TRUMP STRIKES BACK: The President Threatens China with $200 BILLION in Tariffs

TRUMP STRIKES BACK: The President Threatens China with $200 BILLION in Tariffs

TRUMP STRIKES BACK: The President Threatens China with $200 BILLION in Tariffs

"These are the future of the world and of America and China can not have 70 per cent of production of these industries by 2025", he added, referring to a Chinese industrial development plan denounced by Washington.

Spooked by worsening tensions over trade between the world's two largest economies, investors are selling stocks and commodities and buying safer assets.

In fact, its top trade advisor insisted that Beijing has more to lose in a potential trade war with Washington.

The president earlier ordered 25 percent tariffs on $50 billion in Chinese goods as punishment for Beijing's forced transfer of USA technology on companies doing business in China, and for intellectual property theft. As a part of restrictive measures in March, the USA imposed tariffs on imports of steel and aluminum from China along with other countries including India and Russian Federation.

The intellectual property sanctions were the latest in a spate of protectionist measures unveiled by Trump in recent months that included tariffs on steel and aluminum imports to the US and a tough rhetoric on trade negotiations from North America to Asia. China threatened to retaliate, leading Trump to propose broader penalties. The price the United States wants is not only to take advantage of China; even more so it wants to wreck China's economy.

According to the New York Times, the President slammed Beijing's unfair trade policies and currency manipulation in a written statement, saying China has "no intentions" of changing their practices that continue to "threaten" American workers and businesses. That follows brisk selling in worldwide markets.

A trade spat between the top two economies of the world began in April with Trump imposing tariffs on steel and aluminium imports into the USA from China, which also retaliated by imposing additional tariffs worth about three billion United States dollars on 128 U.S. products. The total number of goods imported to the United States from China in 2017 amounted to around $505.6 billion.

"This practice of extreme pressure and blackmail deviates from the consensus reached by two parties through many negotiations, and it also disappointed the global community", said a forcefully worded statement from the Commerce Ministry.

On the other hand, a released statement by China's Ministry of Commerce on Tuesday saying that China will come back with "qualitative" and "quantitative" measures if the tariffs that President Trump announced really applied.

China had offered to ramp up purchases of American goods by $70 billion to help cut its yawning trade surplus with the United States, whereas Trump had demanded a $200 billion deficit cut.

Theranos founder Elizabeth Holmes charged
And on Friday, Holmes was charged by the United States government with wire fraud and conspiracy to commit wire fraud. He added that Balwani had not committed any crimes and is looking forward to clearing his name during the trial.

Earlier on Monday, stock markets fell amid fears of further deterioration of US-China trade relations.

China's foreign ministry also warned the US was initiating a trade war.

"None of these efforts by the president and his team have resulted in any progress on the two core issues facing the U.S".

Read: What can Beijing do if China-US trade row worsens?

On Tuesday, the U.S. Dow Jones Industrial Average opened more than one percent lower.

Tariffs are already raising costs for some goods. Apple has found the new administration to be more accessible than Obama's administration.

The White House hasn't set a date for the imposition of any new tariffs beyond the initial list. Trump recently ordered tariffs on $50 billion in Chinese goods in retaliation for intellectual property theft. The White House is finalizing a list of $16 billion in additional goods it will sanction later. American farmers export about $14 billion worth of soybeans to China each year and have been voicing concerns about what a trade war could do to their livelihoods.

Trump administration's steel and aluminum tariffs could cost Russian Federation more than $651 million.

"Chinese leaders over these past few weeks have been claiming openness and globalisation, but it's a joke". The country could lose more than $651 million as a result of the USA tariff policy.

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