Trump announces new tariffs on $200 billion in Chinese goods


Although frequent trade talks have been publicly discussed between the United States and China, it seems at the moment that the trade talks are stalling, with occasional progress, as both sides seem to continue to move bit-by-bit forward in the "harsh talk, little action" dance of tariff back-and-forth.

As the trade war unfolds on the worldwide stage, analysts say Mr Trump's brash approach to try to win concessions from Beijing has provoked a public fury that could ultimately thwart his efforts.

"We are ready to negotiate and talk with China any time that they are ready for serious and substantive negotiations towards free trade, to reduce tariffs and non tariff barriers, to open markets and allow the most competitive economy in the world - ours - to export more and more goods and services to China", Kudlow said.

"President Trump is a hard-hitting businessman, and he tries to put pressure on China so he can get concessions from our negotiations".

The United States has announced fresh tariffs on $200 billion (€171 billion) of Chinese goods, spooking markets anxious about an escalating tit-for-tat trade war between the world's largest economies.

The message will be especially poignant to Canada, with which the now engaged in a trade stand-off, and Europe, a heavy bearer of steep steel and aluminum tariffs introduced earlier in the year by the president.

In a statement, the USA president said further tariffs worth $267bn (£203bn) will be placed on Chinese imports if Beijing takes "retaliatory action against our farmers or other industries".

China's exports hit by Trump's new $US200 billion of tariffs. He did not specify on whether he was referring to the impact on the amount of gross domestic product (GDP) or the growth rate of GDP.

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The World Trade Organization, to which both the US and China are parties, has a complaints process that can allow the imposition of tariffs if the party claiming unfair trade proves its point, and the offending nation doesn't change its policies.

That would mean imposing new taxes on all of the goods the USA imports from China.

To counter China's unfair practices, he had announced on June 15 that the USA would impose tariffs of 25 percent on United States dollars 50 billion worth of Chinese imports.

"China has had many opportunities to fully address our concerns", Trump said in a statement.

Beijing has said it would retaliate to trade war escalation with tariffs of its own as well as qualitative measures, which it has not specified but are perceived within the US business community as likely to include increased customs and regulatory scrutiny. Since April, as the trade tensions began escalating, the yuan has depreciated against the USA dollar by nearly 9.5 per cent. 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.

The tariffs will start at 10 per cent and rise to 25 per cent starting January 1. But he lowered the proposed duty rates back to 10 percent after announcing last month that they should be increased to 25 percent. But it is unclear whether Beijing will agree to come to Washington with the new tariffs set to go into effect.

When Cohn tried, using data and history, to argue against Trump's conviction that trade deficits with other countries made the U.S. the loser, the book reports Trump as saying: "I know I'm right".

"We've lost leadership", said Kantor, who led the negotiations that laid the foundations for the World Trade Organisation (WTO).