China vs US trade war 0:0 Trump kicks off new tariffs
Let's start with the looming threat to world trade...
Another round of tariffs targeting China are being locked and loaded by the United States.
It's all part of President Trump's vow to get even tougher on trade with China after Beijing responded in kind by slapping tit-for-tat duties on tens of billions of dollars of American products.
Kim Mok-yeon reports.
U.S. Trade Representative Robert Lighthizer on Tuesday released a list of additional Chinese goods worth some 200 billion U.S. dollars... that could be hit with tariffs of ten percent.
Lighthizer says President Trump ordered his office to begin the process in response to China's imposition of tit-for-tat tariffs of 25 percent on 34 billion dollar's worth of U.S. exports last week.
China's most-recent tariffs came a matter of hours after Trump announced that the U.S. was imposing its first round of 25 percent tariffs on 34 billion dollars worth of imports on Chinese goods.
The U.S. Trade Representative criticized Beijing, saying its latest tariffs are (quote) "retaliation" against Washington and that they lack international legal basis or justification.
The list of goods to face ten percent punitive duties includes frozen meats, fresh fish and seafood, butter, onions, and a long list of chemicals.
The latest announcement by the U.S. is expected to deal a big blow to Beijing, as these new tariffs would amount to nearly half of America's annual imports from Asia's largest economy.
The USTR will begin a public notice and comment process prior to the imposition of the final tariffs, which could come into effect as early as September.
In response to the news, China's Commerce Ministry announced on the same day that it cannot accept the additional tariffs proposed by the U.S., adding that it was shocked by the decision.
The ministry also reiterated that China would be forced to hit back against the list put out by the U.S.