President Trump threatens new tariffs on $200 billion in Chinese imports

President Donald Trump gestures as he signs a

The administration has identified $200 billion in Chinese exports it plans to add tariffs to, on top of the original $50 billion in products it first chose to go after.

China and the United States traded goods and services worth over $650 billion in 2016.

With the Trump administration holding strong on its tough on trade agenda, those types of shocks may continue even as Credit Suisse said the reaction to the new tariffs was "overblown".

The president said the only acceptable result for his administration is a significant reduction in the trade deficit and balanced fair trade between both countries.

Navarro, known for his hard-line approach to China, still says the U.S.is open to talks to resolve the dispute before it imposes tariffs on up to $450 billion in Chinese products.

Trump said that the new tariff would go into effect if the Chinese government did not lower recently announced tariffs on United States goods and failed to address the theft of usa intellectual property by Chinese companies.

"I understand where President Trump's coming from", he said.

Although Mr. Trump's audience applauded his comments on tariffs at the annual National Federation of Independent Business conference, the renewed trade hostilities between Washington and Beijing are spooking many sectors of the US economy, from Wall Street to the agricultural heartland.

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After all, the U.S. sells much less to China than the other way around.

"If the US side becomes irrational and issues the list, China will have to adopt comprehensive measures in quantity and quality in order to make strong countermeasures", said the statement.

According to a report in Monday's New York Times, in the midst of the escalating trade war rhetoric between the USA and China, Apple CEO Tim Cook has allegedly been given a promise from the Trump administration that the Apple iPhone, assembled in China, will not be slapped with any tariffs for its trip across the us border.

Stock markets tumbled on Tuesday after U.S. President Donald Trump escalated a dispute with Beijing over technology policy by threatening a tariff hike on an additional $200 billion of Chinese goods.

In a separate statement, Lighthizer said that he supported Trump's action and that his agency "is preparing the proposed tariffs to offset China's action". Both countries' $34 billion tariffs are set to go into effect July 6. If Intel makes a chip at its US plants in Oregon, Arizona or New Mexico, then sends it to China for low-level assembly work and then brings it back so it can be put into a device manufactured in the United States, the chip would get hit by the tariff. The yield on the US 10-year Treasury fell to 2.89 percent from 2.92 percent. -Chinese trade means Beijing doesn't import enough American goods to match Trump's latest threat.

The China trade offensive is only one side of Trump's multi-front battle with the United States' economic partners as he presses ahead with his protectionist "America First" agenda. The Australian dollar, often considered a proxy for China-related trades, brushed a one-year low of $0.7381 too. But last week, Trump unveiled a revised list that included several categories of chips, raising fears that tariffs could impact the United States technology sector.

"Canada is not going to take advantage of the United States any longer", Trump said. China's Commerce Ministry criticized the White House action as blackmail and said Beijing was ready to retaliate.

Initially, 545 United States products valued at $34 billion will be targeted by China, mimicking the Trump administration's tariff rollout.

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