While the US-China Trade battle is heating over every day, President Donald Trump on Monday has threatened to impose tariffs on an additional $200 bn of Chinese goods amidst growing conflicts.
The White House has said that if China is found going against its promise to retaliate against US tariffs announced last week, US will impose additional tariffs of worth 200 bn dollars on Chinese goods.
In a statement that released Monday morning, Trump said,
Further action must be taken to encourage China to change its unfair practices, open its market to United States goods, and accept a more balanced trade relationship with the United States.
He also said that China has no intention of altering its unfair trade practices and is now threatening US companies workers and farmers who have done nothing wrong.
Meanwhile, China has responded by accusing the US of blackmail fueling the possibility of a full-blown trade war.
China’s commerce ministry has retaliated to Trump’s statement saying that China too will not shy away in adopting comprehensive measures combining quantity and quality to make strong countermeasure.
Notably, may economist have warned that the tariffs will result in more expensive products for US consumers and impact US businessses which it is trying to protect
US President has directed Trade Representative Lighthizer to identify $200 billion worth of Chinese goods for additional 10% tariffs, which would be enacted “if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced.”