President Trump Slaps China With Additional $200 Billion Tariffs

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Trump "has not been satisfied with the talks with China on this", Kudlow said.

Collection of tariffs on the long-anticipated list will start 24 September but the rate will increase to 25% by the end of 2018, allowing USA companies some time to adjust their supply chains to alternate countries, a senior administration official said.

In a pair of early morning tweets on Monday, Trump hailed his combative trade policy as a boon to American economic health and said the United States steel industry, which the White House has championed in new protectionist measures, was now "the talk of the world". At the same time, China introduced its own tariffs to the same value.

It has signalled it might target products manufactured in China that are critical to the supply chains of United States technology and manufacturing companies; products relatively low in value but not easily or readily available elsewhere.

Multiple media reports in recent days cite officials saying Trump had chose to press ahead with tariffs on $200 billion in goods as soon as Monday.

The latest levies are set to go into effect September 24 and remain at 10 percent until the end of the year.

"If China counters this tariff increase - which I expect they will - and then the United States does some more, then before you know it we could be captured in something that would be extremely harmful to our exporters and by then it would be too late for us to have any say".

Lobbying against the tariffs has risen sharply in Washington but Trump's policy has left candidates in competitive races for November's hard-fought mid-term congressional elections in awkward positions.

The decision comes despite a Treasury invitation earlier this week to senior Chinese officials, including Vice Premier Liu He, for more talks to try to resolve trade differences between the world's two largest economies.

"My administration will not remain idle while those interests are under attack". It will cost jobs and economic growth even though China is now far less reliant on exports than it once was.

It's the latest move in Trump's push against "unfair" trade policies, which economists fear will prove counterproductive.

Sohn said the Trump administration is pursuing a legitimate goal of getting China to stop violating global trade rules but that it should have enlisted support from other trading partners, such as the European Union, Canada and Mexico, and presented Beijing with a united front.

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"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. The new tariffs, which will cover more than 1000 goods, come on top of the 25 percent tariff already imposed on $50 billion worth of industrial products.

Trump initiated the fight to punish Beijing for what he says are China's predatory tactics to try to supplant US technological supremacy.

The benchmark US 10-year note US10YT=RR last fell 1/32 in price to yield 2.9977 percent.

Heaping more duties on Chinese goods will only further distance Beijing from negotiating an end to the escalating conflict, according to one of the people.

China has accused the U.S. of trade bullying and, to this point, has responded dollar-for-dollar with tariffs of its own.

Smart watches and devices that use bluetooth wireless communications, the technology behind Apple's AirPods and other products that work with smartphones, will be excluded from the new tariff list.

Trump threatened that nations that don't make "fair" deals withe US with getting "Tariffed" on Monday morning prepared to slap the trade rival with the expected $200 billion in penalties.

Chinese chemical inputs for manufacturing and textiles and agriculture eliminated from tariff list.

The president has suggested, tariffs on a couple hundred billion dollars.

"Our concern with these tariffs is that the USA will be hardest hit, and that will result in lower U.S. growth and competitiveness and higher prices for United States consumers", Apple said in a letter.

Farmers, manufacturers, retailers and other industry groups have formed a coalition to oppose the tariffs, calling them taxes on American families.