Trump imposes tariffs on $200 billion more of Chinese goods

Trump imposes tariffs on $200 billion more of Chinese goods

President Donald Trump served up $200 billion in tariffs on imports from China on Monday that will go into effect nearly immediately as he launched the latest volley in the escalating trade war between the two countries.

"Further, if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately Dollars 267 billion of additional imports", Trump said in a strong warning to China.

President Trump claimed cost increases because of his tariffs have been "almost unnoticeable" - but didn't mention his administration's $12 billion bailout to American farmers caught up in the trade war.

"But, so far, China has been unwilling to change its practices", including theft and force transfer of technology. "And it will be a lot of money coming into the coffers of the United States of America".

Beijing has said it would retaliate to trade war escalation with tariffs of its own as well as qualitative measures, which it has not specified but are perceived within the US business community as likely to include increased customs and regulatory scrutiny.

"That means an average tariff increase of 1.6 percent across all imports, so tiny compared to the 1930s, when they were 20 percent", said Shane Oliver, chief economist at AMP Capital Investors in Sydney.

"The Trump administration is yet again sending a perplexing mixed message by inviting Chinese officials for negotiations and then imposing additional tariffs in the run-up to the talks", said Eswar Prasad, former head of the International Monetary Fund's China division. These tactics include hacking US companies to steal their trade secrets and forcing them to turn over their know-how in exchange for access to the Chinese market.

Wall Street tumbled ahead of Mr Trump's announcement, with consumer and technology stocks taking the biggest hit.

Once the new round of tariffs takes effect on September 24, punitive duties will be in place on roughly half of the products the United States buys from China - its largest source of imported merchandise.

Carson Wentz cleared for contact, will start Sunday
Wentz's original goal was to be ready for the season opener September 6th against Atlanta, but had not been cleared for contact. But, as we have said several times , expect him to be more of a strictly pocket quarterback than in the past.

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

As President Trump continues to take a tough stance on trade, USA businesses are looking for ways to avoid costly import-export fees, a byproduct of ongoing trade tensions.

That would mean imposing new taxes on all of the goods the United States imports from China.

The US trade representative's office received roughly 6,000 written comments when Trump first proposed the new tariffs, most opposing them.

In a further attempt to cushion the blow, Washington cancelled plans to put tariffs on about 300 product categories, including hot consumer items like smart watches and Bluetooth-enabled devices, chemicals for manufacturing, agriculture and textiles, as well as bicycle helmets, and children's high chairs, auto seats and play pens.

A decision to back away from confrontation with China could be made only by one man. "And it was not under Bush", said Derek Scissors, a China expert at the American Enterprise Institute.

"China is now paying us billions of dollars, and we will see how that all works out", the president said.

"In the short term, we will have higher prices and fewer jobs than we would have had otherwise", Sohn said.

"If we're not right, we'll roll them back, " Trump is reported to have said.

Related Articles

  • Seahawks vs. Bears: Position by position breakdown

    Seahawks vs. Bears: Position by position breakdown

    With the Seahawks offense stalling on each drive, Griffin's picks are the only thing keeping Seattle in the game Monday night. Granted, the Seahawks are also banged-up offensively and will not have the services of Doug Baldwin .
    Diver who helped with cave rescue sues Elon Musk

    Diver who helped with cave rescue sues Elon Musk

    Mr Musk later accused Mr Unsworth of moving to Thailand to "be with a bride who was about 12 years old". Mr Unsworth did not take part in the dives but had previously explored the cave complex extensively.
    Not done: Dwyane Wade decides to keep playing, will return to Heat

    Not done: Dwyane Wade decides to keep playing, will return to Heat

    Wade spoke about how tough this past summer was and how he needed to decide whether the time had come for him to retire. Miami Heat's Dwyane Wade (3) is seen during an NBA basketball game against the Philadelphia 76ers.
  • SpaceX reveals Yusaku Maezawa will fly 'around the Moon' in historic announcement

    SpaceX reveals Yusaku Maezawa will fly 'around the Moon' in historic announcement

    He had said that the trip would happen this year and would not involve a landing, but rather a long loop around the moon. SpaceX reminded us only 24 humans have been to the moon and no one has visited since NASA's final 1972 Apollo mission.
    Gunmen kill three in Mexico City plaza shootings

    Gunmen kill three in Mexico City plaza shootings

    She said the fact that the shooting happened in a crowded public square demonstrates that impunity prevails in the country. Police block access to a crime scene after a shooting in Plaza Garibaldi in Mexico City .
    Accuser’s story of attack roils plan for Kavanaugh vote

    Accuser’s story of attack roils plan for Kavanaugh vote

    The Post said Ford originally contacted her representative in the House, California Democratic Rep. Kavanaugh has denied the allegation, and both have said they would testify before Congress.
  • Florence disaster declared in North Carolina as flooding threat grows

    Florence disaster declared in North Carolina as flooding threat grows

    He moved quickly as workers helped him empty more than 1,000 mattresses from a warehouse in a low-lying strip mall. An additional 6 to 10 inches of rain is still possible along the southeast border of North Carolina and SC .
    Trump raises stakes with new round of China tariffs

    Trump raises stakes with new round of China tariffs

    Tariffs on steel (of 25 percent) and aluminum (10 percent) took effect in March, raising material costs for USA manufacturers. Such action would mean almost half of all Chinese imports into the United States would be subjected to punitive duties.
    Samsung Galaxy Note 9 Catches Fire, Prompts A Lawsuit

    Samsung Galaxy Note 9 Catches Fire, Prompts A Lawsuit

    Soon after, she claimed hearing a "whistling and screeching sound", as well as "thick smoke" that began to appear from her bag. Chung, whose bag and the contents inside were completely ruin, called it a "traumatic" experience in the lawsuit .
  • Auction of luxury vehicles of PM House: 61 cars sold

    Auction of luxury vehicles of PM House: 61 cars sold

    The 22nd premier had announced that there were 80 vehicles in possession of PM Office, however, he would retain only two of them. Forty Toyota cars which included a 2004 Lexus, a 2006 Lexus SUV, and two 2004 model Land Cruisers were also up for sale.
    How to use iOS 12's fun new Memoji feature

    How to use iOS 12's fun new Memoji feature

    The Camera app now launches 70% faster, the keyboard shows up 50% faster, and typing should be smoother with less lag. To add to that, the company is making it possible to schedule Do Not Disturb, with added controls to the feature.
    EPL: Why Liverpool beat us - Tottenham coach, Pochettino

    EPL: Why Liverpool beat us - Tottenham coach, Pochettino

    His natural position is outside but it's important for us to have players who can play in several positions". But defending set-pieces is a basic requirement for a defender and they were founding wanting once again.