Trump proposes raising tariffs to 25% on $200 billion of Chinese imports

US President Donald Trump gestures next to China's President Xi Jinping during a business leaders event at the Great Hall of the People in Beijing on 9 November 2017

It would also give Congress more oversight of the process. Administration officials are exploring an additional $200 billion of goods on which tariffs might be imposed.

But Fred Bergsten, founding director of the Peterson Institute for International Economics, told CNBC that China would be able to absorb blows more easily than Washington.

"They better not underestimate the President", Mr Kudlow said in an interview on Fox Business Network.
The Chinese "are not in good economic shape".

China's foreign minister said Thursday that US threats to hike tariffs run against the trend toward globalization and will hurt USA businesses and consumers. Democrats and Republicans have complained that China's ability to sell goods in the United States at a lower cost than USA companies has put thousands of American firms out of business, costing manufacturing jobs and hurting the US economy.

There are signs that his approach is not working the way he intended.

Washington touted its initial tariffs as being carefully constructed to avoid having a big impact on US consumers and companies, but the expansion of the tariff lists has drawn in more goods that can not be imported from outside China.

Trump recently threatened to slap punitive tariffs on all Chinese imports, which accounted for more than $500 billion past year.

Washington is expected to soon implement more tariffs on $21 billion in additional Chinese goods, which China has already announced it will match immediately.

Washington and Beijing are locked in battle over American accusations that China's export economy benefits from unfair policies and subsidies while stealing American technological know-how.

"If someone wants a trade war", China's commerce minister Zhong Shan has said, "we will fight to the end".

With such figures, it's only logical that Trump's new tariffs will have drastic repercussions on GCC markets.

But this move did not satisfy many Republican lawmakers, who said it was unclear how the White House planned to ultimately resolve its differences with Beijing.

Chinese State Councilor and Foreign Minister Wang Yi on Thursday called for building a closer China-ASEAN community with a shared future at the China-ASEAN foreign ministers' meeting.

Coal is another commodity that appears to have been unaffected by trade war concerns, with both Chinese import demand and prices rising strongly. USA stocks were mixed. "This won't work on China", Geng said.

China's imports from the United States past year totalled $153.9 billion.

The latest on the on-going trade war bewteen Washington and Beijing. the Trump administration says it's considering raising its proposed tariffs on 200 billion dollars of Chinese 25 percent. China can not match that dollar for dollar, but it vowed to fight back using "qualitative and quantitative" measures.

While the conflict nominally centers around the US's $375 billion annual goods trade deficit with China, it has morphed into a chapter in the nations' broader strategic rivalry.

Parker added: "Enough is enough".

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