Trump imposes tariffs on $200B more of Chinese goods

An online video about US-China trade tensions produced by China's state television broadcaster plays in Beijing August 23

An online video about US-China trade tensions produced by China's state television broadcaster plays in Beijing August 23

In a second statement Tuesday morning, China announced it will retaliate with tariffs ranging from 5 to 10 percent on approximately $60 billion worth of US imports.

The president had warned in a statement on Monday evening that such action would take the form of tariffs on the remaining US$267 billion of Chinese imports, further expanding the already unprecedented scope of the trade war.

"On the Chinese side, Mr. Trump has burned a lot of political capital so it's hard to see how talks can resume if Mr. Trump goes ahead on the $200 billion", Freya Beamish, chief Asia economist at Pantheon Macroeconomics, told the Reuters Global Markets Forum.

Trump's comments came a day after he targeted another $200 billion in Chinese imports with tariffs starting next week, drawing an immediate vow of retaliation from Beijing.

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

Trump took to Twitter on Tuesday morning to say that any further action by China targeting USA farmers and industrial workers would result in "great and fast economic retaliation" from the US.

"Unfortunately, China has been unwilling to change its policies involving the unfair acquisition of USA technology and intellectual property".

Conflicting messages coming from the Trump administration on tariffs amid the United States trade war with China could sink prospective negotiations between the two countries before they begin, damaging pros-pects for a resolution to the growing dispute, according to a Wall Street Journal (WSJ) report, which cited officials with knowledge of the discussions. As of September 24, the 10 per cent tariffs will apply on certain products.

In light of the US action, China is reviewing plans to send a delegation to Washington for new talks, the South China Morning Post reported on Tuesday, citing a government source in Beijing.

The administration's proposal for the tariffs on US$200 billion (S$247 billion) of products drew protest from technology companies earlier this year, but the final list of taxed devices described by the official avoids many big consumer brand names and products.

"China has had many opportunities to fully address our concerns", Trump said in a statement.

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The latest round of tariffs is the biggest so far, imposing higher taxes on almost 6,000 items.

"But, so far, China has been unwilling to change its practices", including theft and forced transfer of technology.

China has limited retaliatory levers it can pull on the tariff front, said Anthony Saglimbene, global market strategist at Ameriprise Financial Services in Troy, Michigan. The administration is targeting a bewildering variety of products - from sockeye salmon to baseball gloves to bamboo mats - forcing USA companies to scramble for suppliers outside China, absorb the import taxes or pass along the cost to their customers.

FILE PHOTO: U.S. President Donald Trump delivers his speech as he and China's President Xi Jinping meet business leaders at the Great Hall of the People in Beijing, China, November 9, 2017.

As Beijing runs out of US goods for retaliation, American companies say regulators are starting to disrupt their operations. However, because of the trade imbalance between the United States and China, Beijing won't be able to continue matching Trump's tariffs.

The Trump administration's proposal for $US200 billion worth of tariffs drew protest from technology companies earlier this year.

The tariffs are the latest in the tit-for-tat trade war brewing between China and the US for months. Those goods will now be taxed 10 percent.

Talks were meant to happen later this month between the US Treasury Minister, Steven Mnuchin, and Chinese Vice Premier Liu He.

In these circumstances, the President has directed the U.S. Trade Representative to increase the level of trade covered by the additional duties in order to obtain elimination of China's unfair policies.

Beijing will be forced to retaliate if the USA rolls out new tariffs against the country, ministry spokesman Geng Shuang was cited by Huanqiu.com as saying.

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