Trump threatens additional tariffs on $200 billion of Chinese goods

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Trump recently ordered tariffs on $50bn in Chinese goods in retaliation for what he claimed is theft of intellectual property. "It is very unfortunate that instead of eliminating these unfair trading practices, China said that it intends to impose unjustified tariffs targeting US workers, farmers, ranchers and businesses".

The U.S. president's latest plans, if carried out, would likely plunge the world's two biggest economies into a trade war.

To respond to Trump's threat to impose tariffs on as much as $250 billion worth of Chinese goods, Beijing would have to find other ways to respond.

Pompeo said China's theft of US intellectual property "is at an unprecedented level of larceny" and he had raised the issue in talks last week with China's President Xi Jingping.

China will fight back firmly with "qualitative" and "quantitative" measures if the United States publishes an additional list of tariffs on Chinese goods, the commerce ministry said on Tuesday (June 19), accusing the U.S. of initiating a trade war.

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

Analysts say the Chinese government could target trade in services between the two countries rather than physical products.

House Freedom Caucus founder Jim Jordan (R-Ohio) told Bloomberg that he thinks "most Americans are willing to give this president some latitude to get the best kind of trade deal that benefits the United States", adding, "I have concerns about tariffs in general". The tariffs were quickly matched by China on USA exports.

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"It may not be the end of the matter as US officials are looking at another $100 billion of Chinese imports on which they could impose tariffs if desired", he said.

The escalation in the dispute with China may also serve as a warning to other trading partners with whom Trump has been feuding, including Canada and the European Union.

Secretary of State Mike Pompeo made the remarks at the Detroit Economic Club as global markets reacted to trade tensions between the U.S. and China. "It did not meet the current development trend of the world, harmed the interests of the people and enterprises of China and the United States, and harmed the interests of the people of the world".

United States tariffs that affect more than 800 Chinese products worth $34bn in annual trade are due to come into effect on 6 July.

In response, China announced tariffs on $34bn of U.S. goods including agricultural products, cars and marine products which will also take effect from 6 July.

"This all shows how quickly trade tensions could escalate between the USA and China", said Derek Halpenny, European head of global markets research at MUFG Bank.

Pompeo said excess Chinese steel and aluminum production had flooded the market and suppressed global prices for the metals, making it hard for American companies to compete. "This is a problem that is long overdue in being tackled".

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