Trump & Trade: Feeling the pressure - ING

President Donald Trump pauses during a meeting in the Cabinet Room of the White House in Washington with members of congress to discuss school and community safety. A White House official says President Donald Trump plans

Donald Trump Warns Countries with Unfair Trade Prepare to Be ‘Tariffed’ AP

Trump also warned that if China takes retaliatory action against USA farmers or industries, "we will immediately pursue phase three, which is tariffs on approximately $267bn of additional imports".

The Commerce Ministry gave no details of China's response to US tariffs imposed in their fight over Chinese technology policy.

Three months later, he released a new list of £24bn ($34bn) of Chinese goods to face a 25 percent tariffs, implemented in August.

"I will say right here on China, we are ready to negotiate and talk with China anytime that they are ready for serious and substantive negotiations towards free trade to reduce tariffs and non-tariff barriers".

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 USA companies and consumers.

Tariffs of 10 percent will be imposed on $200 billion (€171 billion) worth of imports from September 24, rising to 25 percent on January 1.

China will impose a 10 per cent tariff on USA products it previously designated for a rate of 20 and 25 per cent. Millions of iDevices are exported from manufacturers in China each year, and Chinese government officials have explicitly suggested that those products could be casualties in the trade war.

Geng said he would not comment on "hypotheticals" such as what measures Beijing might consider apart from tariffs on US products, saying only that details would be released at the appropriate time. Instead, Trump wants to force American companies out of China and decouple the two nations' economies, some political analysts say.

According to Reuters, smart watches from Apple and Fitbit, as well as some consumer safety products, such as bicycle helmets and baby vehicle seats, are exempt from the new tariffs.

The new list would spare fitness trackers from Fitbit, which had said in a comment letter to regulators that the tariffs would compromise its own investment in the United States.

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.

China's foreign ministry vowed on Monday to strike back if Trump presses ahead with plans to impose duties on another $200bn in Chinese imports, which would leave around half of everything the United States buys from China subject to tariffs.

Apple CEO Tim Cook has been lobbying administration officials to avoid imposing tariffs. Billions of Dollars is being spent on new plants all around the country!' he wrote. "But at this time, everything the United States does does not give the impression of sincerity or goodwill", he added.

According to an analysis by Bloomberg, the new tariffs will have an impact on Beijing, eroding 0.5 percentage point off China's 2018 GDP growth.

The Trump administration is preparing to slap tariffs on an additional $200 billion in Chinese imports, with the final decision expected at the end of August.

Latest News