President Trump proposes $100 billion more in new tariffs on China

WASHINGTON, April 5 (Reuters) - President Donald Trump said on Thursday he had instructed U.S. trade officials to consider $100 billion in additional tariffs on China, fueling an already heated trade dispute between the world's two biggest economies.

Trump said in a statement the further tariffs were being considered "in light of China's unfair retaliation" against earlier U.S. trade actions that included $50 billion of tariffs on Chinese goods.

He added that the U.S. Trade Representative had determined that China "has repeatedly engaged in practices to unfairly obtain America’s intellectual property."

U.S. 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.

Related: Dow falls over 700 points after Trump announces China tariff plan 

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Dow falls over 700 points after Trump announces China tariff plan
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Dow falls over 700 points after Trump announces China tariff plan
NEW YORK, NY - MARCH 22: Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) ahead of the closing bell, March 22, 2018 in New York City. The Dow Jones industrial average closed down more than 700 points on Thursday afternoon. Markets reacted to the Trump administration� announcement of approximately $50 billion worth of yearly tariffs on Chinese imports. (Photo by Drew Angerer/Getty Images)
Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., March 22, 2018. REUTERS/Brendan McDermid
The Dow Jones Industrial Average is displayed on a screen after the closing bell, over the floor of the New York Stock Exchange, (NYSE) in New York, U.S., March 22, 2018. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., March 22, 2018. REUTERS/Brendan McDermid
The Dow Jones Industrial Average is displayed on a screen after the closing bell, over the floor of the New York Stock Exchange, (NYSE) in New York, U.S., March 22, 2018. REUTERS/Brendan McDermid
NEW YORK, NY - MARCH 22: Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) ahead of the closing bell, March 22, 2018 in New York City. The Dow Jones industrial average closed down more than 700 points on Thursday afternoon. Markets reacted to the Trump administration� announcement of approximately $50 billion worth of yearly tariffs on Chinese imports. (Photo by Drew Angerer/Getty Images)
NEW YORK, NY - MARCH 22: A monitor displays the day's final numbers on the floor of the New York Stock Exchange (NYSE) ahead of the closing bell, March 22, 2018 in New York City. The Dow Jones industrial average closed down more than 700 points on Thursday afternoon. Markets reacted to the Trump administration� announcement of approximately $50 billion worth of yearly tariffs on Chinese imports. (Photo by Drew Angerer/Getty Images)
NEW YORK, NY - MARCH 22: A trader works at his desk on the floor of the New York Stock Exchange (NYSE) ahead of the closing bell, March 22, 2018 in New York City. The Dow Jones industrial average closed down more than 700 points on Thursday afternoon. Markets reacted to the Trump administration� announcement of approximately $50 billion worth of yearly tariffs on Chinese imports. (Photo by Drew Angerer/Getty Images)
NEW YORK, NY - MARCH 22: Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) ahead of the closing bell, March 22, 2018 in New York City. The Dow Jones industrial average closed down more than 700 points on Thursday afternoon. Markets reacted to the Trump administration� announcement of approximately $50 billion worth of yearly tariffs on Chinese imports. (Photo by Drew Angerer/Getty Images)
NEW YORK, NY - MARCH 22: A monitor displays the day's final numbers on the floor of the New York Stock Exchange (NYSE) ahead of the closing bell, March 22, 2018 in New York City. The Dow Jones industrial average closed down more than 700 points on Thursday afternoon. Markets reacted to the Trump administration� announcement of approximately $50 billion worth of yearly tariffs on Chinese imports. (Photo by Drew Angerer/Getty Images)
NEW YORK, NY - MARCH 22: Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) ahead of the closing bell, March 22, 2018 in New York City. The Dow Jones industrial average closed down more than 700 points on Thursday afternoon. Markets reacted to the Trump administration� announcement of approximately $50 billion worth of yearly tariffs on Chinese imports. (Photo by Drew Angerer/Getty Images)
NEW YORK, NY - MARCH 22: A monitor displays the day's final numbers on the floor of the New York Stock Exchange (NYSE) ahead of the closing bell, March 22, 2018 in New York City. The Dow Jones industrial average closed down more than 700 points on Thursday afternoon. Markets reacted to the Trump administration� announcement of approximately $50 billion worth of yearly tariffs on Chinese imports. (Photo by Drew Angerer/Getty Images)
NEW YORK, NY - MARCH 22: Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) ahead of the closing bell, March 22, 2018 in New York City. The Dow Jones industrial average closed down more than 700 points on Thursday afternoon. Markets reacted to the Trump administration� announcement of approximately $50 billion worth of yearly tariffs on Chinese imports. (Photo by Drew Angerer/Getty Images)
NEW YORK, NY - MARCH 22: Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) ahead of the closing bell, March 22, 2018 in New York City. The Dow Jones industrial average closed down more than 700 points on Thursday afternoon. Markets reacted to the Trump administration� announcement of approximately $50 billion worth of yearly tariffs on Chinese imports. (Photo by Drew Angerer/Getty Images)
NEW YORK, NY - MARCH 22: A monitor displays the day's final numbers on the floor of the New York Stock Exchange (NYSE) ahead of the closing bell, March 22, 2018 in New York City. The Dow Jones industrial average closed down more than 700 points on Thursday afternoon. Markets reacted to the Trump administration� announcement of approximately $50 billion worth of yearly tariffs on Chinese imports. (Photo by Drew Angerer/Getty Images)
NEW YORK, NY - MARCH 22: Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) ahead of the closing bell, March 22, 2018 in New York City. The Dow Jones industrial average closed down more than 700 points on Thursday afternoon. Markets reacted to the Trump administration� announcement of approximately $50 billion worth of yearly tariffs on Chinese imports. (Photo by Drew Angerer/Getty Images)
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"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 U.S. intellectual property to Chinese companies.

The USTR's "Section 301" investigation authorizing the tariffs alleges China has systematically sought to misappropriate U.S. intellectual property through joint venture requirements that often cannot be negotiated without technology transfers, something China denies.

The tariffs have stirred fears that the two countries will spiral into a trade war that will crush global growth.

The Trump administration this week proposed 25 percent tariffs on some 1,300 Chinese industrial and other products. China shot back with a list of similar duties on American imports including soybeans, planes, cars, beef and chemicals.

The retaliatory tariffs have left Republican lawmakers from Western and Midwestern states fearful of a big hit to U.S. farming exporters.

(Reporting by Eric Beech and Caren Bohan in Washington; Editing by Peter Cooney)

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