Trump Expands China Trade War to Cover Additional $300 Billion

Trump: U.S. Will Hit $300 Billion Worth Of Chinese Goods With 10% Tariff

Trump announces new tariffs on China

Hours after announcing to impose 10 per cent additional tariff on the import of Chinese products worth Dollars 300 billion, US President Donald Trump on Thursday said it's time China change what they have been doing for the past a few decades. But that is not how tariffs work.

On Thursday, Mr Trump's former chief economic adviser, Gary Cohn, said in a BBC interview that the tariff battle was having a "dramatic impact" on U.S. manufacturing and capital investment.

Other products United States additional tariffs are expected to affect include guns, furniture, sports equipment, flowers, fruits and vegetables, spices, alcohol and miscellaneous items, like baby formula, diapers, books, sewing machines, handbags, calendars, contact lenses, etc.

It followed US President Donald Trump's threat of another tariff hike on Chinese imports.

"Increased tariffs on Chinese goods are adding to concerns of a slowing down economy and weakening demand", said Kyle Cooper, director of research at IAF Advisors.

A source familiar with the matter said Trump grew frustrated and composed the tweets shortly after Lighthizer and Mnuchin told him China made no significant movement on its position.

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These new duties, which will kick in on Sep 1, will hit a range of consumer goods, from mobile phones to clothing.

However, Pompeo soon renewed criticism, referring to Chinese "coercion" of neighbors in maritime confrontations in the disputed South China Sea and said Beijing's upstream dam-building on the Mekong River was harming countries in Southeast Asia that depend on the waterway. Gold prices traded 0.3 percent higher, eliminating earlier losses.

Besides announcing the additional tariffs on Chinese imports, Trump tweeted that "we look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one!"

Analysts see China now as being less likely to try to match Trump's tariffs dollar-for-dollar, but instead hunker down. Just $5 a month.

However, U.S. lawmakers, officials, and experts have expressed skepticism about Beijing's willingness and ability to implement these changes. In May 2019, the tariffs on affected products were increased, as threatened, to 25 per cent.

"New tariffs will by no means bring closer a deal that the U.S. wants; it will only make it further away", Hu said. Europe and Japan echo US complaints those plans violate Beijing's market-opening commitments.

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He added that the current US tariffs on Chinese goods have caused many companies to move production out of China in order to avoid paying the levies.

Trump made the announcement in a series of Twitter posts after his top trade negotiators briefed him on a lack of progress in US-China talks in Shanghai this week. "China is prepared to live with the pain rather than make the changes the USA wants". Most importers use a mix of such tactics to spread the higher costs among suppliers and consumers or buyers.

Retailers are lining up against the proposed tariffs. However, this was somewhat offset by a slight increase in US crude production during the week-ending July 26.

Yields on German 30-year bonds fell below 0% for the first time ever on Friday after U.S. president Donald Trump's threat to introduce new tariffs on Chinese goods roiled global markets.

So far, the 25% tariff imposed by the United States on goods imported from China mainly affected accessories like chargers and cables.

It has, however, run into opposition in some countries over fears that opaque financing arrangements lead to unsustainable debt and that it is more about promoting Chinese influence than bringing development. So in the same way the USA government collects import taxes on Chinese goods from US importers, the Chinese government takes in taxes on USA goods from Chinese importers.

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