11/07/2018 08:11 AST

The Trump administration raised the stakes in its trade war with China on Tuesday, saying it would slap 10 percent tariffs on an extra $200 billion worth of Chinese imports.

The administration released a wide-ranging list of Chinese goods it proposes be hit with tariffs, including hundreds of food products as well as tobacco, coal, chemicals and tires, dog and cat food, and consumer electronics including television components. “For over a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition,” US Trade Representative Robert Lighthizer said in announcing the proposed tariffs.

“Rather than address our legitimate concerns, China has begun to retaliate against US products ... There is no justification for such action,” he said in a statement.

Last week, Washington imposed 25 percent tariffs on $34 billion of Chinese imports, and Beijing responded immediately with matching tariffs on the same amount of US exports to China.

President Donald Trump has said he may ultimately impose tariffs on more than $500 billion worth of Chinese goods — roughly the total amount of US imports from China last year.

Some US business groups and senior lawmakers sharply criticized the latest action on Tuesday, with Senate Finance Committee Chairman Orrin Hatch, a Republican, saying it “appears reckless and is not a targeted approach.”

The US Chamber of Commerce, which has supported Trump’s tax cuts and efforts to reduce regulation of businesses, also criticized the administration’s move.

“Tariffs are taxes, plain and simple. Imposing taxes on another $200 billion worth of products will raise the costs of every day goods for American families, farmers, ranchers, workers, and job creators. It will also result in retaliatory tariffs, further hurting American workers,” a Chamber spokeswoman said. The Retail Industry Leaders Association, a lobby group representing the largest US retailers, said: “The president has broken his promise to bring ‘maximum pain on China, minimum pain on consumers.’“

“American families are the ones being punished. Consumers, businesses and the American jobs dependent on trade, are left in the crosshairs of an escalating global trade war,” said Hun Quach, the head of international trade policy for the group.

Administration officials said a two-month process would allow the public to comment on the proposed tariffs before the list is finalized.


Arab News

Ticker Price Volume
DSI 0.37 0
SABIC 119.00 3,097,278
SAICO 11.48 1,245,614
STC 80.90 227,141
ARCCO 23.60 285,754
BURUJ 24.50 139,049
EEC 16.64 1,313,294
Index Closing Change
NIKKEI 225 21,680.34 -123.28 (-0.56%)
DAX 11,341.00 -12.67 (-0.11%)
S&P 500 2,736.27 6.07 (0.22%)
German industry says hard Brexit would be disastrous

18/11/2018

Britain crashing out of the European Union without a divorce deal would have disastrous consequences for companies and workers in Britain and across Europe, the head of the BDI German Federation of I

The Gulf Today

UK inflation unexpectedly holds steady in October

15/11/2018

British inflation unexpectedly held steady in October, according to data on Wednesday that raises the prospect that the rate could return to target faster than the Bank of England expects. Consumer p

The Gulf Today

Japan’s economy contracts as natural disasters hit

14/11/2018

Japan’s economy shrank in the three months to September, official data showed Wednesday, after a string of natural disasters hit consumer spending and exports, and China’s slowing economy cast a shad

Arab News

EuroChem to produce lower volumes of potash

14/11/2018

Fertiliser producer EuroChem said it would produce less potash than originally planned this year and would delay the launch of its second plant to the first half of 2019, making its entry into the co

The Gulf Today

New York stocks crumble as Apple's rot spreads

13/11/2018

US stocks crumbled on Monday, with a sell-off initially sparked by fears of weakening demand for Apple’s iPhone spreading to the rest of the market.

The losses compounded declines from the

Gulf News