Trump imposes tariffs on $200B more of Chinese goods

Trump imposes tariffs on $200B more of Chinese goods

President Trump imposed tariffs on an additional $200 billion worth of tarrifs Chinese goods coming into the usa, continuing an ongoing trade war between the two countries.

The Trump administration is giving American businesses a chance to adjust and look for alternative supply chains by delaying an increase of the tariff to 25 percent on January 1 for the $200 billion batch of Chinese goods, according to two senior administration officials who briefed reporters on Monday.

But 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". "I urge China's leaders to take swift action to end their country's unfair trade practices".

Taken together, it means roughly half of the products that China sells to the USA each year will be hit by American tariffs.

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

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

While there are measures China can take to retaliate, it is limited by the imbalance between its exports to the USA and its imports from the United States, which amount to only about $US130 billion a year.

USA businesses - which have warned that tariffs could hurt profits, force job cuts, and, in some cases, destroy companies, said the taxes were going to hurt the United States more than the administration realized. Trump has threatened further measures on the remaining Chinese exports to the U.S. totalling more than $250 billion.

At the same time, the administration said it is still open to negotiations with China. "I think that kind of tactic is not going to work with China", Fang Xinghai, vice chairman of China's securities regulator, said at a conference in the port city of Tianjin.

The short time frame before the tariffs take effect means that suppliers will face an unexpected 10 percent charge on imports that are already in transit but arrive after next Sunday.

As was reported earlier in the day, some consumer electronics were spared in the official list.

This addition brings tariffs to about half of all goods imported from China to the U.S. Tariffs increase the cost of goods to U.S. buyers, and lead to higher prices for the same items from domestic producers and imports from countries that have avoided tariffs.

The US trade representative's office received roughly 6,000 written comments when Trump first proposed the new tariffs, most opposing them. Yet despite months of tariff talk, the gap between what the USA buys from China and what it sells there continues to widen.

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

Trump has also complained about America's massive trade deficit - $336 billion previous year - with China, its biggest trading partner. "That's good news. At least we did something", he said.

The benchmark USA 10-year note US10YT=RR last fell 1/32 in price to yield 2.9977 percent.

Washington, Europe and other trading partners say those plans violate China's market-opening commitments. The lack of progress and collapse of that deal have made future negotiations more hard, as it's unclear who speaks for the United States administration and there's a lack of confidence that any deal will be honored.

The statements come as relations between the U.S. and China appear to strain.

"Attempts to help those hurt by globalisation via higher tariffs or other forms of protectionism, even if well-meaning, will raise prices and hurt all consumers, especially poor and middle-class families", said economist Satyam Panday of S&P Global Ratings. That would raise the total to $517 billion - covering almost everything China sells the United States.

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