The Trump administration announced Tuesday plans to impose more hard-hitting tariffs on China, this time to the tune of hundreds of billions of dollars.
The U.S. has decided to put a 10 percent tariff on Chinese products worth an estimated $200 billion, Reuters reports. The tariffs are intended as trade penalties for China’s failure to change its behavior with regard to trade.
“For over a year, the Trump Administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition,” U.S. Trade Representative Robert Lighthizer said in an official statement, CNBC reports.
“Rather than address our legitimate concerns, China has begun to retaliate against U.S. products,” he added.
After months of threats, minor jabs, and failed negotiations, the trade war escalated in a big way last Friday, as the U.S. imposed a 25 percent tariff on Chinese goods worth $34 billion, triggering an immediate reciprocal Chinese response.
“After the U.S. activated its tariff measures against China, China’s measures against the U.S. took effect immediately,” Ministry of Foreign Affairs spokesman Lu Kang said Friday, as the Ministry of Commerce firmly accused Washington of starting the “largest trade war in economic history.” (RELATED: US, China Locked In ‘Largest Trade War In Economic History’ As Tens Of Billions Of Dollars In Tariffs Drop)
The newest tariffs would be in addition to the tariffs already in place. These trade penalties will not go into effect immediately; rather, they will be subject to review in late August.
President Donald Trump has suggested that the U.S. could end up placing tariffs on Chinese products worth up to $500 billion, which would force China to either change its ways or apply non-tariff measures in retaliation, taking the war into new domains.
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