X
Alarnath Temple premises waterlogged due to heavy rain in Puri

US Fires Next Shot In China Trade War


11 July 2018

OMMCOM NEWS


Washington: The US has ramped up its trade war with China, listing $200 billion worth of additional products it plans to place tariffs on as soon as September.

The move comes just days after the two countries imposed tit-for-tat tariffs of $34 billion on each other's goods, BBC reported on Wednesday.

US President Donald Trump had already threatened to impose additional tariffs against China if it retaliated.

The list names more than 6,000 items including food products, minerals and consumer goods such as handbags.

The public will have until the end of August to comment on the list before the new tariffs - to be imposed at 10 per cent - come into effect.

The White House says the tariffs are a response to unfair trade practices by China.

The US wants China to stop practices that allegedly encourage transfer of intellectual property - design and product ideas - to Chinese companies, such as requirements that foreign firms share ownership with local partners to access the Chinese market.

US Trade Representative Robert Lighthizer said there was "no justification" for China's retaliation.

"As in the past, the United States is willing to engage in efforts that could lead to a resolution of our concerns about China's unfair trade practices and to China opening its market to US goods and services," he said.

"In the meantime, we will remain vigilant in defending the ability of our workers and businesses to compete on a fair and reciprocal basis."

Many companies in the US are opposed to the administration's use of tariffs against China, saying they risk hurting business and the economy without being likely to change behaviour.

(IANS)