Wednesday, 17 October, 2018


Trump to impose fresh tariffs on Chinese goods

Trump gives green light to sanctions on $200 billion in Chinese goods Trump has decided to impose tariffs on $200 billion in Chinese goods in escalation of trade battle
Bennie Garza | 18 September, 2018, 11:24

The Wall Street Journal is reporting that US President Donald Trump is going ahead with plans to announce new tariffs on about $US200 billion ($A280bn) of Chinese imports.

The 10 percent tariff is scaled back from Trump's initial plan, which was to impose 25 percent penalties on all of these imports. A quarter of companies in the industry are relocating China-based manufacturing to southeast Asia, the report said.

Trump has tried to use tariffs as a way to penalize a number of countries this year, including Mexico, Japan, Canada, and members of the European Union, hoping that the threat of driving up costs on their products will make them more open to his demands.

China, meanwhile, will look for permission from the World Trade Organization (WTO) to impose sanctions on the us next Friday, according to the WTO's meeting agenda. Technology shares led declines, with Apple falling as much as 1.7 per cent.

About it reports Reuters, citing a senior official in the White house, reports the online edition of the Chronicle.info with reference to the Correspondent.

The Chinese have confirmed receiving Mnuchin's invitation for talks and welcomed it.

Trump was asked during the meeting whether he was concerned about the impact of the new tariffs on negotiations with China. He responded that he was not, two of the people said.

Publicly, Ford said in late August that as a result of potential increases in USA tariffs, it has decided not to sell a small Chinese-made vehicle in America.

More than 60 percent of USA companies polled said the US tariffs were already affecting their business operations, while a similar percentage said Chinese duties on US goods were having an impact on business. USA officials also worry they might erode USA industrial leadership.

But China is uncertain if talks are leading anywhere and whether the U.S. interlocutors speak for their mercurial and unpredictable president.

But since companies submitted responses anonymously, it is unclear to what extent high-profile US automakers are affected. Disclosure on Wednesday that the USA sought to renew the talks rallied US stocks and emerging-market assets.

On Friday, deputy White House press secretary Lindsay Walters said: "The president has been clear that he and his administration will continue to take action to address China's unfair trade practices". But the impact will still likely be felt by millions of American consumers, as it would apply to smartphones, computers, toys, televisions, and many other middle-class staples. There was no decision made during Thursday's meeting regarding when to issue the $267 billion round. It said the timing for activating the additional tariffs was still unclear. Retailers such as WalMart Inc. and Target Corp. risk being swept up in an escalating trade war if further tariffs hit a broad range of consumer goods, from TVs to sneakers.

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