Trump Slaps New Tariffs on Chinese Products

Apple shares fell 2.6 per cent, amid concerns it might be caught in the middle of an escalating trade war.

China has accused the United States of starting the "largest trade war in economic history", and has again vowed to retaliate with duties on $60 billion in USA goods, but since the country only imports $130 billion in U.S. goods, its ability to hit back with matching tariffs is now limited.

Trump administration to impose tariffs on approximately $200 billion Dollars worth of imports from China effective September 24.

"There is no disagreement between the Congress and the President that we must hold China accountable for hurting the USA 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.

At the White House on Monday, he said the USA trade gap with China-the net between imported and exported goods between the two countries-was too large, and "We can't do that anymore". But, the official said, they will exclude some consumer electronics such as smart watches and Bluetooth devices as well as health and safety products such as high chairs, bicycle helmets, child auto seats and playpens.

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.

Trump administration does not want to constrain China's growth, development.

China is reviewing plans to send a delegation to Washington for fresh talks in light of the USA decision, the South China Morning Post reported today, citing a government source in Beijing. I think that kind of tactic is not going to work with China.

It brings all Chinese imports subject to added tariffs to $250 billion, roughly half of China's shipments to the United States previous year. China only imports around $130bn from America, meaning it can't simply announce a tit-for-tat retaliation.

It's the latest round of an escalating trade dispute between the two countries.

In May, in fact, it looked briefly as if Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He had brokered a truce built around Chinese promises to buy enough American farm products and liquefied natural gas to put a dent in the trade deficit.

The list slated for tariffs originally included more than 6000 items, but United States officials said they had removed about 300 types of items.

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The duties already levied on $50 billion worth of Chinese goods followed a study on China's intellectual property practices released earlier this year.

Fang told the Tianjin forum that he hopes the two sides can sit down and talk, but added that the latest USA move has "poisoned" the atmosphere. "Once again, I urge China's leaders to take swift action to end their country's unfair trade practices", Trump said in a portion of the message more pointedly aimed at China.

China had already vowed to retaliate if the USA imposed further tariffs.

"For months, we have urged China to change these unfair practices and give fair and reciprocal treatment to American companies", Trump said in a statement.

This led to the Australian dollar rising modestly to 71.8 U.S. cents, amid a weaker greenback overnight.

The tariffs will be set at 10 percent.

The US Trade Representative's office eliminated 297 product categories from the proposed tariff list, along with some subsets of other categories.

But the adjustments did little to appease technology and retail groups who argued United States consumers would feel the pain.

"Tariffs are a tax on American families, period", said Hun Quach, RILA's vice president for global trade.

In Asian markets, China's Shanghai Composite waved off the tariffs to finish 1.6 percent higher.

"It's at the point, the larger these tariffs become, the bigger the problem they become for the administration and the United States".

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