Published: Fri, July 20, 2018
People | By Neil Grant

Trump's threat of tariffs on all $505bn of Chinese imports knocks markets

Trump authorized the tariffs after an investigation he ordered by the U.S. Trade Representative's office found that China was violating intellectual property rules and forcing American companies operating in China to hand over their technology secrets to gain access to the market. "I'm ready to go to 500".

Bloomberg reported that about $500 billion worth of Chinese goods were imported into the USA previous year.

FILE PHOTO: Shipping containers are seen at a port in Shanghai, China July 10, 2018. The number is much bigger than the $129.9 billion the U.S. exported to China the same year.

Trump is taking a more aggressive, protectionist posture on trade than his recent predecessors, sparking retaliatory measures from countries around the world and igniting disputes on multiple fronts.

Trump earlier this month imposed 25 per cent tariffs on US$34 billion of Chinese goods, with another US$16 billion to follow soon. USA export duties on Chinese products came into force on July 6 with China retaliating hours later.

Trump said in an interview with CNBC that the "down a tremendous amount" in terms of trade with China saying that China "can't match us because otherwise we're always going to be behind the 8-ball".

"I'm not doing this for politics, I'm doing this to do the right thing for our country", the president told the agency.

"Trump wants to win over more voters by starting a trade war", the cartoon says.

President Trump departs after speaking at a "Pledge to America's Workers" event in the East Room of the White House on Thursday.

"The problem here is Xi. He doesn't want to move, and they've offered the US options regarding the issue of (intellectual property) theft and forced technology transfer", Kudlow said in an interview with the news outlet.

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