Trump Readies Tariffs on $200 Billion More Chinese Goods

Trump hits China with $200 billion in tarrifs and threatens more if Beijing retaliates

Trump imposes tariffs on $200 billion more of Chinese goods

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.

Trump has already imposed 25 per cent tariffs on $50 billion in Chinese goods.

The Trump administration has demanded that China cut its $375 billion trade surplus with the United States, end policies aimed at acquiring US technologies and intellectual property and roll back high-tech industrial subsidies.

Trump had urged his advisers to press forward with the $200 billion round, even as Washington and Beijing worked to restart trade talks.

For its part China will retaliate with import levies on U.S. goods worth $60 billion.

The Chinese government said last week it welcomed Washington's proposal for more talks, though neither side has given any indication it is willing to compromise.

Lillian Li, vice-president credit strategy and standards at Moody's Investors Service, said the new tariffs marked a "major escalation" in the US-China trade war, affecting about 6,000 products and a greater amount of consumer goods than past rounds.

Chinese authorities have yet to confirm what steps aside from retaliatory tariffs they might take.

Trump has floated the idea of slapping a third round of tariffs on $267 billion in goods on China.

The tariffs will begin at 10% and go up to 25% starting on January 1 - prices will subsequently increase for a number of consumer goods ranging from handbags to bicycle tyres.

Chinese Commerce Minister Zhong Shan held a meeting in Beijing on Monday with US, German, South Korean and Japanese company chief executives in which he warned, "there is no victor in the trade war". The human hair is often processed into wigs.

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The Trump administration exempted numerous other items from the new tariffs, including smart watches, Bluetooth devices, and infant auto seats. Monday's announcement means almost half of all goods imported from China will be subject to tariffs. But past year, we lost $375 billion in deficits, and we had, in my opinion, way over $500 billion in cash.

"The biggest risk to New Zealand lies in the undermining of global rules-based agreements", he said.

The company, whose products have been used to light the World Trade Center memorial site in NY and by Nasa at the space shuttle launch pad, said tariffs on those components would "result in the cessation of Lighting Technologies International as an American company", as it would be unable to compete with overseas competitors.

"Contrary to views in Washington, China can - and will - dig its heels in and we are not optimistic about the prospect for a resolution in the short term", said Zarit of the American Chamber of Commerce. "But, so far, China has been unwilling to change its practices", Mr. Trump said.

Retailers, manufacturers, and a wide swath of other U.S. businesses have warned that the new tariffs could hurt their profits, hiring, and growth. The administration is targeting a bewildering variety of goods - from sockeye salmon to baseball gloves to bamboo mats - forcing United States companies to scramble for suppliers outside China, absorb the import taxes or pass along the cost to their customers.

Both countries' tariffs come into force on September 24. "Sino-US economic and trade relations are mutually beneficial and win-win, and cooperation is the only correct choice".

Apple received a reprieve on Tuesday as categories that covered the Apple Watch and AirPods were removed from the list.

But Juscelino F. Colares, a scholar of global trade at Case Western Reserve University School of Law, said a get-tough posture from an American president was long overdue.

And the figure of 10 per cent allows him to raise the stakes later.

"China has had many opportunities to fully address our concerns", Trump said in a statement.

"The uncertainty of the US-China trade relationship will hurt business confidence and investment incentive, and will also accelerate the "moving out" trend of [multinational corporations] operating in China as well as Chinese producers", Zhu said in a research report.

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