Trump Announces Tariffs on $200 Billion in Imports From China

Trump Announces Tariffs on $200 Billion in Imports From China

But Trump, in a statement announcing the new round of tariffs, warned that if China takes retaliatory action against U.S. farmers or industries, "we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports".

Tariffs of between 5% and 10% will take effect on some 5,200 U.S. products on Monday, on the same day as the new USA duties, the finance ministry said.

US President Donald Trump on Monday (Sept 17) defied warnings and escalated the trade confrontation with China, hitting the country with tariffs starting next week on another US$200 billion in imports and threatening to target even more if Beijing retaliates.

China has already imposed retaliatory tariffs on $50 billion worth of United States goods in response to Washington's previous measures.

After the administration announced a plan to slap 10 per cent tariffs on US$200 billion of Chinese goods, increasing the duties to 25 per cent, effective January 1, the head of the US Chamber of Commerce said such action ran counter to the pro-growth policies on which the US economy operated.

US President Donald Trump has enforced higher import taxes will apply to more than 5000 Chinese goods.

The Trump administration is hoping the hard-line trade policies will pressure the Chinese into renegotiating trade deals with the U.S. The tariffs will be imposed on thousands of consumer goods, including electronics, food, tools and housewares. Beijing is still ready to negotiate an end to the trade tensions, it said.

The US had already imposed 25% tariffs on $50bn (£38bn) in Chinese imports.

China is reported to have said it would reject new trade talks if Mr Trump imposed the $200bn worth of tariffs on its exports.

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China's finance ministry said it will respond accordingly if the United States further increases tariffs.

The two side already traded tariff salvos on $50 billion in goods from each country in the summer. Then last month, the escalating trade war moved up a gear when the United States brought in a 25% tax on a second wave of goods worth $16bn.

Earlier this month, Apple wrote a letter to the U.S. Trade Representative.

Trump's tariffs on China raise costs and create uncertainty for companies that have built supply chains that span the Pacific Ocean. The good news was that officials changed the list of items affected by tariffs on goods imported from China to exclude smartwatches and other Bluetooth devices.

"Trade wars are not good and they are not easy to win, and this escalation is of course very unfortunate", European Trade Commissioner Cecilia Malmstrom told reporters, echoing one of Trump's catch phrases that trade wars were easy to win.

This latest round means that around half of all Chinese imports to the United States are now subject to the new duties.

After Apple's comments, Mr Trump said in a tweet said that there was an "easy solution" for Apple to avoid tariffs.

Lam Research Corp, a company that makes gear for manufacturing chips, said in a September 6 letter to trade regulators that duties on raw silicon, ceramic machinery parts and other items "add costs to our US manufacturing operations and reduce our competitiveness in the global semiconductor manufacturing market". It has weakened by about 6.0 percent since mid-June, offsetting the 10 percent tariff rate by a considerable margin.

"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.

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