under President Bill Clinton, warned that a trade war with China will take a toll on a us healthy economy that from April through June registered the fastest growth since 2014. But Chinese Foreign Ministry spokesman Geng Shuang reiterated at a regular news briefing that the United States' efforts at "blackmail" would fail. And U.S. auto imports are under separate threat.

The new levies would escalate trade tensions with the foreign power and add to a 25 percent tariff already imposed on $34 billion of Chinese imports in July.

Trump has complained repeatedly about the gap between the amount of goods US companies buy from China and the amount of goods that USA companies export to China.

The Chinese government has warned that the country will retaliate with trade restrictions of equal measure if Trump follows through on the threat.

In early July, the USA government imposed 25-percent tariffs on an initial $34 billion of Chinese imports.

Whether or not President Trump understands that the policies he has so far enacted will on balance explode the trade deficit is tough to say.

The threatened tariffs of 10 percent could rise to 25 percent on thousands of products, including food, chemicals, steel and aluminum, furniture, tires, bicycles and beauty products.

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In response, Chinese authorities have warned the U.S. against "blackmailing and pressuring", and vowed to hit back if its hawkish partner takes further steps to hinder mutual trade. The European Commission separately is considering a draft proposal to address some of the Trump administration's concerns and offer ways to fill gaps in WTO's 23-year-old rule book. "Regrettably, instead of changing its harmful behaviour, China has illegally retaliated against U.S. workers, farmers, ranchers and business", Lighthizer argued.

China's vice-trade minister Wang Shouwen said last month in Geneva that "for any talks to be successful, no party should point a gun at the other party".

While raising the bar on countermeasures at each point, China has also knocked the doors of the WTO dispute settlement body with trade disputes against the US's illegal and unilateral crowbar trade measures.

China's Foreign Ministry spokesperson Geng Shuang responded to questions Wednesday about the possibility of the U.S. raising tariffs on $200 billion in goods.

The US government is now discussing and taking comments on the implications of these tariffs from key industry figures who are campaigning for the tariffs to be dropped or removed altogether until the 17th of August.

Washington and Beijing are locked in battle over American accusations that China's export economy benefits from unfair policies and subsidies, as well as theft of American technological know-how.

Representatives of U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He have been speaking privately as they seek to restart negotiations to defuse the budding trade war, Bloomberg reported, citing sources.

Meanwhile, in corporate America, it appears that there is just one thing executives are talking about: tariffs.

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