The Trump administration on Tuesday announced a package of tariffs targeting Chinese exports valued roughly at $200 billion.
Administration officials said the tariff fight is aimed at forcing China to stop stealing American intellectual property and to abandon policies that effectively force USA companies to surrender their trade secrets in return for access to the Chinese market.
The consultation process for the new list will probably last about two months, including public hearings to take place from August 20 to 23, two senior administration officials said Tuesday on a conference call with reporters.More news: USA job growth strong; unemployment rate rises to 4 percent
China, meanwhile has vowed to match any future tariffs dollar-for-dollar, signaling an escalating trade war between the two nations.
The Trump administration on July 6 imposed 25 percent duties on $34 billion in Chinese imports, the first time the president has implemented tariffs directly on Beijing after threatening to do so for months. "There is no justification for such action", he said in a statement.
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 U.S. products hit by Beijing's retaliation represent that share of exports, an official told reporters in a conference call.More news: Tottenham Hotspur's Harry Kane hoping to inspire next generation by reaching final
"Trump's escalation of trade hostilities makes it increasingly hard to envision an exit path from an all-out trade war".
David Cohen, a political scientist at the University of Akron, said the pressure on Mr. Trump will mount as the economic pain spreads from affected companies to be more widely felt by consumers.
If he goes ahead it would mean thousands of products from fish to chemicals, metals and tires would face new taxes. These tactics include the outright theft of trade secrets, government subsidies to homegrown tech firms and demands that USA and other foreign companies hand over technology if they want access to China's vast market. "Reliance on more and more taxes as a means to drive change is a high-risk strategy with USA importers and exporters at the heart". But China only bought about $135 billion in US goods previous year, meaning it will run out of American products to tax before it matches Trump's latest move.More news: Delight for England fans - but minority branded 'total disgrace' by police
The official said the decision was not final and that the list of Chinese goods would not become final until after the public had a chance to comment.
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