US President Donald Trump has instructed US trade officials to consider $ 100 billion in additional tariffs on China, taking the trade fight between the two economies to next level.
Trump in a statement said “in light of China’s unfair retaliation” to earlier US trade actions that aimed to levy $50 billion of tariffs on Chinese goods.
US Trade Representative had determined that China “has repeated engaged in practices to unfairly obtain America’s intellectual property” Trump said.
Early this week Trump administration proposed 25 percent tariffs on some 1,300 Chinese industrial and other products. China responded with tariffs to match the amount targeting key American goods including soybeans, planes, cars, beef and chemicals.
The tit-for-tat tariffs have stirred fears that the two countries are heading for a trade war that could end up crushing global growth.
Volatility has re-entered financial markets on account of this.
US tariffs were allegedly aimed at forcing changes to Chinese govt policies designed to transfer US intellectual properties to Chinese companies.