Trump Sets Tariffs On $200 Billion In Imports From China

US and China

Trump administration set to slap additional tariffs on Chinese goods worth US$200 bil.: Report

President Trump announced Monday that he is ordering 10 percent tariffs on $200 billion worth of imports from China.

The tariffs will rise to 25 percent on January 1 of next year.

The Wall Street Journal reported on Monday that President Trump was planning on imposing tariffs on an additional $200 billion worth of imports from China.

Earlier yesterday Mr Trump claimed that the consequences of the global trade dispute have been "almost..."

"In the short term, we will have higher prices and fewer jobs than we would have had otherwise", Sohn said.

The United States had proposed the talks, but at the same time moved forward with planning additional tariffs on some $200 billion of Chinese products.

Trump administration does not want to constrain China's growth, development.

China had already vowed to retaliate if the USA imposed further tariffs.

He threatened punitive action against nations that won't deal fairly with Washington.

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At the same time, the administration said it remains open to negotiations with China.

The duties already levied on $50 billion worth of Chinese goods followed a study on China's intellectual property practices released earlier this year.

Trump has also complained about America's massive trade deficit - $336 billion previous year - with China, its biggest trading partner.

In his 20 months in office, Trump has withdrawn the U.S. from the Trans-Pacific Partnership trade agreement with countries in East Asia, the Americas, and Australasia; dissolved the North American Free Trade Agreement, a trilateral deal with Mexico and Canada; and initiated an aggressive trade war with China. Those tariffs would come on top of the tariffs on $50 billion of Chinese goods the US announced this summer.

Chinese officials are likely already tired of entering negotiations with Mnuchin, after a truce he supposedly brokered with Liu in May was publicly undermined by Trump.

U.S. President Donald Trump said he would announce his latest plan on Chinese commerce after markets closed. Tariffs on steel (of 25 percent) and aluminum (10 percent) took effect in March, raising material costs for USA manufacturers.

Michigan Governor Rick Snyder, known as a moderate Republican and a former computer executive, told Reuters on a trip to China that the anxiety and uncertainty around tariffs risked limiting Chinese investment in the United States. With the new tariffs, about half of China's imports to the United States are covered by punitive trade measures.

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

For the first time in 70 years, Americans have found themselves the "outliers" on the world trade stage, said Michael Kantor, who served as USA trade representative in the Clinton administration from 1993 to 1996.

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