Trump considering higher tariffs as trade war with China escalates

Arirang News 2018-07-07

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The U.S. and China have both imposed hefty tariffs on each other's products... after Washington made the first move on Friday.
Accusing the U.S. of launching the biggest trade war in history,... Beijing also immediately filed a complaint to the WTO.
Cha Sang-mi has more.
Analysts are labeling it a "dark day" for global trade.
In the wake of the back-and-forth retaliatory tariff volley between Washington and Beijing, the U.S. finally pulled the trigger on Friday,... imposing a 25 percent tariff on 34 billion dollars' worth of Chinese goods.
As predicted,... China didn't take the move lying down.
Beijing's foreign ministry immediately retaliated with equivalent duties on the same dollar amount of American products, ranging from soybeans to pork.

And China's Commerce Ministry said it has filed a second complaint to the World Trade Organization over Washington's move.
The measure comes after President Trump repeatedly decried the U.S. trade deficit with China, and accused Beijing of violating U.S. intellectual property rights.
Yet this is just the first in a series of duties President Trump has vowed to slap on China.
His administration plans to impose another round of tariffs on 16 billion dollars' worth of Chinese goods in the next two weeks.

Amid fears of being caught in the crossfire, the European Union on Thursday backed measures to curb steel imports... as there are concerns cheap steel could flood the European market otherwise.
The EU's Executive Commission said Friday that (quote)"recent import statistics show trade diversion of steel products into the EU as a result of the additional 25 percent tariff on steel imposed by the U.S."
The commission proposed a quota and a tariff rate to limit imported steel.
Reuters reports that 25 EU member nations voted in favor of the measures but three abstained.
The bloc has also imposed its own duties on three-point-three billion dollars worth of U.S. imports, including bourbon and motor bikes.
Cha Sang-mi, Arirang News.

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