Trump imposes tariffs on $200 billion more of Chinese goods

Trump imposes tariffs on $200 billion more of Chinese goods

Additionally, Trump said USA will tariff $267bn of additional Chinese imports if Beijing takes retaliatory action against U.S. farmers or other industries.

Earlier Monday, White House chief economic adviser Larry Kudlow said at the Economic Club of New York, "We are ready to negotiate and talk with China any time that they are ready for serious and substantive negotiations" to reduce trade barriers.

President Donald Trump, to the alarm of USA trading partners, has kept his course of aggressive trade policy, imposing punitive tariffs on countries he accuses of cheating American workers.

Taken together, it means roughly half of the products that China sells to the U.S. each year will be hit by American tariffs.

"After brief hiatus, the trade war theme is back to start a new week", says Mark McCormick, North American head of FX strategy at TD Securities.

Apple and bore the brunt of investor worries about the tariffs, which were on a list unveiled in July that included $200 billion worth of internet technology products, other electronics, printed circuit boards and consumer goods.

If China then slaps tariffs on another $60 billion in USA goods, this will bring total U.S. exports subject to Beijing's retaliation to $110 billion, at 2017 sales levels.

"Any time tariffs are imposed, I worry that Americans will be forced to pay extra costs - in this case on almost half of the United States imports from China", he said.

US President Donald Trump was poised to ratchet up his trade dispute with China, with a major announcement promised later Monday that could see hundreds of billions in goods subjected to fresh import duties.

USA and China officials had discussed a new round of talks over the past week, but Mr Trump's latest move is likely to sour relations further.

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USTR has removed about 300 product categories from tariff list and has cut some subsets of products, but total value still "approximately $200 billion".

It is also the biggest set of tariffs to date, and unlike the earlier rounds this latest list targets consumer goods, such as luggage and furniture. China has retaliated in kind, hitting American soybeans, among other goods, in a shot at the president's supporters in the US farm belt. "We encourage China to address the long standing concerns raised by the United States".

This addition brings tariffs to about half of all goods imported from China to the U.S. Tariffs increase the cost of goods to U.S. buyers, and lead to higher prices for the same items from domestic producers and imports from countries that have avoided tariffs.

"They are going to try to show they will stand up to the USA and not just be pushed around, but I don't think they want to be seen as escalating things".

China's 'counterattack strategy needs to restrict exports to the United States as well as (imports of) US goods, ' Lou was paraphrased as saying.

"There is no disagreement between the Congress and the President that we must hold China accountable for hurting the U.S. companies and workers on a colossal scale by extorting our companies to transfer their best technology, stealing our intellectual property, and shoring up China's state-run companies through subsidies and other distortive practices", Brady said. "The unilateral and hegemonic moves by the USA will meet firm countermeasures from China.China will not just play defense", the Global Times says.

"Tensions in the global economic system have manifested themselves in the U.S".

- China threatens retaliation, to cancel talks, if $200 bn tariffs imposed.

Through July, the U.S. ran a US$233.5b trade deficit in goods trade with China, an 8 per cent increase compared with the same period in 2017. China has said it will hit back.

The vast majority of economists say that tariffs increase the cost of goods to companies and consumers without a meaningful improvement for domestic industries that benefit from reduced competition, because the higher prices subsequently charged reduce demand. The iPhone maker's shares were down 2.7 percent, providing the biggest drag on the Dow, despite earlier reports that the United States would spare some of its products in the latest round of tariff actions.

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