Donald Trump Readies New Tariffs for China

US President Donald Trump- shown here at the White House earlier this month- has taken a tough stance on trade in his second year in office

The Trump tariffs, which the U.S. government says are punishment for intellectual property theft, will be enacted in two waves.

The dollar fell against the yen in early Asian trade on Tuesday after U.S. President Donald Trump's threats of more tariffs on China raised worries about an escalating trade war between the world's two largest economies.

Elsewhere, the pound remained under pressure as U.K Prime Minister Theresa May lost a vote on her key Brexit legislation in the House of Lords; May faces a Commons vote Wednesday that could determine the outcome of the Brexit talks.

"Everyone knows. China is the main perpetrator", he said.

It follows last Friday's decision to to impose 25% tariffs on $50bn of Chinese products. "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. will prepare tariffs on another $200 billion in Chinese products, doubling the total amount, if China chooses to respond by raising its own tariffs again.

"The United States has initiated a trade war and violated market regulations, and is harming the interests of not just the people of China and the U.S., but of the world", the Chinese ministry said in a statement.

"Trade between our nations, however, has been very unfair, for a very long time. The problem is, such a tactic is unlikely to work with China", said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities in Tokyo.

Washington and Beijing appeared increasingly headed toward open trade conflict after negotiations failed to resolve USA complaints over Chinese industrial policies, lack of market access in China and a $375 billion US trade deficit.

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"Just ask yourself: Would China have allowed America to do to it what China has done to America?" he said later. "Let's be clear: It's the most predatory economic government that operates against the rest of the world today".

"I reminded him that's not fair competition", Pompeo said.

On Friday, Trump said he was pushing ahead with a 25 percent tariff on $50 billion worth of Chinese products, prompting Beijing to respond in kind.

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

The exchange of blows between Washington and Beijing has heightened fears of a protracted dispute that could hurt global growth and particularly Europe, given that Trump has signalled he wants to impose tariffs on automotive exports.

Trump previously had said he would hit China with another $150 billion in tariffs but had recently appeared to back off that threat.

Pompeo on Monday described US actions as "economic diplomacy", which, when done right, strengthens national security and worldwide alliances, he added.

"We use American power, economic might and influence as a tool of economic policy", he said.

Beijing responded by saying it would hit 659 United States goods worth $50bn with a similar tax. "Further action must be taken to encourage China to change its unfair practices, open its market to United States goods, and accept a more balanced trade relationship with the United States".

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