Trump threatens 10% tariff on $200bn of Chinese goods

Oil rises ahead of OPEC, pressured by China tariffs

Oil rises ahead of OPEC, pressured by China tariffs

China, claiming the United States had "launched a trade war", retaliated nearly immediately, outlining its own tariffs on USA goods worth $50 billion.

China had offered to ramp up purchases of American goods by only $70 billion to help cut the yawning trade imbalance with the U.S., whereas Trump had demanded a $200 billion deficit cut.

The tariffs announced by the White House on Friday hit more than 1,100 Chinese products with a rate of 25 percent.

However, this time, Trump is raising the stakes over the additional $100 billion he previously said he would consider, charging the U.S. Trade Representative to consider $200 billion in additional tariffs on Chinese goods, with yet another $200 billion possible if China refuses to relent.

Last week, Trump met with US trade officials and signed off on the $50 billion in additional tariffs on China as he recalled in Monday evening's statement. He did not say when the target list of Chinese goods would be unveiled.

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

China is not the only country facing the prospect of a trade war with the US.

The move quickly drew praise from former Mr. Trump senior adviser Steve Bannon, who told The Associated Press: "President Trump told China and the world tonight that America will not back down when it comes to economic aggression".

Earlier Monday, Secretary of State Mike Pompeo slammed China's trade practices as "predatory economics 101" and said statements by Beijing in recent weeks that it was moving to open its economy were "a joke".

Mr. Trump's comments came hours after the top US diplomat accused China of engaging in "predatory economics 101" and an "unprecedented level of larceny" of intellectual property.

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The US announced plans for tariffs this spring, after an investigation into China's intellectual property practices. That means things like tourism and education, industries from which the United States benefits a lot more than China does.

American crude has proved competitive for China; the United States benchmark WTI averaged a $1.83 per barrel discount to oil from the North Sea Forties on a delivered basis into China in May, and a 74 cents per barrel discount to Abu Dhabi's Murban crude, according to S&P Global Platts calculations. "It's an unprecedented level of larceny".

But Beijing faces challenges in retaliating directly: China ships far more goods to the United States ($505 billion a year ago, according to U.S. figures) than come back in the opposite direction ($130 billion). "Let's be clear: It's the most predatory economic government that operates against the rest of the world today".

Pompeo raised the trade issue directly with China last week, when he met in Beijing with President Xi Jinping and others.

"I reminded him that's not fair competition", Pompeo said. China has risen to the top of the list of importers of oil from the United States.

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"The United States has initiated a trade war and violated market regulations, and is harming the interests of not just the people of China and the USA, but of the world", the Chinese ministry said in a statement.

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