Trump imposes tariffs on $200 billion more of Chinese goods

The Donald Trump administration is for the first time publicly planning for a trade spat that drags into 2019 and possibly beyond

The Donald Trump administration is for the first time publicly planning for a trade spat that drags into 2019 and possibly beyond

U.S. president Donald Trump levied a 10% tariff on roughly $200bn of imports from China today, escalating the ongoing trade war between the world's two largest economies.

After weeks of threats, Trump followed through with 10 per cent tariffs on US$200 billion in imports from China, which take effect Sept 24, and are on top of the US$50 billion already subject to 25 per cent duties.

Sohn said he thinks that China will retaliate against every US tariff and that the back-and-forth sparring will escalate until the U.S.is taxing all Chinese imports - $524 billion previous year. American officials also worry they might erode US industrial leadership.

Apple had said the USA tariffs would affect prices for a "wide range" of Apple products, including its Watch, in a letter commenting on administration proposals earlier this month.

Trump's decision is a significant escalation of an already serious trade dispute between the world's two largest economies - one with seemingly no end in sight.

"If the U.S. 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.

Tariffs have put the U.S.in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been nearly unnoticeable. 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.

But China said it would turn down the offer if the United States went ahead with more tariffs, CNN said.

"We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly".

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The Journal cited unnamed people familiar with the matter who said the tariff level will likely be set at about 10 percent, below the 25 percent announced earlier this year.

While consumer technology products are expected to get hit with additional taxes, some Apple products - including the company's watch and ear buds - will be exempt, according to a Bloomberg report.

"China's scope to retaliate is surprisingly limited however, especially since the outbreak of swine flu, which will anyway push up CPI inflation", Beamish said, referring to the deadly swine fever strain that is seen impacting Chinese pork prices.

In proceeding with additional tariffs, Trump ignored pleas from hundreds of United States companies who opposed the new levies at public hearings last month.

Parker said the Government did not believe the effect of the tariffs on New Zealand - for example from more costly imported goods - would be large "and neither do we think there will be any large benefit to New Zealand".

Other commentators have suggested Beijing use its holdings of USA government debt or target American companies in China. The U.S. put out about 40 per cent of the world's steel after World War II, but the figures have steadily dropped in the years since. The lack of progress and collapse of that deal have made future negotiations more hard, as it's unclear who speaks for the USA administration and there's a lack of confidence that any deal will be honored. "We don't have anything to announce to you today, in terms of any of the logistics of that, but, as the President has said, we are open to that and we hope that China will come to the table and address the concerns that we have raised", the official said.

In the latest iteration, almost half of Chinese imports face tariffs, including consumer products that range from furniture to building products and seafood.

Apple Inc (AAPL.O) has said the moves could hit a "wide range" of its products.

While Trump says the tariffs will mean "a lot of money coming in to the coffers of the United States" they are really a tax on U.S. companies and consumers.

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