Trump Slaps New Tariffs on Chinese Products

Daniel Fowler
September 18, 2018

The president early on Monday seemed to undermine any efforts for a negotiated solution, saying tariffs have bolstered the US bargaining position, while cost increases to consumers have been negligible.

In July, Trump announced that his administration would offer a $12 billion emergency plan to help offset farmers hard hit by retaliatory tariffs imposed on agricultural products like soybeans, pork and dairy by China and other countries. Here is a summary of the ongoing conflicts:.

Fang said that even if Trump puts tariffs on all Chinese exports to the United States, the negative impact on China's economy will be about 0.7 percent.

The US has already imposed tariffs on $50bn (£38bn) on Chinese imports.

A White House statement said tariffs would start at 10 percent and go into effect in a week, on September 24, before kicking into full gear at 25 percent at the start of the new calendar year.

The president has suggested, tariffs on a couple hundred billion dollars.

Consumer safety products made in China, such as bicycle helmets sold by Vista Outdoor and baby auto seats and other products from Graco Inc also were taken off the list.

Only last week, Beijing said it welcomed overtures from U.S. officials offering to re-start trade talks, but press reports indicate China would call off any meetings if the new punitive duties take effect.

"Any time tariffs are imposed, I worry that Americans will be forced to pay extra costs - in this case on almost half of the United States imports from China", he said.

With the latest tariff escalation, American consumers could start feeling the cost in everyday goods. Steel prices are up more than 10 per cent since February, the month before Trump announced his long-awaited tariffs of 25 per cent on steel and 10 per cent on aluminum, from a wide swath of trading partners.

From blue jeans to motorbikes and whiskey, the EU's hit list of products targeted the most emblematic of American exports.

Samsung Galaxy Note 9 explodes inside woman\'s purse in NY
The Korean smartphone company, however, said that it had not received any reports of such incidents and was probing the matter. She then chose to put it in her bag only to hear a whistling and screeching sound from her purse with thick smoke pouring out.

He also threatened punitive action against nations that won't deal fairly with Washington.

Both sides were preparing to hold new talks on their tariff dispute. "Exciting!" Trump said in a tweet on September 8.

Then last month, the escalating trade war moved up a gear when the USA brought in a 25% tax on a second wave of goods worth $16bn.

Countries such as New Zealand that stood up for "dependable rules-based systems" needed to engage with the Trump administration more, he said. Complicated talks to that end have been proceeding.

"So we've negotiated and negotiated and negotiated and given them chance after chance after chance".

Japan wants an exemption from the threatened U.S. duties on auto imports, which represent a major threat to its vehicle industry. Currently, the United States imports over half a trillion dollars worth of goods from China every year, while China imports $130 billion from the US. It will also do a lot of damage to the USA itself.

Chinese imports from the United States grew by nearly 500 percent over the past five years, such that as of 2017 Chinese buyers accounted for almost one in every five dollars in USA export revenue.

That entails the potential for huge penalties against those who trade with Iran, including European energy firms and automakers.

It could also do more of what it has already done.

Igniting a secondary skirmish, Trump this month said that he had doubled steel and aluminum tariffs on North Atlantic Treaty Organisation ally Turkey amid a row over an American pastor held for two years on terror charges. For example, Chris Fortune, the president and owner of Saris Cycle Group, wrote a commentary posted on BRAIN Monday in support of the tariffs.

"Investors are slowly starting to realise that these new tariffs could be extremely disruptive to the supply chain", said Art Hogan, chief market strategist at B. Riley FBR in NY.

Other reports by

Discuss This Article