Trump threatens to slap $100bn additional tariffs on China
Washington: US President Donald Trump has ratcheted up the trade war rhetoric with China, saying he was considering an additional $100 billion in tariffs on the country, the media reported.
"In light of China's unfair retaliation, I have instructed the US Trade Representative (USTR) to consider whether $100 billion of additional tariffs would be appropriate," CNN quoted the President as saying in a statement late Thursday.
"Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers," Trump's statement said.
The President added that he instructed to the USTR also to "identify the products upon which to impose" the additional tariffs.
In responce, USTR Robert Lighthizer called Trump's request "appropriate".
Earlier this week, the US announced new tariffs on $50 billion worth of Chinese goods, claiming that Beijing was stealing American intellectual property, CNN reported.
China responded within hours by announcing $50 billion worth of tariffs on US goods.
The moves follow US tariffs that were imposed last month on Chinese steel and aluminium, which also prompted a response from China.
Thursday's announcement also rattled markets.
Dow futures fell after Trump's announcement and were down more than 300 points, or about 1.5 per cent in after-hours trading.
The Chinese embassy in Washington did not immediately issue a response to the proposed new round of tariffs, CNN reported.
The Chinese government had said earlier this week that it would respond with equal measure to any new duties on its goods.
Trump's latest threat was met with criticism from members of his own Republican party.
Nebraska Senator Ben Sasse called the move "the dumbest possible way to do this".
"Hopefully the President is just blowing off steam again but, if he's even half-serious, this is nuts... He's threatening to light American agriculture on fire," Sasse added.
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Bengaluru: The Enforcement Directorate (ED) has launched an investigation into the high-profile Bengaluru gold smuggling case, following probes by the Directorate of Revenue Intelligence (DRI) and the Central Bureau of Investigation (CBI). The ED conducted raids at eight locations in Bengaluru and surrounding areas on Thursday as part of its money laundering probe under the Prevention of Money Laundering Act (PMLA).
The ED initiated its investigation after taking cognisance of the CBI’s FIR and DRI’s findings following the arrest of Kannada actress Ranya Rao and her associate, Tarun Konduru Raj. A team of four officers raided Ranya’s Lavelle Road residence, seizing crucial documents. An Enforcement Case Information Report (ECIR) has been registered in New Delhi.
The probe is also looking into possible violations of foreign exchange laws, with investigators suspecting that money was routed through hawala transactions to Dubai in exchange for gold bars sent to India. The CBI had earlier raided Ranya’s residence on Monday. Meanwhile, the DRI conducted searches at nine locations, including Koramangala and Indiranagar.
The CBI registered an FIR on March 7 based on a complaint by Dr Abhishek Chandra Gupta, Additional Director of DRI, following Ranya’s arrest at Bengaluru airport on March 3. Two foreign nationals were later arrested at Mumbai airport on March 6 for attempting to smuggle 21.28 kg of gold worth ₹18.92 crore. Investigators believe the smuggling syndicate operates from Dubai, with possible national and international ramifications.
IPS officer under scrutiny
The state government has appointed Additional Chief Secretary Gaurav Gupta to investigate the alleged involvement of Ranya’s stepfather, senior IPS officer K Ramachandra Rao. Initially, the CID was tasked with probing the alleged misuse of protocol privileges by Ranya, but the state government withdrew the order on Wednesday, stating that Gupta would lead the inquiry with CID assistance.
The case surfaced when DRI officials seized 14.2 kg of gold worth ₹12.56 crore from Ranya upon her arrival from Dubai on March 3. Subsequent raids at her residence led to the seizure of gold jewellery. Investigations continue into the suspected smuggling network and potential links to government officials.
