Trump promises post-market announcement as China tariff reports swirl

US President Donald Trump and China's President Xi Jinping leave a business leaders event in Beijing

US President Donald Trump and China's President Xi Jinping leave a business leaders event in Beijing

The administration was widely expected to announce later on Monday a new round of 10 per cent tariffs on US$200 billion of Chinese imports.

White House economic adviser Larry Kudlow announced during an interview on Monday that President Donald Trump would likely be imposing new tariffs on a "couple hundred billion" worth of imports from China.

-China trade dispute much of the conflict was less actual tariffs but more the talk of "potential" tariffs, the ordering of those potential tariffs, but the actual implementation of real tariffs was always delayed as the actual implementation of "real tariffs" would be essentially playing a card once-and-for-all that each side had.

'Only knowing the pain of fighting will stop the war and cause (the United States) to negotiate seriously, ' said Lou.

The administration is targeting a variety of products - from sockeye salmon to bamboo mats - forcing US companies to scramble for suppliers outside China, absorb the import taxes or pass along the burden to their customers.

The vast majority of economists say that tariffs increase the cost of goods to companies and consumers without a meaningful improvement for domestic industries that benefit from reduced competition, because the higher prices subsequently charged reduce demand.

While Trump wants United States companies to shift their manufacturing from China and elsewhere to the U.S., not only would that make the USA companies higher cost and less competitive in global markets but it could take years to build the manufacturing plants or re-engineer supply chains.

USA and Chinese trade delegations led by Treasury Sec.

The tough talk follows reports China is deliberately reducing exports to the USA by slowing down customs approvals and stepping up environmental and other inspections.

Beijing may also decline to participate in the proposed trade talks with Washington later this month if the Trump administration goes ahead with the additional tariffs, the Wall Street Journal reported on Sunday, citing Chinese officials.

Typhoon Mangkhut slams South China after hitting the Philippines
Muddy river waters swamped entire communities and the coastal city of Wilmington, North Carolina, was cut off by the flood waters. Residents hunkered down in their apartments, and streets in the usually buzzing city were deserted Sunday.

Chinese imports from the United States grew by nearly 500 per cent over the past five years, such that as of 2017 Chinese buyers accounted for almost one in every five dollars in U.S. export revenue. China has previously stated if America imposed this new larger set of taxes, China would place tariffs on American imports that total $60 billion.

With Monday's announcement, roughly half of the US$505b in goods that Americans buy annually from Chinese firms will face new import levies.

The products spared included consumer electronics like smart watches and Bluetooth devices, child safety products such as high chairs, auto seats and play pens, and certain health-and-safety products such as bicycle helmets, the officials said.

Analysts have warned that a full-scale trade war between the two could cause setbacks for global markets.

President Trump has signaled numerous times during the past weeks that he could slap additional tariffs on a wide range of consumer goods manufactured in China.

The US imports around $500 billion in goods from China.

"Our concern with these tariffs is that the United States will be hardest hit, and that will result in lower USA growth and competitiveness and higher prices for U.S. consumers", Apple said in a letter commenting on the proposal. "And with that will come an increase in real wages and better jobs", he said.

"As President, it is my duty to protect the interests of working men and women, farmers, ranches, businesses, and our country itself", Trump said in a statement.

A decision to back away from confrontation with China could be made only by one man.

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