Trump hits China with tariffs on another $200b in goods

Daniel Fowler
September 18, 2018

Boats, TV sets, and cooper are among the list of imports covered by $200 billion in new tariffs against China that the Trump administration announced Monday.

Washington has already imposed 25 percent duties on $50 billion of Chinese goods over what it alleges are unfair trade practices.

Trump, in a statement announcing the new round of tariffs, warned 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".

Trump's top economic advisor, Larry Kudlow, said in NY on Monday: "We stand ready to negotiate with China any time if they are willing to move towards serious talks to remedy trade problems".

Trump administration does not want to constrain China's growth, development.

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

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., September 11, 2018. However, because China exports more to the U.S. than it imports there are limits on the amount of tariffs Beijing can impose on American goods. China has said it will hit back.

Trump said there is a "good chance" the US and China would be able to resolve a burgeoning trade war. And 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 to be targeted by the new tariffs.

"These practices plainly constitute a grave threat to the long-term health and prosperity of the United States economy", Trump said in a White House statement. But they have threatened "comprehensive measures" as Beijing runs out of imports for penalties due to its lopsided trade balance with the United States.

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China's Foreign Ministry said it welcomed the invitation, but Trump later raised questions about it, saying on Twitter that he was under no pressure to make a deal with Beijing and that the United States "will soon be taking in Billions in Tariffs & making products at home". The Office of the U.S. Trade Representative has charged that China is using predatory tactics to obtain foreign technology.

Japan has informed the WTO that it plans to impose retaliatory measures on U.S. goods to the tune of 50 billion yen ($455 million).

By imposing such a tariff, the official said, the U.S. is not trying to constrain China's growth.

President Donald Trump, to the alarm of U.S. trading partners, has kept his course of aggressive trade policy, imposing punitive tariffs on countries he accuses of cheating American workers.

Chinese Commerce Minister Zhong Shan held a meeting in Beijing on Monday with US, German, South Korean and Japanese company chief executives in which he warned, "there is no victor in the trade war".

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

A Chinese Communist newspaper earlier this year said Apple would be among the USA companies "most damaged" in a trade war.

"We are ready to negotiate and talk with China any time that they are ready for serious and substantive negotiations towards free trade, to reduce tariffs and non tariff barriers, to open markets and allow the most competitive economy in the world - ours - to export more and more goods and services to China", Kudlow said.

"Consumers not China's will bear the brunt of these tariffs and American farmers and ranchers will see the harmful effects of retaliation worsen".

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