President Donald Trump has directed the US Trade Representative to prepare new tariffs on $200bn in Chinese imports as the two nations moved closer to a wider trade war, with Beijing promising retaliation.
The tariffs, which Trump wants set at a 10 percent rate, would be the latest round of punitive measures in an escalating dispute over the large trade imbalance between the two countries.
Trump recently ordered tariffs on $50bn in Chinese goods in retaliation for what he claimed is theft of intellectual property.
Are US and China on the brink of a trade war?
The tariffs were quickly matched by China on US exports, including lobsters and soybeans, a move that drew the president’s ire.
“China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology,” Trump said in a statement Monday announ