6 things Australian traders will be talking about this morning

According to officials with knowledge of the discussions Beijing is considering declining the offer of talks as it isn't prepared to negotiate with a

According to officials with knowledge of the discussions Beijing is considering declining the offer of talks as it isn't prepared to negotiate with a"gun pointed to its head

President Donald Trump tweeted yesterday that tariffs have bolstered Washington's bargaining position in a trade dispute with Beijing while cost increases to American consumers have been negligible, warning of more levies as prospective trade talks with China appeared in doubt.

"Collection of tariffs on the long-anticipated list will start September 24 but the rate will increase to 25 percent by the end of 2018, allowing United States companies some time to adjust their supply chains to alternate countries, a senior administration official said".

Boats, TV sets, and cooper are among the list of imports covered by $200 billion in new tariffs against China that the Trump administration announced Monday. Then last month, the escalating trade war moved up a gear when the United States brought in a 25 percent tax on a second wave of goods worth $16b.

"The concern I have is whilst the tariffs are directed at China at the moment they could well go elsewhere".

The latest US move could generate a tit-for-tat response from Beijing, which has said it would welcome new trade talks with Washington, but also suggested it would not engage in more negotiations if the USA imposed the tariffs.

This addition brings tariffs to about half of all goods imported from China to the U.S. Tariffs increase the cost of goods to U.S. buyers, and lead to higher prices for the same items from domestic producers and imports from countries that have avoided tariffs.

If that happens, the president said, he would immediately begin the process of approving tariffs on a further $267b in Chinese imports - effectively taxing everything Americans buy from China.

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

The new round of tariffs, which was widely expected, dims the last remaining hope that China's U.S. trade point man, Vice-Premier Liu He, will be making a trip to Washington any time soon.

Executives complained the tariffs would make their products more expensive, costing them sales.

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US President Donald Trump holds his signed memorandum on intellectual property tariffs on high-tech goods from China, at the White House in Washington on March 22, 2018.

Farmers, manufacturers, retailers and other industry groups have formed a coalition to oppose the tariffs, calling them taxes on American families. That would raise the total to $517 billion - covering almost everything China sells the United States. These tariffs are on top of current duties on bike imports.

The tariffs will start at 10 percent, beginning Monday of next week, and then rise to 25 percent on January 1.

The green light for the tariffs initially dragged US stocks lower, fueling drops in the Chinese yuan in offshore trading and gains in the dollar index.

The message will be especially poignant to Canada, with which the U.S.is now engaged in a trade stand-off, and Europe, a heavy bearer of steep steel and aluminum tariffs introduced earlier in the year by the president.

They also say United States economic growth and inflation are likely to have peaked this year, which could help to further turn the tide of market sentiment against the Dollar over coming months. A senior Trump administration official told reporters that the United States was open to further talks with Beijing, but offered no immediate details on when any new meetings may occur.

There could be some short-term opportunities for New Zealand from the tariffs but the risks were greater, he said.

Trump has always been fiercely critical of China, accusing it during the 2016 campaign of "the rape" of the American economy and vowing to create a more balanced trade pattern. However, without these tariffs, we will be facing an unfair disadvantage.

The short time frame before the tariffs take effect means that suppliers will face an unexpected 10 percent charge on imports that are already in transit but arrive after next Sunday. "And they can't take actions that entirely flout the rules of the worldwide trading system", the official said.

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