Trump Sets Tariffs On $200 Billion In Imports From China

More broadly, tariffs will lead to higher United States consumer prices, lower overall USA economic growth, and other unintended economic consequences. Instead, we are now awaiting China's retaliation.

Consumer goods feature strongly on the latest list - although following lobbying from retailers and technology giants, some items expected to be on the list have been excluded.

If all of Trump's planned tariffs are applied, Monday's levies, plus the existing $50 billion and planned $260 billion in tariffed goods would cover and exceed all of the US' imports from China, a staggering $506 billion.

China's Foreign Ministry said it welcomed the invitation, but Trump later raised questions about it, saying on Twitter that he was under no pressure to make a deal with Beijing and that the United States "will soon be taking in Billions in Tariffs & making products at home".

LONDON (Reuters) - European share markets followed Asian counterparts lower on Monday as investors took fright at news Washington was set to announce a new round of tariffs on Chinese goods in the latest escalation of their trade conflict.

Once the new round of tariffs takes effect on Sept 24, punitive duties will be in place on roughly half of the products the United States buys from China - its largest source of imported merchandise. Washington remains open to negotiations but China must show it's seriously willing to make systemic economic changes, the senior administration officials said on Monday. The Dow Jones Industrial Average lost 0.4 per cent to close at 26,062, the S&P 500 fell 0.6 per cent to 2,889 and the NASDAQ was down 1.4 per cent to close at 7896.

"For months, we have urged China to change these unfair practices and give fair and reciprocal treatment to American companies", Trump said in a statement.

Kenneth Jarrett, president of the American Chamber of Commerce in Shanghai, said three quarters of its members will be hit by the tariffs, and they will not bring jobs back to the United States. Cook last month dined with President Donald Trump and First Lady Malania Trump at Trump's New Jersey golf club.

"My administration will not remain idle while those interests are under attack".

The government has outlined a plan to impose further tariffs on roughly $60bn worth of USA goods, and threatened other measures. 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".

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The meeting took place immediately after Pompeo's press conference. "No secrets were kept from this administration", Summers said. President, you should be more anxious about Paul Manafort meeting with Robert Mueller than me meeting with Iran's FM.

Officials said they wanted to shield consumer goods from the taxes as much as possible.

He said consumers benefit from access to the lowest cost goods.

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"Tariffs have put the USA in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been nearly unnoticeable", Trump said.

He said Australia's economic growth had come from seizing export opportunities.

Birmingham said the Australian government was "always concerned where people are not necessarily following the traditional rules-based order of global trade".

"These tariffs are going to be paid for by the working families who drive our economy", said Jonathan Gold, a spokesman for a business group formed to fight tariffs called Tariffs Hurt the Heartland. This igiven the extent to which the currency's gains have also been supported by a superior economic performance and the degree to which this itself is the result of President Trump's tax cuts and reforms.

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.

Mr. Trump blasted America's trade track record with China in a meeting on the American workforce Monday afternoon before formally announcing the tariffs.

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