US President Donald Trump yesterday ramped up his trade war rhetoric with China, seeking $100 billion in additional tariffs on Chinese products
Tit-for-tat trade moves have unsettled global markets. Pic/AFP
US President Donald Trump yesterday ramped up his trade war rhetoric with China, seeking $100 billion in additional tariffs on Chinese products. This is in addition to the proposed 25 per cent import tariffs worth $50 billion on some 1,300 Chinese products being imported into the US. On April 3, the US Trade Representative (USTR) had announced the 25 per cent tariffs on imports from China as an initial means to obtain the elimination of policies and practices identified in its investigation.
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China retaliated by announcing similar import tariff on American products. Trump said his latest decision for additional tariffs was in response to China's retaliatory action. "Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers. In light of China's unfair retaliation, I have instructed the USTR to consider whether $100 billion of additional tariffs would be appropriate under section 301 and, if so, to identify the products upon which to impose such tariffs," Trump said.
US sanctions hit Putin's allies
The US imposed sanctions on seven Russian oligarchs accused of supporting and profiting from President Vladimir Putin's efforts to undermine western democracies. Senior US officials described the wealthy international businessmen as members of Putin's "inner circle".
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