GulfBase Live Support
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.
German industry groups warned on Sunday, before European Commission President Jean-Claude Juncker meets US President Donald Trump this week, that tariffs the United States has imposed or is threateni
Times of Oman
Finance ministers and central bankers from the world’s largest economies meeting in Argentina said heightened trade and geopolitical tensions risk derailing global growth and called for greater dialo
The Gulf Today
The International Monetary Fund (IMF) warned world economic leaders on Saturday that a recent wave of trade tariffs would significantly harm global growth, a day after US President Donald Trump threa
The Gulf Today
The European Union will launch measures on Thursday designed to prevent a surge of steel imports into the bloc following the US imposition of tariffs on incoming steel and aluminium, the EU's officia
Times of Oman
Healthcare digitization and consumerization, the explosion of patient data, and the emergence of value-based reimbursement models, are driving the global life sciences industry towards the $1.5 trill