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Trump Readies Tariffs on $200 Billion More Chinese Goods

Trump Readies Tariffs on $200 Billion More Chinese Goods

Apple Chief Executive Officer Tim Cook - who dined with President Donald Trump and his wife, Melania, at Trump's Bedminster, New Jersey golf resort in August - has said he hopes "calm heads prevail" in the trade conflict between the United States and China.

Economists at UBS Group AG say even a 10 percent tariff would slow the United States economy in the fourth quarter by enough to stop the Federal Reserve hiking interest rates again in December.

U.S. President Donald Trump made a decision to begin taxing the imports - equal to almost 40 per cent of goods China sold the United States past year - after a public comment period.

The White House said in a statement that Trump had been clear that he and his administration would continue to take action to address China's trade practices and encouraged Beijing to address USA concerns.

"Tariffs have put the U.S.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 on Twitter. American officials say those violate Beijing's market-opening commitments and worry they might erode USA industrial leadership.

In an earlier round of tariffs on US$50 billion of goods, the Trump administration removed proposals on flat-panel television sets for the final list in June.

Economists at UBS Group AG say even a 10 per cent tariff would slow the US economy in the fourth quarter by enough to stop the Federal Reserve hiking interest rates again in December.

White House economic adviser Larry Kudlow said on Monday that the United States was ready to negotiate a trade deal with China if Beijing was ready for serious discussions.

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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.

American industry has come out strongly against Trump's tariffs, saying cost increases could raise prices for consumers.

The Chinese foreign ministry said Thursday that it was invited to hold new talks.

If an increase goes ahead, "China will have to take necessary countermeasures", said Geng at a regular daily briefing.

Lou was finance minister through 2016 and serves as chairman of China's 1.9 trillion yuan ($290 billion) National Social Security Fund, which manages assets of government pension plans.

Indeed, many critics of Chinese economic policy in the USA hope the escalating trade dispute will discourage companies in the US and elsewhere from investing in China.

The Chinese government may decline to participate in proposed trade talks if the Trump administration moves forward with additional tariffs, the Wall Street Journal reported on Sunday, citing Chinese officials.

Chinese authorities have yet to confirm what steps aside from retaliatory tariffs they might take.


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