Tensions Escalate: Trump Slaps $200 billion More in Tariffs

According to USA Today, the U.S. slapped tariffs on another $200 billion in Chinese imports, ratcheting up ongoing trade tensions between the world’s two largest economic powers.

President Donald Trump says he has imposed the new tariffs in response to what he claims are unfair trade practices by China.

“As president, it is my duty to protect the interests of working men and women, farmers, ranchers, businesses, and our country itself,” Trump said. “My administration will not remain idle when those interests are under attack.”

The tariffs, announced after financial markets in the U.S. closed, will take effect on September 24 and will initially be set at a rate of 10 percent. That rate will jump to 25 percent on January 1.

This means the Trump administration has now levied duties on a total $250 billion worth of Chinese goods – roughly half of the Chinese-made products shipped into the U.S.

China has retaliated by placing duties on an equal dollar amount of U.S. goods and threatened retaliatory tariffs on another $60 billion in U.S. products in response to the Trump administration’s latest actions.

U.S. officials said they remain open to discussions with China to resolve the trade dispute but warned that China must be willing to change its ways and refrain from unfair trade practices, including theft of U.S. technology and intellectual property.

China reportedly was planning to send one of its top economic officials to Washington later this month in an attempt to jump-start the talks.  It was unclear whether the Chinese would be willing to go ahead with that meeting after the latest round of tariffs.

Issues over the U.S. and China trade wars will be a hot topic at the RemaxWorld Summit on October 17 in Zhuhai, China and will be addressed by Merritt Blakeslee, who has been practising in the field of international law and trade regulation since 1991. Blakeslee will discuss the ins and outs of the tariffs and customs issues faced as a result of Trump’s trade war on China, whilst elaborating on the specifics of the tariffs being charged and offering advice on dealing with US customs.