Trump Slaps Tariffs On $200 Billion In Chinese Goods

Gladys Abbott
September 18, 2018

"If countries will not make fair deals with us, they will be 'Tariffed!'" Trump wrote.

U.S. President Donald Trump made a decision to begin taxing the imports - equal to almost 40 per cent of goods China sold the United States past year - after a public comment period.

"The president has suggested tariffs on a couple $100 billion" in Chinese goods, Kudlow told CNBC's Becky Quick on Monday at the Economic Club of NY.

Apple and Amazon.com bore the brunt of investor worries about the tariffs, which were on a list unveiled in July that included $200 billion worth of internet technology products, other electronics, printed circuit boards and consumer goods.

There was likely to be a "lagging effect" from USA trade disputes with China, Canada and Mexico that could undercut the positive impacts of Trump's tax cuts, he said.

The U.S. Treasury last week invited Chinese officials, including Vice Premier Liu He, the top economic adviser to Chinese President Xi Jinping, for more talks to try to resolve trade differences between the world's two largest economies.

Larry Kudlow, director of the National Economic Council, speaks to members of the media on June 1 at the White House in Washington, D.C. Kudlow said Monday that President Donald Trump would likely be announcing tariffs on hundreds of billions worth of additional Chinese imports.

The Chinese government may decline to participate in proposed trade talks if the Trump administration moves forward with additional tariffs, the Wall Street Journal reported on Sunday, citing Chinese officials.

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China has said it will respond to the next round of United States levies with retaliatory tariffs on $60 billion of U.S goods ranging from liquefied natural gas to aircraft.

A Treasury spokesman did not immediately respond to a query on the status of the China talks invitation.

The new list would spare fitness trackers from Fitbit, which had said in a comment letter to regulators that the tariffs would compromise its own investment in the United States. "Make your products in the United States instead of China".

The latest round of imports will face 10 percent tariffs through the end of the year, and then the rate will jump to 25 percent.

The Chinese government said last week it welcomed Washington's proposal for more talks, though neither side has given any indication it is willing to compromise.

Indeed, many critics of Chinese economic policy in the USA hope the escalating trade dispute will discourage companies in the US and elsewhere from investing in China. "I think it's going to work out very well with China", he said.

"If the USA launches any new tariff measures, China will have to take countermeasures to firmly ensure our legitimate rights and interests", foreign ministry spokesman Geng Shuang told reporters during a regular press briefing on Monday.

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