WASHINGTON/BEIJING ¨C China has underestimated President Donald Trump¡¯s resolve to move forward with tariffs unless Beijing changes its ¡°predatory¡± trade practices, a top U.S. trade adviser said on Tuesday, in comments that diminished the chances of a negotiated settlement to a looming trade war between the world¡¯s economic superpowers.
The growing U.S. trade conflict with China hit financial markets hard, and Beijing vowed a firm response. It accused the United States of ¡°extreme pressure and blackmailing¡± and vowed to retaliate after Trump on Monday threatened to slap a 10 percent tariff on $200 billion of Chinese goods in addition to the import duties previously announced on $50 billion in goods.
White House trade adviser Peter Navarro, who views China as a rival economic and military power, said Beijing had more to lose from a trade war. With Trump¡¯s latest salvo, he has now threatened tariffs on up to $450 billion in China¡¯s exports, out of a total of just over $500 billion in goods sold to the United States.
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