You're tariffed! Trump announces $200 billion tariffs on 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

With its latest list, Trump has now targeted more than half of the goods exported to the United States annually from China, as he seeks to reduce a trade deficit between the two countries and counter what he claims are unfair trade practices by the Chinese government, including forced sharing of technology.

United States and China officials had discussed a new round of talks over the past week, but Mr Trump's latest move is likely to sour relations further. "I urge China's leaders to take swift action to end their country's unfair trade practices".

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

The president has described the tariffs as leverage in negotiating Chinese policy changes with Chinese President Xi Jinping.

File photo showing US President Donald Trump with Prime Minister Justin Trudeau during the G-7 summit meeting in Quebec, on June 8, 2018.

Bob Woodward's book Fear: Trump in the White House, provided a scary insight into Trump's understanding of trade issues.

"We are open to talk if there are serious talks", Larry Kudlow, director of the National Economic Council, said Monday.

"If we're not right, we'll roll them back, " Trump is reported to have said. "They want to make a deal".

In a filing with the government, for instance, Giant Bicycles Inc. of Newbury Park, California, noting that 94 percent of imported bicycles came from China past year, complained that "there is no way our business can shift its supply chain to a new market" to avoid the tariffs and warned "a tariff increase of this magnitude will inevitably be paid for by the American consumer".

"Tariffs are a tax on American families, period", said Hun Quach, RILA´s vice president for global trade.

The timing for activating the additional tariffs was unclear.

Cleveland Browns lose again after Zane Gonzalez misses crucial kicks
Gonzalez, a seventh-round pick a year ago, was 17 of 25 on career field goal attempts and 28 of 31 on PATs for the Browns. The Cleveland Browns plan to find a new kicker by Thursday's game against the New York Jets , according to reports.

Jim O'Sullivan, chief economist for High-Frequency Economics, said financial markets would likely adopt a "could have been worse" reaction to the latest tariffs.

President Donald Trump said he imposed the tariffs to pressure China on business tactics that he said unfairly disadvantage American businesses.

The government has outlined a plan to impose further tariffs on roughly $60bn worth of United States goods, and threatened other measures.

A second administration official told CNBC that the cost of these tariffs would amount to 10 percent of all imports targeted, down from earlier estimates of 25 percent.

Altogether about 300 product categories were given reprieves, including some non-tech consumer devices such as bicycle helmets and baby auto seats. Apple won waivers for several of its popular consumer products including the Apple Watch.

With 50 days to go before crucial mid-term elections and many in Trump's own Republican party are queasy about Trump's trade wars, which have drawn loud objections from senior figures within the party. The administration is targeting a variety of products - from sockeye salmon to bamboo mats - forcing USA companies to scramble for suppliers outside China, absorb the import taxes or pass along the burden to their customers.

Lower economic growth in China would have spill-over effects to the rest of Asia given that, just as it provides critical links in the supply chains of U.S. companies, they are also plugged into its supply chain. "These supply chains are incredibly complex and the disruption will be inflationary", he said.

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

Excluding fuel, import prices rose just 1.3 per cent over the past year, according to the Bureau of Labor Statistics. China imposed about $34 billion in retaliatory import charges.

Trump Monday said he would soon reach new deals with United States trading partners that would reverse the offshoring trend of the past generation. But Trump quickly backed away from the truce.

Latest News