Published: Wed, July 11, 2018

Australian dollar smacked as Trump readies $200bn tariffs for China

Australian dollar smacked as Trump readies $200bn tariffs for China

The tariffs could take effect after public consultations end on August 30, according to a statement from the U.S. Trade Representative's office Tuesday.

President Donald Trump is preparing to release a list of an additional $200 billion in Chinese products to be hit with tariffs, according to two people familiar with the matter.

"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 list includes agricultural products, minerals and consumer goods such as handbags, among other items.

The move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it "reckless" and not "targeted".

"Trump's escalation of trade hostilities makes it increasingly hard to envision an exit path from an all-out trade war".


China immediately retaliated with duties on the same value of USA goods, including soybeans and cars.

Beijing thus far has vowed to respond in kind to any US trade action.

The Trump administration on Tuesday announced a package of tariffs targeting Chinese exports valued roughly at $200 billion.

The International Monetary Fund has warned that a full-blown trade war could undermine the broadest global upswing in years. Since then, the president has said his administration could impose duties on virtually all Chinese imports into the U.S.

"The Trump administration is gambling that by wielding such a big club, it will force China to back down", said Edward Alden, a senior fellow at the Council on Foreign Relations.

The additional USA tariffs, which will go through a two-month approval process including a public hearing, come after China retaliated in a tit-for-tat trade skirmish last week.

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