Trump calls for US$200B more tariffs on China; US futures drop

Oil rises ahead of OPEC, pressured by China tariffs

Oil rises ahead of OPEC, pressured by China tariffs

China has underestimated President Donald Trump's resolve to press ahead with tariffs unless Beijing changes its "predatory" trade practices, a top USA trade advisor said on Tuesday, in comments that undercut the chances of a negotiated settlement to a looming trade war between the world's economic superpowers.

China imported $129.89 billion of USA goods a year ago, while the United States purchased $505.47 billion (383.6 billion pounds) of Chinese products, according to US data. Slapping tariffs on $200 billion more in goods, in addition to the $34 billion already set, would likely mean that nearly all Chinese products would face some import tax-though this depends on whether or not the new tariffs are on goods already taxed.

According to the report, Trump's administration has explicitly told Cook that it will not place tariffs on Chinese-assembled iPhones - a major guarantee for the company - but Apple is concerned about potential actions by China's government.

"[They would take effect] if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced", he said. Trump's June 15 tariffs came in response to a months-long investigation that documented trade practices from forcing USA companies to share trade secrets to subsiding domestic industries which have been widely condemned as unfair.

While criticising Trump, the commerce ministry said China would defend free trade and remain committed to opening up "no matter how the external environment changes".

"A pending trade war and a selloff in global equities is benefiting the yen and dollar", said John Doyle, vice president of dealing and trading at Tempus Inc in Washington.

Beijing also drew up a second list of $16 billion in chemical and energy products to hit with new tariffs, though it did not announce a date for imposing them.

US and European equity markets looked set to follow Asia into the red.

"China has a farily predictable pattern of responding immediately and with pretty stiff tariffs", says Ron Kirk, U.S. Trade Representative under President Obama and now a partner at the law firm Gibson, Dunn and Crutcher.

China bought American goods worth $153.9 billion past year, while exports to the United States totaled $429.8 billion, according to customs data.

'Rising Kashmir' editor shot dead in India-Occupied Kashmir
He has gone way ahead in his profession."The senior journalist went to say that he was dedicated and efficient in his profession". He was also a regular presence at secondary diplomatic initiatives envisioning better relations between India and Pakistan .

China was unlikely change its industrial policies in response to the USA trade threats, he said.

"It's kind of a lose-lose for both the people in China and the USA soybean industry, and the soybean farmer", said Bardole.

To escalate the trade war, China would have to turn to non-tariff measures. "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong", he said.

United States politics may restrain Trump.

Monday's announcement came days after Beijing announced tariffs on $50 billion worth of USA goods in a tit-for-tat response to those finalized by Trump earlier Friday.

I have an excellent relationship with President Xi, and we will continue working together on many issues.

Shi Yinhong, a professor of global relations at Renmin University of China, said that with the world's two largest economies now embroiled in "a semi economic cold war", Beijing faced the challenge of getting Trump back to the negotiating table.

As such, many economists think China is more likely to turn up the heat on U.S. firms than risk creating havoc in the markets that might burn Beijing instead.

Since June 1, steel and aluminium imports from the European Union, Canada and Mexico have been hit with tariffs of 25 per cent and 10 per cent, respectively.

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