US threatens China with extra tariffs

US President Donald Trump escalated a growing trade war with China by unveiling plans yesterday to impose 10 per cent tariffs on an additional $200 billion worth of Chinese goods. With the world's two largest economies already engaged in a confrontation long feared by markets and industry, Trump said he was pushing forward with fresh punitive measures over Beijing's unacceptable move to raise its own tariffs. Further action must be taken to encourage China to change its unfair practices, open its market to US goods and accept a more balanced trade relationship, Trump said. Trump warned that after the new measures are in place on top of existing 25 per cent tariffs on $50 billion in Chinese imports tariffs on another $200 billion of Chinese goods would go forward if China increases its tariffs yet again. China said Trump's threat to impose additional tariffs was blackmail and warned it was prepared to take countermeasures if US goes through with them. Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever