China raises tariffs on optical fiber materials

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The list of goods targeted by the tariffs has not been made public or approved yet, but the official cited by CNBC said that parts of it target the country's "Made in China 2025" initiative to boost key industries such as technology.

The Trump administration has published a preliminary list of additional Chinese products that could be targeted with tariffs in the escalating trade war between the world's two biggest economies. Another source who is familiar with the situation confirmed the Bloomberg report to Reuters.

But China only bought about $135 billion in US goods previous year, meaning it will run out of American products to tax before it matches Trump's latest move. "There is no justification for such action".

Tne Trump administration has announced additional China tariffs, say insiders.

Tuesday's announcement included a 205-page public notice and list of the individual products that could be hit by the new 10-percent tariffs.

Trump has been considering tariffs against China since his officials concluded in March that Beijing violates US intellectual-property rights, such as by forcing American firms to hand over technology.

"These practices are an existential threat to America's most critical comparative advantage and the future of our economy", said Robert Lighthizer, the president's chief trade negotiator.

The Retail Industry Leaders Association, a lobby group representing the largest USA retailers, said: "The president has broken his promise to bring 'maximum pain on China, minimum pain on consumers'".

Chinese tariffs have already taken a toll on USA exports such as soybeans, which raises questions about the possible political repercussions President Trump could face from farmers who supported him in the 2016 election.

Administration officials said they hoped the measures would convince the Chinese government to increase market access for United States companies and address allegations of the theft of intellectual property.

Beijing thus far has vowed to respond in kind to any US trade action. But Trump hasn't backed down, arguing that China's unfair trading practices are hurting American workers.

Chinese officials also encouraged businesses to reduce their reliance on USA goods, urging them to shift orders for products such as soybeans and automobiles to suppliers in China or countries other than the United States.

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