Trump could raise tariffs further on Chinese goods

Also a second round of tariffs on products worth $16billion could take effect as soon as this week

Chinese and U.S. flags are set up for a signing ceremony during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing, China April 27, 2018.

Wang's comments came after the U.S. Trade Representative announced Wednesday it was considering raising import duties on $200 billion of Chinese goods by 25 percent instead of the previously planned 10 percent.

Donald Trump is ramping up the pressure on China.

At a campaign rally in Florida Tuesday night, Mr. Trump said China's response targeting USA farmers has been "not nice".

Mr Trump has threated to slap tariffs on virtually all of China's exports to the United States.

One person familiar with the internal deliberations said the U.S.is trying to secure certain concessions and if China agrees, it is possible the US would back off additional tariffs.

Two opposite trends prevail in the global markets.

Benchmark U.S. government bond yields edged lower on Thursday as investors sought safe-haven debt while the dollar.DXY rose against a basket of currencies. The Mexicans, for example, targeted US pork and cheese.

Before Trump's proposal was made public, the Chinese government claimed on Wednesday that USA "blackmail" and pressure on its exports are "not going to work". China responded by implementing its own penalties on US goods.

Several American companies, including General Motors, Harley-Davidson, and Whirlpool, have reported significant losses, which they base at least in part on the tariffs imposed by the Trump administration, or on the tariffs other nations imposed as retribution for Trump's tariffs.

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President Trump is ratcheting up trade tensions with China, threatening to increase proposed tariffs on Chinese imports from 10 percent to 25 percent.

Washington is preparing to also impose tariffs on an extra $16 billion of goods in coming weeks, and Trump has warned he may ultimately put them on over half a billion dollars of goods - roughly the total amount of US imports from China previous year.

Meanwhile, the Trump administration ratcheted up the pressure on China this week by proposing a doubling in tariffs on $200 billion in Chinese imports.

"Well, let's put it into arithmetic perspective".

"If we're going to use tariffs, this gives us more flexibility and it's a more meaningful threat", he said, adding that Trump's pressure strategy will not work if he does not resolve trade disputes with USA allies such as the European Union, Mexico and Canada.

As tensions with US allies seem to ease, tensions with China are rising. Since then there have been no meaningful contacts between the two sides.

"If the USA takes measures to further escalate the situation, we will surely take countermeasures to uphold our legitimate rights and interests", a Chinese foreign affairs ministry spokesman said Wednesday, according to Bloomberg, which first reported the proposed escalation.

"We would advise the United States to correct its attitude and not try to engage in blackmail".

"There are folks in the White House that really think the best approach to China is a very aggressive one, and that position clearly seems to be prevailing", Camuñez says.

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