US to slap tariffs on extra $200 billion of Chinese imports

China urges domestic firms to boost non-American imports as trade war with US escalates

The US has announced its plans to impose taxes on a further $200 billion worth of Chinese imports, in retaliation for China's retaliation to America's first round of tariffs. The move makes good on the president's threat to respond to China's retaliation for the initial USA tariffs on $34 billion in Chinese goods, which went into effect on Friday and would eventually place almost half of all Chinese imports under tariffs.

China accused the United States of starting "the largest trade war in economic history", after the first round of tariffs took effect last week.

This builds on 25 per cent tariffs on $US34 billion worth of Chinese imports into the US that took effect at midnight on Friday, and carries out US President Donald Trump's threat to respond to any Chinese retaliation to those taxes.

Lighthizer's office will hear public comments on the plan and will reach a decision after August 31, according to a senior administration official who briefed reporters on condition of anonymity.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc.

"Tariffs on $200 billion in Chinese products amounts to another multibillion-dollar tax on American businesses and families", said Scott Lincicome, a trade lawyer and senior policy analyst for the group Republicans Fighting Tariffs.

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Companies are "scrambling to readjust supply chains" so US -bound goods don't pass through China, Harborn said at a news conference. But China only bought about $135 billion in USA goods past year, meaning it will run out of American products to tax before it matches Trump's latest move. The officials said they tried to target goods that would reduce the harm to USA consumers.

The goal is to bring the total amount of Chinese imports up to 40 per cent of the total imported from the Asian power, since the United States products hit by Beijing's retaliation represent that share of exports, an official told reporters in a conference call.

Trump has been considering tariffs against China since his officials concluded in March that Beijing violates US intellectual-property rights, such as by forcing American firms to hand over technology. "There is no justification for such action", he said in a statement.

The Retail Industry Leaders Association said new tariffs on Chinese imports would punish American families by driving up prices.

"I'm not sure that Trump feels pressure".

"Unfortunately, China has not changed its behaviour - behaviour that puts the future of the U.S. economy at risk".

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