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Trump imposes tariffs on $200B more of Chinese goods

18 September, 2018, 10:44 | Author: Kristi Dunn
  • The Donald Trump administration is for the first time publicly planning for a trade spat that drags into 2019 and possibly beyond

US President Donald Trump appeared poised to ratchet up his trade dispute with China, with punitive import tariffs on another $200 billion in Chinese goods likely to be announced "soon", a White House official said on Monday.

In a statement, Trump said the tariffs will take effect on September 24, at 10 percent until the end of the year, when they will rise to 25 percent.

Sohn said he believed China will retaliate against every US tariff and the tit-for-tat exchanges will escalate until the U.S.is taxing all Chinese imports - $524 billion past year.

"We have seen that with the steel and aluminum tariffs that Trump put in place that captured New Zealand even though we are a small exporter and buy more from them than we sell".

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

"China trade war, which is now seriously disrupting global supply chains", the European Union Chamber of Commerce in China said in a statement on Tuesday.

Beijing has warned that it would hit an additional $60 billion in American goods if Trump ordered more tariffs.

The United States will spare Apple's Watch and other consumer gadgets from the latest round of tariffs on Chinese goods, a senior administration official said in a last-minute reprieve for the technology industry on Monday (Sept 17).

US President Donald Trump has enforced higher import taxes will apply to more than 5000 Chinese goods. Trump has threatened further measures on the remaining Chinese exports to the USA totalling more than $250 billion.

"We have a trade deficit, depending on the way you calculate, of $504 billion, now some people would say it is really $375 billion", Trump said at the time. "I think that kind of tactic is not going to work with China", Fang Xinghai, vice chairman of China's securities regulator, said at a conference in the port city of Tianjin.

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In the first two rounds of tariffs, the Trump administration was careful to try to spare consumers from the direct impact of the import taxes.

"China may potentially pull out of trade talks entirely and escalate on the new front of outright export restrictions", analysts at JPMorgan told clients. In July, 25 percent tariffs on bearings and some Global Positioning System units took effect, and in August, Chinese-made e-bikes and e-bike motors were hit with a 25 percent tariff.

"So we've negotiated and negotiated and negotiated and given them chance after chance after chance". China has promised to retaliate.

Trump has also complained about America's massive trade deficit - $336 billion a year ago - with China, its biggest trading partner. "The unilateral and hegemonic moves by the U.S. will meet firm countermeasures from China.China will not just play defense", the Global Times says.

Trump has reversed decades of US policy in favor of ever-freer trade. "That's good news. At least we did something", he said.

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.

In the latest iteration, almost half of Chinese imports face tariffs, including consumer products that range from furniture to building products and seafood.

"It's a very hard policy decision on China's part to find just the right touch to do this, and they are still sorting this out", he said.

Oil prices rebounded from earlier losses as supply concerns outweighed assurances from Washington that Saudi Arabia, Russia and the United States can raise output fast enough to offset falling supplies from Iran and elsewhere.


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