Trump promises post-market announcement as China tariff reports swirl

18 September, 2018, 02:09 | Author: Elaine Woods

The US is imposing new tariffs on $200bn (£150bn) worth of Chinese goods as it escalates its trade war with Beijing.

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.

"These practices plainly constitute a grave threat to the long-term health and prosperity of the United States economy", Trump said in a White House statement.

Besides retaliating with tariffs, China could also restrict export of goods, raw materials and components core to USA manufacturing supply chains, former finance minister Lou Jiwei told a Beijing forum on Sunday, according to an attendee.

President Donald Trump has been upset at the size of the USA trade deficit with China and has instigated a trade war with the country in an attempt to lower the gap between the value of Chinese imports of US goods and US imports of Chinese goods.

China has said it will respond to the next round of USA levies with retaliatory tariffs on $60 billion of U.S goods ranging from liquefied natural gas to aircraft.

The new round of taxes are jeopardizing talks led by Treasury Secretary Steve Mnuchin with Chinese officials to end the cycle of tit-for-tat tariffs. "They want to make a deal".

The move, which had been expected since at least the weekend, imposes 10 percent tariffs on the products.

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"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", he wrote on Twitter Monday.

Apple and Fitbit stocks each trimmed some losses in afternoon trading amid a broader decline on Wall Street.

The Journal report quoted one senior Chinese advisory official saying China would not negotiate "with a gun pointed to its head".

China has threatened to retaliate and pull out of negotiations if that happens.

Trump also threatened to add tariffs on about $267 billion of additional imports if China retaliates against USA farmers or other industries.

Speaking Sunday at an economics forum, Lou said Beijing should disrupt supply chains of American companies that rely on China's vast manufacturing industries, the website Sina.com reported.

China had issued a list of another $60 billion of US goods for retaliation if the USA proceeds with more tariffs.

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