Trump slaps additional 10% tariffs on $200bn in Chinese goods

China warns it has no choice but to retaliate against the latest round of US tariffs but did not specify how. — Reuters pic

"Further, if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately United States dollars 267 billion of additional imports", Trump said in a strong warning to China.

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.

The newest round of tariffs on Chinese imports signals that Trump has declared trade war on China, writes Oxford Economics chief USA economist Gregory Daco in a Tuesday research note.

The US imported around US$500 billion worth of products from China previous year, compared to US$130 billion in US goods imported by the Asian country.

US President Donald Trump has enforced higher import taxes will apply to more than 5000 Chinese goods.

Trump is trying to bring China to the negotiation table for fairer trade policies.

Introducing tariffs on goods originating from China is unlikely to help American businesses or consumers. Beijing is still ready to negotiate an end to the trade tensions, it said.

"Now is the time for talks-not just tariffs-and manufacturers have laid out a blueprint to reset the US-China commercial relationship that will result in ending China's unfair and anti-competitive behavior", Jay Timmons, NAM's president and CEO, said. But China said it would turn down the offer if the United States went ahead with more tariffs.

The summary, released on Tuesday morning, quoted Zhong as saying "entrepreneurs are very anxious about the possible consequences of trade conflicts in the world's two largest economies, which we do not want to see".

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

Sen. Heidi Heitkamp (D-ND): "The reckless escalation of the administration's trade war is having serious consequences for rural America, which is already suffering from the uncertainty and low commodity prices caused by the disruptions to our markets", Heitkamp said.

"There will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted!"

China slapped $60bn worth of tariffs on American goods on Tuesday in retaliation for new tariffs announced by the United States. "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.

The White House has sought to pressure Beijing to reduce its trade surplus with the United States and protect intellectual property rights of American companies, which it says are abused in China.

Lam Research Corp, a company that makes gear for manufacturing chips, said in a September 6 letter to trade regulators that duties on raw silicon, ceramic machinery parts and other items "add costs to our USA manufacturing operations and reduce our competitiveness in the global semiconductor manufacturing market". Those goods will now be taxed 10 percent.

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

"The tariffs could be an excuse, but what China is really looking for is a signal from the U.S. that President Trump will talk to them directly".

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



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