Trump Sets Tariffs On $200 Billion In Imports From China

Trump administration set to slap additional tariffs on Chinese goods worth US$200 bil.: Report

President Trump imposed tariffs on an additional $200 billion worth of tarrifs Chinese goods coming into the us, continuing an ongoing trade war between the two countries.

White House economic adviser Larry Kudlow announced during an interview on Monday that President Donald Trump would likely be imposing new tariffs on a "couple hundred billion" worth of imports from China.

"Further, if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports".

President Donald Trump said he'll make an announcement on China trade after US financial markets close Monday.

Yang Weimin, deputy director for economic affairs at the Communist Party's top advisory body, said at the China Development Forum in Beijing on Sunday that China would not negotiate while under pressure.

These practices plainly constitute a grave threat to the long-term health and prosperity of the United States economy, he added.

It has signalled it might target products manufactured in China that are critical to the supply chains of USA technology and manufacturing companies; products relatively low in value but not easily or readily available elsewhere.

Unlike the previous rounds of tariffs - which targeted industrial goods - this tranche will affect consumer products and could lead to price rises for items such as air conditioners, spark plugs, furniture and lamps.

Apple also sent a letter earlier this month, urging the administration to shield its smartwatch and wireless headphones, which contain parts from Chinese supppliers.

"But this is an effort to work with China and say, it's time that you address these unfair trading practices that we have identified, that others have identified, and which have harmed the entire global trading system", the official asserted.

Beijing has since accused the United States of starting the "largest trade war in economic history".

Although frequent trade talks have been publicly discussed between the United States and China, it seems at the moment that the trade talks are stalling, with occasional progress, as both sides seem to continue to move bit-by-bit forward in the "harsh talk, little action" dance of tariff back-and-forth.

With Monday's announcement, roughly half of the US$505b in goods that Americans buy annually from Chinese firms will face new import levies.

"Our concern with these tariffs is that the United States will be hardest hit, and that will result in lower USA growth and competitiveness and higher prices for U.S. consumers", Apple said in a letter commenting on the proposal.

Chinese imports from the United States grew by nearly 500 per cent over the past five years, such that as of 2017 Chinese buyers accounted for almost one in every five dollars in USA export revenue.

Those included high-profile consumer products, such as smart watches, bicycle helmets, play pens and baby auto seats.

Chinese officials are likely already tired of entering negotiations with Mnuchin, after a truce he supposedly brokered with Liu in May was publicly undermined by Trump.

Its own long-term economic and strategic ambitions and its domestic political stability make it hard for China's President Xi Jinping to be seen to be intimidated into conceding to the U.S. actions and threats. "And it was not under Bush", said Derek Scissors, a China expert at the American Enterprise Institute.

If an increase goes ahead, 'China will have to take necessary countermeasures, ' said Geng at a regular daily briefing.

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