Trump tariffs: Higher prices possible for these products

25 September, 2018, 01:16 | Author: Elaine Woods
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But Trump has taken an increasingly hard line on trade around the world, with $200 billion (R2 863 300 000 000,00) in tariffs on Chinese exports set to take effect on Monday.

The US has been accused of trade bullying by China following new US tariffs on Chinese products.

The two countries have already slapped tariffs on $50 billion worth of each other's goods earlier this year.

Vice Premier Liu He was planning to travel to Washington next week with a trade delegation, following an invitation from US Treasury Secretary Steven Mnuchin.

Americans for Prosperity President Tim Phillips on why he disagrees with President Trump's tariff fight with China.

Defiant in the face of increasing fears about the impact to the United States economy, Trump has threatened to hit all imports from China if it refuses to change policies he says harm United States industry, particularly the theft of American technology. "Upholstered wooden seats", "wooden furniture", and "metal furniture" will now all be tariffed, along with other household goods like vacuum cleaners and some lamps.

"As a result, trade and economic friction between the two sides has escalated quickly over a short period of time, causing serious damage to the economic and trade relations which have developed over the years through the collective work of the two governments and the two peoples, and posing a grave threat to the multilateral trading system and the principle of free trade", said Xinhua, quoting the white paper.

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USA companies who import the affected Chinese products will now have to pay an additional 10 percent levy.

A report published Monday by the Chinese government accused the United States of abandoning fundamental norms of global relations.

The toughly worded report said Beijing wants a "reasonable solution" but gave no indication of possible concessions.

Chinese leaders have tried without success to recruit as allies German, France, South Korea and other trading partners that echo USA complaints about Chinese market barriers and industry plans but criticize Trump's approach.

The US has "made a series of false accusations, and used increasing tariffs and other means of economic intimidation, to try to impose its own interests on China by way of extreme pressure", the State Council (cabinet) said in a white paper on trade and economic tensions with Washington. But businesspeople who have met senior planners say they express no willingness even to discuss changes to technology development plans.

"As the largest importer of U.S. soybeans, China is a vital and robust market we can not afford to lose, " the supplement quotes Davie Stephens, vice president of the American Soybean Association and a Kentucky soybean grower, saying in a statement.

Since July, a total of $250bn (£190bn) in tariffs have hit Chinese imports.

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