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Trump Administration Readies Tariffs On $200 Billion Of Chinese Imports

11 July 2018
Trump Administration Readies Tariffs On $200 Billion Of Chinese Imports

In a statement, U.S. Trade Representative Robert Lighthizer said that the new 10-percent tariffs were in response to what he called China's "retaliation and failure to change its practices".

China, meanwhile has vowed to match any future tariffs dollar-for-dollar, signaling an escalating trade war between the two nations.

The list could be released as soon as Tuesday, and likely this week, according to the people, who spoke on condition of anonymity because the matter isn't public.

"As in the past, the United States is willing to engage in efforts that could lead to a resolution of our concerns about China's unfair trade practices and to China opening its market to U.S. goods and services", he said.

The U.S. imposed an initial round of 25% tariffs, applying to $34 billion in imports, as part of a $50 billion tariff plan.

China's retaliation to those measures was "without any global legal basis or justification", Lighthizer said Tuesday.

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 press offices for the U.S. Trade Representative's office and White House didn't immediately comment when Bloomberg News contacted them.

"We encourage companies to optimize the structure of imports, increase imports of soybean, agricultural products, as well as seafood and cars from other countries and regions", said the ministry, explaining that the measures are aimed at mitigating the effects of the trade war with the United States.

In addition, the U.S.is considering separate duties on a further US$16 billion in Chinese goods, after a public hearing later this month. China has vowed to retaliate dollar-for-dollar to any further U.S. tariffs. US officials insist China's retaliatory tariffs are unjustified.

The administration says its tariffs are created to punish China for what it calls unfair trade practices, theft of intellectual property, and "forced technology transfers". Chinese tactics, the administration said, include outright cybertheft and forcing United States companies to hand over technology in exchange for access to the Chinese market.

Updates with market reaction in third paragraph.