Trump doubles down on trade war with China by announcing new tariffs

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President Donald Trump threatened on Monday to impose a 10 percent tariff on $200 billion of Chinese goods, escalating a tit-for-tat trade war with Beijing.

Trump said Monday that China's decision to retaliate in kind against his first batch of $50 billion in tariffs - announced on Friday - required a US response to encourage China to change its unfair practices.

"I directed the United States Trade Representative to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent", read a statement from Trump released by The White House.

"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 ministry said.

The president announced on Friday that the US would impose 25 percent tariffs on $50 billion in Chinese goods.

In a statement, Mr Trump said he had asked the U.S. trade representative to identify the Chinese products to be subject to the new tariffs.

"China doesn't want a trade war", China's foreign ministry spokesperson Lu Kang said Friday in a statement.

"The trade relationship between the United States and China must be much more equitable", Mr. Trump said.

Trump previously had said he would hit China with another $150 billion in tariffs but had recently appeared to back off that threat.

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Trump is moving forward with the measures after months of sometimes fraught shuttle diplomacy in which Chinese offers to purchase more American goods failed to assuage his grievances over a widening trade imbalance and China's aggressive industrial development policies.

The tariffs were quickly matched by China on USA exports, a move that drew the president's ire. "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong", he said.

Trump has repeatedly called on China to end unfair trade practices and theft of US intellectual property.

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.

Trump said he has "an excellent relationship" with Chinese President Xi Jinping and they "will continue working together on many issues".

"It's not hard to imagine a scenario in which China encourages Saudi Arabia and Russian Federation, the world's top oil exporters and partners in the agreement to restrict output, to pump more crude", said Russell yesterday.

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

It published a draft list of about 1,300 Chinese products slated for tariffs in April.

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

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