You're tariffed! Trump announces $200 billion tariffs on Chinese goods

Share

The new wave is scheduled to go into effect September 24, with tariffs starting at 10 percent before climbing to 25 percent by the end of the year.

President Trump announced the changes on Monday evening in a move that is sure to encourage hostilities between Washington and Beijing.

China has previously said it will welcome new trade talks with Washington, but also suggested it would not engage in more negotiations if the United States imposed the tariffs.

"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.

China denies the allegations and has vowed to hit back with tariffs on $60bn (£45bn) in American goods.

The duties already levied on $50 billion worth of Chinese goods followed a study on China's intellectual property practices released earlier this year.

Multiple media reports in recent days cite officials saying Trump had made a decision to press ahead with tariffs on $200 billion in goods as soon as Monday.

After a public comment period, the administration said Monday that it had withdrawn some items from its preliminary list of $200 billion in Chinese imports to be taxed, including child-safety products like bicycle helmets.

In a victory for Apple Inc and its American customers, the administration removed smart watches and some other consumer electronics products from the list of goods imported from China.

U.S. businesses - which have warned that tariffs could hurt profits, force job cuts, and, in some cases, destroy companies, said the taxes were going to hurt the United States more than the administration realized.

Trump is trying to bring China to the negotiation table for fairer trade policies.

The two countries are fighting over Beijing's ambitions to supplant American technological supremacy.

The two countries are fighting over Beijing's ambitions to supplant American technological supremacy.

Hurricane Florence seen from space is a 'no-kidding nightmare'
For a swath of the North Carolina shore from Cape Fear to Cape Lookout, the storm surge could range from 9-13 feet, the NHC said. Crews board up the Oceanic restaurant in Wrightsville Beach, North Carolina, in preparation for Hurricane Florence.

The green light for the tariffs initially dragged USA stocks lower, fueling drops in the Chinese yuan in offshore trading and gains in the dollar index.

But Mr. Trump made it a priority to reduce America's trade deficit with China, which was $375 billion in 2017. But Trump quickly backed away from the truce.

Apple Chief Executive Tim Cook had dinner with U.S. President Donald Trump last month, though neither gave details of discussions. The tariffs focused on industrial products, not on things Americans buy at the mall or via Amazon.

By expanding the list to $200 billion of Chinese imports, Trump risks spreading the pain to ordinary households.

"They also know that I am the one that knows how to stop it".

Trump campaigned for the presidency on a pledge to tax imports and rewrite or tear up trade agreements that he said put US companies and workers at a disadvantage.

Under President Trump's orders, the United States will extend its tariff assault on Beijing by hitting a further $200 billion of additional Chinese exports.

"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. "Fortunately, the USA economy is humming, so we don't have to worry as much about what this will do to our economy".

USA officials say those violate Beijing's market-opening commitments and worry they might erode United States industrial leadership.

The American Chamber of Commerce in China says Beijing will "dig its heels in" after US tariff hikes and appealed for a negotiated end to their trade battle.

"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. Some will likely move to other low-priced countries that aren't in the line of fire.

"Although the Prime Minister is about to head off to NY that is not Washington - she is not visiting America, she is visiting the United Nations". "Now the calculus is more complicated".

Share