Trump imposes tariffs on $200B more of Chinese goods

Trump imposes tariffs on $200B more of Chinese goods

The Trump administration is imposing tariffs on $200 billion usa more in Chinese goods starting next week, escalating a trade war between the world's two biggest economies and raising prices on consumer goods ranging from handbags to bicycle tires.

Alleging that China has been unwilling to change its unfair trade practices, Trump said the new additional tariff structure would be effective September 24 from when it would be at 10 percent until the year end, but would increase to 25 per cent level from January 1.

Trump also warned in a statement on Monday that if China takes retaliatory action against USA farmers or industries, "we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports".

So far, the United States has imposed tariffs on $50bn worth of Chinese products to pressure China to make sweeping changes to its trade, technology transfer and high-tech industrial subsidy policies. Beijing has warned that it would hit an additional $60 billion in American products if Trump ordered more tariffs. "We don't have anything to announce to you today, in terms of any of the logistics of that, but, as the President has said, we are open to that and we hope that China will come to the table and address the concerns that we have raised", the official said.

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).

This addition brings tariffs to about half of all goods imported from China to the U.S. Tariffs increase the cost of goods to U.S. buyers, and lead to higher prices for the same items from domestic producers and imports from countries that have avoided tariffs.

Goods to the United States, they noted, accounted previous year for just 12 percent of China's total exports - and the trade war isn't exactly popular with the American business community.

Taken together, it means roughly half of the products that China sells to the USA each year will be hit by American tariffs.

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.

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"The weakening of the RMB could help offset the new tariffs", said Larry Hu, chief China economist at Macquarie Commodities and Global Markets, a consultancy in Hong Kong.

Its the latest move by the administration to punish china for not complying with fair trade practices.

In fact, tariffs are taxes that are paid by Americans who import goods from overseas.

Beijing has since accused the United States of starting the "largest trade war in economic history". These tariffs are on top of current duties on bike imports.

"Most of our member companies are "in China, for China" - selling goods to Chinese companies and consumers, not to Americans - and thus ultimately boosting the USA economy", Jarrett said.

There could be some short-term opportunities for New Zealand from the tariffs but the risks were greater, he said.

"The Chinese authorities likely feel no urgency to give in and agree with all the terms the US side requested", Zhiwei and Yi wrote.

China's yuan currency has weakened by about six percent against the USA dollar since mid-June, offsetting the 10 percent tariff rate by a considerable margin. "And it was not under Bush", said Derek Scissors, a China expert at the American Enterprise Institute. 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.

Kudlow declined to specify details of the expected announcement but noted that reports indicating Trump will unveil 10 percent duties on $200 billion in imports are "more or less correct".

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