Trump imposes tariffs on $200 billion more of Chinese goods

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U.S. president Donald Trump levied a 10% tariff on roughly $200bn of imports from China today, escalating the ongoing trade war between the world's two largest economies.

China has vowed to retaliate for the latest USA tariffs with new import taxes on $60b in American products.

Beijing is considering Washington's invitation last week to revive talks on their fight over Chinese technology policy and plans for state-led development of global champions in robotics and other fields.

US President Donald Trump has threatened to target another US$267 billion in goods the US imports from China.

In a statement, Trump said the tariffs will take effect on September 24, at 10 percent until the end of the year, when they will rise to 25 percent.

The United States had proposed the talks, but at the same time moved forward with planning additional tariffs on some $200 billion of Chinese products.

"We have seen that with the steel and aluminum tariffs that Trump put in place that captured New Zealand even though we are a small exporter and buy more from them than we sell".

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

Smart watches, bluetooth devices removed from tariff list; bicycle helmets, baby auto seats, safety gear also excluded. According to a preliminary list released in July, the administration is now targeting $8.4 billion in plastics, $64.8 billion in electrical machinery, $55.1 billion in appliances and $25.8 billion in furniture as well as broad ranges of seafood and meat. "And it was not under Bush", said Derek Scissors, a China expert at the American Enterprise Institute.

The move willy also solidify Trump's commitment to to the trade war despite the Treasury Department's recent overtures to Beijing.

U.S. companies have already said they are anxious about the effect of higher costs on their businesses and warned of the risk of job cuts.

China has accused the U.S. of trade bullying and, to this point, has responded dollar-for-dollar with tariffs of its own. "If countries will not make fair deals with us, they will be 'Tariffed!'".

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. The lack of progress and collapse of that deal have made future negotiations more hard, as it's unclear who speaks for the United States administration and there's a lack of confidence that any deal will be honored.

McClay said no escalation of tariffs was good for a small country like New Zealand, "particularly between the world's largest and second-largest economies", and he was not sure if the Government was paying enough attention to its trading partners.

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Trump administration remains open to negotiations with China, but no details on talks available.

China is one of Apple's largest markets, and the tech giant said increasing tariffs on Chinese goods could harm its business.

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.

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 has made offers to increase its imports from the USA, all of which have been rejected.

White House economic adviser Larry Kudlow has indicated that Trump could be willing to meet face-to-face with China President Xi Jinping to smooth over trade tensions at the United Nations General Assembly later this month or at the Group of 20 nation summit in Argentina in November.

The White House has sought to pressure Beijing to reduce its trade surplus with the United States and protect intellectual property rights of American companies, which it says are abused in China.

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