Trump raises stakes with new round of China tariffs
- Arturo Norris
According to a statement from President Donald Trump, if the Chinese government "takes retaliatory action against our farmers or other industries" in response to the tariffs, another $267 billion worth of goods will be added to the list.
The US and China have already placed penalties of $50 billion on each other's goods, with Beijing focusing on agricultural goods like soybeans, pork and dairy products that affect American farmers, who represent much of Trump's political base.
Mr. Trump also accused China of "actively trying to impact and change our election by attacking our farmers, ranchers and industrial workers due to their loyalty to me".
US President Donald Trump was poised to ratchet up his trade dispute with China, with a major announcement promised later Monday that could see hundreds of billions in goods subjected to fresh import duties.
Apple Inc. said last month the proposed duties on $200 billion cover a wide range of products used in its USA operations.U.S. stock futures edged lower, Asian equities slumped and European shares fluctuated amid investor concerns a heightened trade war will crimp corporate profits and undermine economic growth. After Trump announced tariffs on washing machines toward the start of 2018, the price for laundry equipment shot up 16 percent between February and May, according to an analysis by Mark Perry, an economics professor at the Flint campus of the University of MI and a scholar at the American Enterprise Institute, a conservative think tank.
The latest escalation of the US-China trade clash had all but dismantled the platform for the proposed negotiations before they could even begin.
China will further respond accordingly if the U.S. insists on increasing tariffs, according to the finance ministry. The bad news was that "network router-type products" were added to the list of affected products and that addition could have serious implications for businesses, an official told CNN.
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The United States will spare Apple's Watch and other consumer gadgets from the latest round of tariffs on Chinese goods, a senior administration official said in a last-minute reprieve for the technology industry on Monday (Sept 17). U.S. Treasury Secretary Steven Mnuchin last week invited top Chinese officials to discussions.
White House economic adviser Larry Kudlow has indicated that Trump could be willing to meet face-to-face with China President Xi Jinping to smooth over trade tensions at the United Nations General Assembly later this month or at the Group of 20 nation summit in Argentina in November.
A weaker United States dollar has boosted gold prices while the price of most base metals slipped on the back of concerns that demand for metals will weaken as a result of the trade dispute.
The statement from the Ministry of Commerce didn't note specific actions, though China has previously said it would retaliate with levies on $60bn worth of USA goods.
In remarks from the Roosevelt Room, he said he was confident an agreement could eventually be reached with China, but stressed such an accord must do right by American workers. It could have the opposite effect: products could become more expensive, companies might stop making specific goods, and some people could lose their jobs as their employers scramble to cut the effects the costs imposed by these tariffs could have on their business.
Additional tariffs on $267bn of imports from China would push the cumulative total beyond the amount of goods the USA bought from the Asian nation past year. However, should China retaliate - Bloomberg headlines suggest there will be retaliatory tariffs launched simultaneously - then all Chinese imports into the United States will face tariffs.
As Beijing runs out of USA goods for retaliation, American companies say regulators are starting to disrupt their operations. It could offset the new tariffs by allowing it to drift lower, although further and significant depreciation would risk triggering an exodus of capital.
"With these latest tariffs, many hardworking Americans will soon wonder why their shopping bills are higher and their budgets feel stretched", Matthew Shay, president and CEO of the NRF, said.
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