Trump announces new tariffs on $200 billion in Chinese goods

Jermaine Castillo
September 19, 2018

The announcement followed a warning by an American business group that a "downward spiral" in their conflict appeared certain following Mr. Trump's penalties on $200 billion of Chinese goods.

The third round contains 5,745 full or partial lines of the original 6,033 lines of goods facing tariffs first announced July 10.

"The United States engages in unilateralism and protectionism, affecting the interests of both sides and harming the global economy, which is not good for all countries".

The president announced new 10 percent tariffs on about $200 billion of Chinese imports on Monday.

"A 10% tariff is less than previously feared, but at the same time, President Trump threatened to increase the tariff to 25% in 2019 unless a deal is reached to ease trade tensions".

Trump making good on a threat earlier in the day on Twitter: "If countries will not make fair deals with us, they will be Tariffed!" The EU and the United States have declared a truce in their own trade dispute while they negotiate.

American companies and trading partners including the European Union and Japan have long standing complaints about Chinese market barriers and industrial policy.

New Zealand faces risks rather than opportunities from the Trump administration's escalating trade war with China, Trade Minister David Parker and his National Party counterpart Todd McClay are forecasting.

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The American Chamber of Commerce in China warned Tuesday that Washington is underestimating Beijing's determination to fight back.

"The real issue with these talks from the Chinese side is not the 10 per cent U.S. tariffs", Mr Scissors said.

The US taxes are targeting Chinese goods that Washington says have benefited from improper industrial policies.

Trump warned that "if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports".

China's 'counterattack strategy needs to restrict exports to the United States as well as (imports of) US goods, ' Lou was paraphrased as saying.

President Donald Trump is sharply escalating the American trade war with China. "No one will emerge victorious from this counter-productive cycle".

"Both countries should stay at the negotiating table, and the USA should continue working with its allies to seek alternative solutions", president and CEO Thomas Donohue said in a statement.

"China is forced to respond to U.S. unilateralism and trade protectionism, and has no choice but to respond with its own tariffs", the Finance Ministry said in a statement on its website late on Tuesday. But China said it would turn down the offer if the United States went ahead with more tariffs.

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The officials told reporters the lower initial tariff rate would give USA businesses time to find new suppliers. 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.

Trump was defiant and said his supporters will not be swayed.

In May, in fact, it looked briefly as if Treasury Secretary Steven Mnuchin and Chinese vice premier Liu He had brokered a truce built around Chinese promises to buy enough American farm products and liquefied natural gas to put a dent in the trade deficit. "President Trump, as shown in the North Korean affair, is able to revert himself very quickly".

Apple CEO Tim Cook has been lobbying administration officials to avoid imposing tariffs.

That would raise the total affected by U.S. penalties to Dollars 517 billion, covering almost everything China sells to the United States.

By expanding the list to $200 billion of Chinese products, Trump may spread the pain to ordinary households.

U.S. companies have already said they are anxious about the effect of higher costs on their businesses.

The move is aimed at pressuring China to change long-standing trade practices that Trump says are hurting United States businesses at a moment when the administration believes it has an advantage in the trade dispute.

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