11.07.2018 | Trump launches further $200 BILLION tariffs on China as TRADE WAR escalates
Source - The Daily Express
US Trade Representative Robert Lighthizer announced the new restrictions and blamed China’s “harmful” international trading.
He said: “As a result of China’s retaliation and failure to change its practices, the President has ordered USTR to begin the process of imposing tariffs of ten percent on an additional $200 billion (£150.8 million) of Chinese imports.
“This is an appropriate response to obtain the elimination of China’s harmful industrial policies.”
The new sanctions follow 25 percent tariffs worth $34 billion (£25.6 million) which were imposed last week.
The extra taxes were announced after Beijing immediately responded with its own tariffs of $34 billion on US products.
China’s retaliatory restrictions mainly targeted car imports and meat.
American experts have been quick to slam the President’s new rules and accused him of “punishing” ordinary American people.
The Retail Industry Leaders Association said: “The President has broken his promise to bring ‘maximum pain on China, minimum pain on consumers,’ and American families are the ones being punished.”
Meanwhile, US Senator Orrin Hatch, Chairman of the Senate Finance Committee called the move “reckless”.
Daniel Sankey, a financial policy analyst, suggested that the tariffs harm America’s trading with the rest of the globe.
He told reporters: “The Trump administration lacks the savvy skill to impose tariffs in such a way that doesn’t simply harm every single strategic trading partner from the European Union to China.
“This demonstrates the lack of skilled economists and diplomats in the US administration.”