Trump hits China with tariffs on another $200 bn in goods

New U.S. tariff threat on Chinese goods hits stocks dollarMore

New U.S. tariff threat on Chinese goods hits stocks dollarMore

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

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 on Tuesday, citing a government source in Beijing, raising the risk of a prolonged trade battle between the world's largest economies that could hit global growth.

But China said it would turn down the offer if the U.S. 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".

The Trump administration said the new tariffs on an additional $200 billion in Chinese imports was a response to Beijing's failure so far to end those tactics. China has promised to retaliate.

Chinese Vice Premier Liu He is set to convene a meeting in Beijing on Tuesday morning to discuss the government's response to the United States decision, Bloomberg News reported, citing a person briefed on the matter.

China had previously vowed to retaliate further against any new U.S. tariffs, with state-run media arguing for an aggressive "counterattack".

The tariffs will start at 10 per cent and rise to 25 per cent starting January 1.

After a public comment period, the administration said Monday that it had withdrawn some items from its preliminary list of $200 billion in Chinese imports to be taxed, including child-safety products like bicycle helmets. He did not specify on whether he was referring to the impact on the amount of gross domestic product (GDP) or the growth rate of GDP.

A weaker U.S. dollar has boosted gold prices while the price of most base metals slipped on the back of concerns that demand for metals will weaken as a result of the trade dispute.

The decision comes despite a Treasury invitation earlier this week to senior Chinese officials, including Vice Premier Liu He, for more talks to try to resolve trade differences between the world's two largest economies.

US President Donald Trump was poised to ratchet up his trade dispute with China, with a major announcement promised later Monday that could see hundreds of billions in goods subjected to fresh import duties.

"But, so far, China has been unwilling to change its practices", he said.

Fang told the Tianjin forum that he hopes the two sides can sit down and talk, but added that the latest US move has "poisoned" the atmosphere.

Trump has threatened further measures on the remaining Chinese exports to the U.S. totalling more than $250 billion.

"Once again, I urge China's leaders to take swift action to end their country's unfair trade practices", Trump said.

He also warned that if China retaliated then the U.S. would "immediately pursue phase three" which would mean imposing further tariffs with taxes on another $267bn worth of Chinese products.

Could Trump's China tariffs make IT more expensive for businesses? But that drew loud opposition from farmers and USA companies.

Trump campaigned for the presidency on a pledge to tax imports and rewrite or tear up trade agreements that he said put USA companies and workers at a disadvantage.

Trump has threatened to target another US$267 billion in goods the U.S. imports from China.

In a further attempt to cushion the blow, Washington canceled plans to put tariffs on about 300 product categories, including hot consumer items like smart watches and Bluetooth-enabled devices, chemicals for manufacturing, agriculture and textiles, as well as bicycle helmets, and children's high chairs, auto seats and play pens.

But the adjustments did little to appease technology and retail groups who argued that the tariffs would hit consumers hard.

Birmingham said the Australian government was "always concerned where people are not necessarily following the traditional rules-based order of worldwide trade". These new tariffs would reportedly take effect "within weeks".

US President Donald Trump (left) warned Iranian President Hassan Rouhani not to threaten the United States, during their war of words in 2018.

Latest News