Trump slaps tariffs on $200 bln in Chinese goods

  • Trump slaps tariffs on $200 bln in Chinese goods

Trump slaps tariffs on $200 bln in Chinese goods

President Trump has announced tariffs on a further US$200 billion (NZ$304b) of Chinese imports from next week.

While the US aims to squeeze Beijing, . the Trump administration's additional tariffs could jeopardize the discussions, . and lead to fresh retaliation from China.

But a deputy to that adviser said at a meeting on Sunday that China would not negotiate with the US under pressure.

"We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly".

The new tariffs will start at 10 per cent and rise to 25 per cent from the beginning of next year, and come of top of 25 per cent tariffs on another $50b of imports imposed in August.

The Wall Street Journal reported on Monday that President Trump was planning on imposing tariffs on an additional $200 billion worth of imports from China. China has retaliated in kind. The person who attended the event and is familiar with the White House's thinking said such a move would likely attract sharp retaliation from Washington, which has studied its own limits on exporting key technologies to China.

"Tariffs have put the a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been nearly unnoticeable", he wrote on Twitter Monday.

"Lou Jiwei's approach would feed the most hawkish sentiments in the USA government", the person said, declining to be identified given the sensitivity of the matter.

For Australia, where the dollar has already shed almost 10 USA cents of value since late January, there's a direct impact on our resource exports from lower Chinese growth and an indirect one given that our currency and financial markets are seen as a safe proxy for an exposure to China.

Adding in the $200 billion list and another $267 billion of Chinese goods, total imports from China facing tariffs would exceed the $505 billion in goods that the United States imported from China a year ago. He did not say whether he was referring to the impact on the amount of GDP or the GDP growth. It will mark a significant escalation in the trade war and China has said it will hit back.

The US Treasury had invited Chinese officials for more talks to try to resolve trade differences last week but the prospect of negotiation seems bleak now.

Patel and the ING team say the U.S. Republican Party is likely to lose its majority in the House of Representatives come November, which will make it more hard if-not-impossible for Trump to pass legislation and could even aid a Democrat push to have him impeached.

China wants talks based on 'mutual trust, ' said a foreign ministry spokesman, Geng Shuang.

Fang told the Tianjin forum that he hopes the two sides can sit down and talk, but added that the latest USA move has "poisoned" the atmosphere. "Once again, I urge China's leaders to take swift action to end their country's unfair trade practices".

Only last week, Beijing said it welcomed overtures from United States officials offering to re-start trade talks, but press reports indicate China would call off any meetings if the new punitive duties take effect.

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

Analysts have warned that a full-scale trade war between the two could cause setbacks for global markets. But, the official said, they will exclude some consumer electronics such as smart watches and Bluetooth devices as well as health and safety products such as high chairs, bicycle helmets, child auto seats and playpens.

In recent months, Washington and Beijing imposed 25 percent tariffs on $34 billion worth of goods headed across each other's border. The US is trying to negotiate a new North American trade deal even as it threatens to impose national security tariffs on imported automobiles, especially those from Europe.