USA imposes new $200 billion tariffs on China

Daniel Fowler
September 18, 2018

With the new tariffs, about half of China's imports to the United States are covered by punitive trade measures.

"An escalating trade conflict serves no one's interests", Geng said.

However, after the initial falls there were signs that some investors were ready to look past the dispute, with European markets reducing their losses to trade close to flat by 0830 GMT.

President Trump has signaled numerous times during the past weeks that he could slap additional tariffs on a wide range of consumer goods manufactured in China.

'Tariffs have put the U.S.in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been nearly unnoticeable.

At the same time, the official said, the United States remains open to negotiations.

"China will choose the most favorable and powerful way to counterattack", said the newspaper, which is known for its nationalist and confrontational tone.

"The administration has imposed tariffs on roughly United States dollars 50 billion worth of Chinese imports already, in an effort to encourage China to alter its behaviour", the official said.

Lou was finance minister through 2016 and serves as chairman of China's 1.9 trillion yuan ($290 billion) National Social Security Fund, which manages assets of government pension plans.

"China's scope to retaliate is surprisingly limited however, especially since the outbreak of swine flu, which will anyway push up CPI inflation", Beamish said, referring to the deadly swine fever strain that is seen impacting Chinese pork prices.

Still, he said, the US economy appears strong enough to withstand the damage.

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China is a key supplier of minor metals and rare earths used in consumer electronics and other goods.

Trump on Monday threatened to raise the stakes again if Beijing should retaliate, adding a further $267 billion in Chinese imports to the target list.

Later a senior administration official told reporters that China has had many opportunities to change those practices and, in fact, the statute says that trade representatives shall take all appropriate and feasible action in an effort to obtain the elimination of those practices.

The tough talk follows reports China is deliberately reducing exports to the U.S. by slowing down customs approvals and stepping up environmental and other inspections.

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

The Chinese government's top diplomat, State Councillor Wang Yi, will visit NY this week for the annual United Nations General Assembly, Beijing announced on Monday.

As the trade war unfolds on the worldwide stage, analysts say Mr Trump's brash approach to try to win concessions from Beijing has provoked a public fury that could ultimately thwart his efforts.

Mr Trump's tweet came as a senior administration official said the USA is ready to go with US$200 billion (S$275 billion) in additional tariffs on Chinese goods, with a possible announcement coming soon.

"The president's negotiating tactics do not work well with China's way of thinking", said Sung Won Sohn, chief economist at SS Economics in Los Angeles.

US President Donald Trump said the latest round of tariffs was in response to China's "unfair trade practices, including subsidies and rules that require foreign companies in some sectors to bring on local partners". Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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