Donald Trump readies $200 billion in China tariffs, citing 'unacceptable' policies

Oil pumps are seen in Lake Maracaibo in Lagunillas Ciudad Ojeda in the state of Zulia Venezuela

President Trump appears to be making good on that threat as he prepares to move quickly on another set of tariffs against China, who so far remain undaunted by the POTUS' threats.

Starting July 6, the US tariffs will go into effect for 818 Chinese products worth $34 billion a year in imports; the remaining tariffs won't go into effect until the administration collects more public feedback. The official Xinhua news agency said China would impose 25 per cent tariffs on 659 U.S. products, ranging from soybeans and autos to seafood.

Trump had already warned at the time of "additional tariffs" should Beijing hit back with tit-for-tat duties on American goods.

The statement from Trump on Monday said that China's response showed that Beijing had no plans to address the underlying IP theft and required escalation by the US.

Mr. Trump added: "These tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced".

Analysts say the Chinese government could target trade in services between the two countries rather than physical products.

The exchange of blows between Washington and Beijing has heightened fears of a protracted dispute that could hurt global growth and particularly Europe, given that Trump has signalled he wants to impose tariffs on automotive exports.

The White House says the US can withstand trade tensions.

President Donald Trump just raised the stakes in the fight with China over trade.

While on the campaign trail, Trump has repeatedly criticized China's economic and trade practices.

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China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology.

Trump is ratcheting up the pressure on China as he's trying to convince US lawmakers to let Chinese telecom company ZTE Corp. remain in business.

He said China's recent claims of "openness and globalisation" are "a joke".

In a speech to the Detroit Economic Club on Monday, Secretary of State Mike Pompeo accused China of "an unprecedented level of larceny," NPR's Michelle Kelemen reports.

The Organization of the Petroleum Exporting Countries (OPEC) together with a group of non-OPEC producers that includes Russian Federation started withholding oil supplies in 2017 to end a global glut and prop up prices.

"I reminded him that's not fair competition", Pompeo said.

In a statement, Trump said he had asked U.S. Trade Representative Robert Lighthizer to identify the Chinese products to be subject to the new tariffs.

"This is predatory economics 101, and many other countries have recognized this", said Pompeo, "President Trump is now working to re-shift this balance".

"China would then buy the additional Saudi and Russian output, using it to replace cargoes from the United States, and even from Iran, assuming the renewed United States sanctions against Iran force Beijing to curtail imports". American farmers export about $14 billion worth of soybeans to China each year and have been voicing concerns about what a trade war could do to their livelihoods.

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