Trump Issues More Tariffs on $200 Billion in Chinese Goods

Beijing has warned that it would hit an additional $60 billion in American goods if Trump ordered more tariffs.

Amid continued trade tensions with the world's second largest economy, Trump "has not been satisfied with the talks with China on this (and) my guess is announcements will be coming soon", economic advisor Larry Kudlow said earlier Monday on CNBC.

The U.S. has already levied additional tariffs on $50 billion in Chinese goods at 25 percent.

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

"While Washington extends a carrot to Beijing, it is also swinging a stick". United States manufacturers are having to pay more for parts and equipment, thereby putting them at a competitive disadvantage to foreign rivals. "I think it's going to work out very well with China", he said.

These will apply to nearly 6,000 items, marking the biggest round of U.S. tariffs so far.

It could also do more of what it has already done.

President Donald Trump said the latest round of tariffs was in response to China's "unfair trade practices, including subsidies and rules that require foreign companies in some sectors to bring on local partners".

TD's McCormick says trading clients shoud "stay nimble" and focus on scoring "singles and doubles rather than the big home run" with their trading.

While this may seem like good news for Apple, China is still threatening retaliation that could be "fairly devastating" to American companies, like Apple.

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In a White House statement, he accuses Beijing of having failed to change "numerous unfair policies and practices relating to United States technology and intellectual property - such as forcing United States companies to transfer technology to Chinese counterparts".

President Trump on Monday night escalated the United States trade war against China with tariffs on an additional $200 billion of goods, effective September 24.

"Tariffs on another $200 billion will mean about 12 percent of USA imports have seen a tariff hike".

Alex Feinberg, Director of Partnerships at OKcoin, explains why the global trade war could hamper American innovation. Anticipation of a slowdown has supported the safe-have Dollar while driving an exodus of capital from vulnerable and high risk emerging market economies.

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

This led to the Australian dollar rising modestly to 71.8 U.S. cents, amid a weaker greenback overnight. In addition to unease over the trade war, its has been further supported by a robust stimulus-induced performance from the US economy coming at a time where growth elsewhere in the world has begun to wane.

But Trump and European Commission President Jean-Claude Juncker announced a plan on July 25 to defuse the row, with Washington backing off the auto tariffs against Europe, at least for now.

However, some see the Dollar's days in the sun as being numbered now the November midterm elections are approaching. President Ronald Reagan slapped tariffs on $300 million worth of Japanese imports in a dispute over the semiconductor industry and strong-armed Tokyo into accepting limits on auto shipments to the United States.

"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.

The Commerce Ministry gave no details of a possible response to US tariffs imposed in the fight between the two biggest global economies over Beijing's technology policy.

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