Potus pushes for more China tariffs

US President Donald Trump says he has instructed US trade officials to consider US$100 billion ($137b) in additional tariffs on China, fuelling an already heated trade dispute between the world’s two biggest economies.

Trump said in a statement yesterday that the further tariffs were being considered “in light of China’s unfair retaliation” against earlier US trade actions that included $US50 billion of tariffs on Chinese goods.

He added that the US Trade Representative had determined that China “has repeatedly engaged in practices to unfairly obtain America’s intellectual property”.

US stock index futures fell in reaction to Trump’s latest statement. Financial markets have swung wildly over the past few days in response to fears of escalating trade tensions between Washington and Beijing.

“Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers,” Trump said.

The tariffs are aimed at forcing changes to Chinese government policies aimed at transferring US intellectual property to Chinese companies. The USTR’s “Section 301” investigation authorising the tariffs alleges China has systematically sought to misappropriate US intellectual property through joint venture requirements that often cannot be negotiated without technology transfers, something China denies.

The Trump administration this week proposed 25 per cent tariffs on some 1300 Chinese industrial and other products. China shot back with a list of similar duties on American imports including soybeans, planes, cars, beef and chemicals.