Trump imposes tariffs on $200B more of Chinese goods

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York

Trump imposes tariffs on $200B more of Chinese goods

In a statement on Monday, the United States president said any retaliatory measures from China would force the U.S. to "immediately pursue phase three, which is tariffs on approximately $267bn of additional imports".

The Trump administration announced the tariffs on some 5,000 Chinese-made goods will start at 10 percent, beginning Monday.

President Donald Trump threatened to add an additional $267 billion in Chinese imports to the target list if China retaliated for the latest USA taxes.

Last month, China unveiled a proposed list of tariffs on US$60 billion of U.S. goods ranging from liquefied natural gas to certain types of aircraft - should Washington activate the tariffs on its US$200 billion list.

The US president said there would be further tariffs on $267bn (£203bn) in Chinese imports if Beijing takes "retaliatory action against our farmers or other industries".

It is that simplistic (some might say ignorant) view of trade that has led the United States into trade confrontations with China, with its North American Free Trade Agreement partners Canada and Mexico, with South Korea and with Europe. The tariffs will be imposed on thousands of consumer goods, including electronics, food, tools and housewares.

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"Once again, I urge China's leaders to take swift action to end their country's unfair trade practices", Mr Trump said. It brings all Chinese imports subject to added tariffs to $250bn, roughly half of China's shipments to the United States past year.

Commerce Secretary Wilbur Ross defended the new tariffs in an interview with CNBC, noting that China was "out of bullets" in the ongoing trade battle.

China will further respond accordingly if the USA insists on increasing tariffs, according to the finance ministry.

Fang Xinghai, vice chairman of the China Securities Regulatory Commission (CSRC), said at a conference in Tianjin that he hopes the two sides can sit down and negotiate on trade and that he looks forward to good China-US trade relations over the long term. - From Harley-Davidson motorcycles and United States bourbon to Chinese parts and machinery, the world's two largest economies have exchanged punitive tariffs that slice through a wide swath of products.

Earlier this month, Apple wrote a letter to the U.S. Trade Representative.

"Tariffs have already resulted in layoffs, and this escalation will continue to squeeze American businesses with higher input costs and American farmers with decreasing commodity values", said Jonathan Gold, a spokesman for the coalition.

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Amid continued trade tensions with the world's second largest economy, Trump "has not been satisfied with the talks with China on this (and) my guess is announcements will be coming soon", economic advisor Larry Kudlow said earlier Monday on CNBC. That would raise the total affected by USA penalties to $517 billion _ covering almost everything China sells the United States.

American officials said Monday they were conscious of the need for American businesses to find alternate suppliers before the tariffs hit.

Additional tariffs on $267bn of imports from China would push the cumulative total beyond the amount of goods the U.S. bought from the Asian nation a year ago.

Trump took to Twitter on Tuesday morning to say that any further action by China targeting USA farmers and industrial workers would result in "great and fast economic retaliation" from the US.

"President Trump's decision.is reckless and will create lasting harm to communities across the country", said Dean Garfield, president of the Information Technology Industry Council, which represents major tech firms. However, because China exports more to the USA than it imports there are limits on the amount of tariffs Beijing can impose on American goods.

In a further attempt to cushion the blow, Washington canceled plans to put tariffs on about 300 product categories, including hot consumer items like smart watches and Bluetooth-enabled devices, chemicals for manufacturing, agriculture and textiles, as well as bicycle helmets, and children's high chairs, vehicle seats and play pens.

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"There is no disagreement between the Congress and the President that we must hold China accountable for hurting the U.S. companies and workers on a colossal scale by extorting our companies to transfer their best technology, stealing our intellectual property, and shoring up China's state-run companies through subsidies and other distortive practices", Brady said.

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