Published: Tue, September 18, 2018
Money | By Hannah Jacobs

Trump Sets Tariffs On $200 Billion In Imports From China

Trump Sets Tariffs On $200 Billion In Imports From China

Earlier on Monday, White House economic adviser Larry Kudlow said the United States was ready to negotiate a trade deal with China if Beijing was ready for serious discussions.

China's Commerce Ministry has said that it is ready to put similar tariffs on $60 billion a year of USA goods in response to the threat from the United States.

Tariff rate on $200 bln list will start at 10%, go up to 25% at end of year.

The Chinese have previously hit back with tariffs on $50bn worth of U.S. products in retaliation, targeting their response against key parts of the president's political base, such as farmers.

The White House has sought to pressure Beijing to reduce its trade surplus with the U.S. and protect intellectual property rights of American companies, which it says are abused in China.

China has accused the USA of trade bullying and, to this point, has responded dollar-for-dollar with tariffs of its own.

"I feel China will respond quite quickly - there will be no way the current China not respond to a threat like this".

When Cohn tried, using data and history, to argue against Trump's conviction that trade deficits with other countries made the U.S. the loser, the book reports Trump as saying: "I know I'm right".

But the tariffs could also be expected to push up the price of some goods in New Zealand shops. Unlike the first round of tariffs, which were created to minimize the impact on USA consumers, this wave could raise prices on everyday products including electronics, food, tools, and housewares. "Consumers - not China - will bear the brunt of these tariffs and American farmers and ranchers will see the harmful effects of retaliation worsen".

If tariffs are imposed on the cranes, it could cost the port an additional $10m and put the port infrastructure at risk, Reinhart had testified in Washington in August at hearings on the tariffs. "And they can't take actions that entirely flout the rules of the global trading system", the official said.

The president early on Monday seemed to undermine any efforts for a negotiated solution, saying tariffs have bolstered the United States bargaining position, while cost increases to consumers have been negligible and warned of more levies.

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

Jim O'Sullivan, chief economist for High-Frequency Economics, said financial markets would likely adopt a "could have been worse" reaction to the latest tariffs.

President Donald Trump made the announcement Monday in a move that is sure to ratchet up hostilities between Washington and Beijing. "Once again, I urge China's leaders to take swift action to end their country's unfair trade practices".

Trump administration remains open to negotiations with China, but no details on talks available.

"Although the Prime Minister is about to head off to NY that is not Washington - she is not visiting America, she is visiting the United Nations".

These will apply to nearly 6,000 items, marking the biggest round of USA tariffs so far.

Harley-Davidson will have to bump up the Chinese price of its iconic motorbikes at least 20 percent, a store representative in Beijing said. These tactics include hacking US companies to steal their trade secrets and forcing them to turn over their know-how in exchange for access to the Chinese market.

With 50 days to go before crucial mid-term elections and many in Trump's own Republican party are queasy about Trump's trade wars, which have drawn loud objections from senior figures within the party.

The tariff level will probably be about 10 percent, the Wall Street Journal reported, quoting people familiar with the matter. However, he said, "The timing of putting it into effect next Monday is insufficient time to adjust".

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