Trump Slaps New Tariffs on Chinese Products

18 September, 2018, 07:07 | Author: Regina Silva

US President Donald Trump is expected to impose 10 per cent tariffs on $US200 billion worth of Chinese imports today.

Trump also threatened to add tariffs on about $267 billion of additional imports if China retaliates against US farmers or other industries.

At a discussion hosted by the Washington-based Centre for Strategic and International Studies, six former chief USA trade negotiators decried the protectionist trade policies the Trump administration is pursuing and warned of the catastrophic effect they could have on the U.S. position in the global economic order.

China wants talks based on 'mutual trust, ' said a foreign ministry spokesman, Geng Shuang. "These practices plainly constitute a grave threat to the long-term health and prosperity of the United States economy". "Make your products in the United States instead of China".

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.

In regards to speculation the administration is close to imposing another round of tariffs on $200 billion worth of Chinese goods, Kudlow refused to comment directly, saying instead that an announcement would be coming soon.

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

China has not publicly committed to join a new round of negotiations, but in the past it has pulled back from the prospect of talks in the face of escalations in the dispute.

"China, however, still refuses to change its practices - and indeed recently imposed new tariffs in an effort to hurt the United States economy", President Trump said Monday.

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China had already vowed to retaliate if the U.S. imposed further tariffs.

"If the U.S. launches any new tariff measures, China will have to take countermeasures to firmly ensure our legitimate rights and interests", foreign ministry spokesman Geng Shuang told reporters during a regular press briefing on Monday.

At the moment it seems uncertain how much longer current trade tension will continue, but it seems that it has undoubtedly slowed down in comparison to the prior few months as both parties seem to now at least be seriously looking to a resolution to the current trade battles.

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.

"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.

The dollar's weakening is a good sign for global markets, especially in emerging markets where the strong dollar has been a cause for concern, Nuveen's Nick said.

Sohn said the Trump administration is pursuing a legitimate goal of getting China to stop violating worldwide trade rules but that it should have enlisted support from other trading partners, such as the European Union, Canada and Mexico, and presented Beijing with a united front.

A decision to back away from confrontation with China could be made only by one man. Some companies are looking to move out of China to dodge the tariffs, said Ted Murphy, a partner at the Baker McKenzie law firm.

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