US has 'rebuilt' China: Donald Trump

Trump proposes new tariffs on $200B worth of Chinese goods

Trump proposes new tariffs on $200B worth of Chinese goods

China had offered to ramp up purchases of American goods by $70 billion to help cut its yawning trade surplus with the United States, whereas Trump had demanded a $200 billion deficit cut.

AMP Capital chief economist Shane Oliver said though the Australian sharemarket appeared comfortable with Mr Trump's move, there were increasing risks of a global trade war.

The deepening trade spat between the USA and China is unlikely to have a direct impact on Thai exports, insists the Commerce Ministry's trade policy and strategy office.

While addressing the National Federation of Business in Washington, Trump told the crowd that Canadians are resorting to smuggling US goods to avoid tariffs.

"This is unacceptable." Two decades ago, China's economy was largely fuelled by exports, but it has made progress in rebalancing towards domestic investment and consumption since the global financial crisis erupted last decade - limiting the damage trade tariffs could inflict on Beijing.

"If the USA loses its senses and publishes such a list, China will have to take comprehensive quantitative and qualitative measures and retaliate forcefully", it said.

"Such a practice of extreme pressure and blackmailing deviates from the consensus reached by both sides on multiple occasions", the ministry said.

The intellectual property sanctions were the latest in a spate of protectionist measures unveiled by Trump in recent months that included tariffs on steel and aluminum imports to the USA and a tough rhetoric on trade negotiations from North America to Asia. Shanghai stocks plunged to two-year lows.

On Wall Street, the Dow Jones Industrial Average closed down 1.1% on Tuesday. They included tariffs on steel and aluminum imports to the USA and a tough rhetoric on trade negotiations from North America to Asia.

Last week, Mr Trump confirmed that the U.S. would impose 25% tariffs on $50bn worth of Chinese goods. Write to us in the Comments section, and visit our Facebook page. So far this year, Canada and China comprise the largest percentages of the country's total trading volume, at 15.1% apiece.

The US president has also accused Chinese companies of stealing American technology and intellectual property. The first round of penalties announced by both nations is set to take effect on July 6.

Beijing and Washington have held three rounds of high-level talks since early May that have yet to yield a compromise. He argued the US steps will ultimately benefit the country and global trading system.

U.S. Trade Representative Robert Lighthizer speaks at the 9th China Business Conference at the U.S. Chamber of Commerce in Washington, May 1, 2018.

Stock markets have fallen around the world in the wake of President Trump's latest tariffs threat to China.

A senior Chinese diplomat on Tuesday called for joint actions against trade wars which hurt bilateral interests and go against world trade order.

He doubts the latest dispute would damage the relationship between the two countries. -China trade spat escalated and base metal prices slid.

"Everyone knows ... China is the main perpetrator", he said.

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