The President of the United States announced Thursday that he is considering to impose a new set of tariffs worth $100 billion on Chinese products after the Asian giant decided to apply extra duties on US products in response to the $50 billion of taxes Washington levied on Chinese imports.

US President Donald Trump ordered the Office of the US Trade Representative (USTR) to "identify the products to impose such tariffs," of about $100 billion, "in the light of China's unfair retaliation". </s> WASHINGTON (Reuters) - U.S. President Donald Trump is likely to publish this week a list of $200 billion in additional Chinese products to be hit with tariffs, possibly as early as later on Tuesday, an administration official said.

The official said the decision was not final and that the list of Chinese goods would not become final until after the public had a chance to comment.

The move would be the latest in the escalating trade skirmish between the world’s two biggest economies.

Bloomberg first reported on Tuesday that the Trump administration was planning to release the list, citing two people familiar with the matter. Another source who is familiar with the situation confirmed the Bloomberg report to Reuters.

Trump last week said the United States may ultimately impose tariffs on more than $500 billion worth of Chinese goods - roughly the total amount of U.S. imports from China last year.

The United States began imposing tariffs on $34 billion in Chinese goods at 12:01 a.m. EDT (0401 GMT) on Friday. </s> US President Donald Trump says he has "hereby ordered" American companies with operations in China to "immediately" start looking for an alternative after Beijing announced a series of retaliatory tariffs.

But as markets in the US, Asia and Europe tumbled, the White House offered no further details or explanation of Trump's intentions.

Instead, the president tweeted he would be responding to China's tariffs on Friday afternoon.

"This is a GREAT opportunity for the United States," he wrote.

The US has said it plans to impose 10 per cent tariffs on $US300 billion ($A444 billion) of Chinese goods in two steps, on September 1 and December 15.

China responded on Friday with new tariffs on $US75 billion ($A111 billion) of US products in retaliation, deepening a conflict over trade and technology that threatens to tip a weakening global economy into recession.

China also will increase import duties on US-made autos and auto parts, the Finance Ministry announced.

Tariffs of 10 per cent and 5 per cent will take effect on two batches of goods on September 1 and December 15, the ministry said in a statement.

It gave no details of what goods would be affected but the timing matches Trump's planned duty hikes.

The announcement comes as leaders of the Group of 7 major economies prepare to meet in France this weekend.

Washington is pressing Beijing to narrow its trade surplus and roll back plans for government-led creation of global competitors in robotics, electric cars and other technology industries.

"Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing ... your companies HOME and making your products in the USA. I will be responding to China's Tariffs this afternoon," Trump tweeted on Friday.

The White House did not immediately respond to questions about what authority the president has to order private companies to change their business practices. </s> WASHINGTON, Aug 23 — The United States today imposed steep import tariffs on another US$16 billion (RM65.62 billion) in Chinese goods in the dispute over what US officials say is the rampant theft of American technology.

That completes the first round of US$50 billion in products that President Donald Trump targeted, after US$34 billion in goods were hit with punitive duties on July 6.

China has said it will react immediately with tariffs on the same amount of US goods, targeting iconic products like Harley Davidson motorcycles, bourbon and orange juice, among hundreds of others. — AFP </s> President Donald Trump pumps his fist as he arrives on Air Force One Tuesday, July 30, 2019, at Virginia Beach, Va. (AP Photo/Alex Brandon)

WASHINGTON (AP) — President Donald Trump announced Thursday the U.S. will apply a new tariff of 10% on about $300 billion worth of products from China beginning Sept. 1, escalating the two countries’ festering trade dispute.

Trump tweeted amid slow-moving talks with China that negotiations will continue. But he blamed China for not following through on stopping the sale of fentanyl to the United States or purchasing large quantities of farm goods such as soybeans.

Stocks immediately tumbled on the news. The Dow Jones Industrial Average, which had been up nearly 300 points earlier, was down nearly 200 points soon after Trump’s tweets.

The U.S. has already applied tariffs of 25% on $250 billion worth of goods from China. China retaliated with tariffs on $110 billion in American goods, including agricultural products, in a direct shot at Trump supporters in the U.S. farm belt.

Trump’s threats come after a U.S. delegation returned to Washington from what the White House described as “constructive” trade talks. The negotiations were expected to resume in Washington in September, though exact dates were not announced.

Trump issued the tariff threat in a series of tweets. He also tweeted “we look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one!”

The world’s two biggest economies are locked in a trade war over U.S. allegations that Beijing uses predatory tactics — including stealing trade secrets and forcing foreign companies to hand over technology — in a drive to overtake American technological dominance.

Talks had broken down in May after the United States accused the Chinese of reneging on earlier commitments. </s> • The US will impose a 25% tariff on $16 billion worth of Chinese goods starting August 23.
• The tariff will mostly apply to industrial equipment, like tractors and chemicals.
• The move is the latest escalation of President Donald Trump’s trade war with China.

The United States will impose a 25% tariff on another $16 billion worth of Chinese goods starting August 23, US Trade Representative Robert Lighthizer announced Tuesday.

The new set of measures are the second tranche of tariffs that President Donald Trump originally announced in March, following tariffs imposed on $34 billion worth of Chinese imports that went into effect in early July. It represents the latest salvo in the ever-expanding trade war between the US and China.

The 279 items that will be hit with tariffs at the end of August are mostly industrial goods such as tractors, plastic tubes, and measurement equipment like speedometers.

Trump has threatened to levy a 25% tariff on an additional $200 billion worth of Chinese imports to the US – a move that would blow open the disagreement between the countries. China responded by promising to hit $60 billion worth of US goods coming into the country with tariffs.

The Trump administration has maintained that the tariffs are necessary to force China into changing economic behavior it says harms the US. For instance, the major complaint is about the theft of US intellectual property by Chinese firms.

China, on the other hand, argues that the tariffs violate World Trade Organization rules and only harm both countries. Beijing is expected to hit $16 billion worth of US goods with equal tariffs in response to Tuesday’s move.

Economists warn that a prolonged trade war between China and the US could end up increasing prices for American consumers and hurting US businesses. But given the lack of talks and Trump’s unclear goals, the trade war doesn’t appear to be close to a resolution.

Here’s a timeline of the US-China trade war so far:
• March 1: President Donald Trump announces tariffs on all imports of steel and aluminum, including metals from China.
• March 22: Trump announces plans to hit $50 billion worth of Chinese goods with a 25% tariff. China announces tariffs in retaliation to the steel and aluminum duties and promises a response to the latest US announcement.
• April 3: The US trade representative announces a list of Chinese goods subject to the tariffs. There is a mandatory 60-day comment period for industries to ask for exemptions from the tariffs.
• April 4: China rolls out a list of more than 100 US goods worth roughly $50 billion that are subject to retaliatory tariffs.
• May 19: After a meeting, the two countries announce the outline of a trade deal to avoid the tariffs.
• May 29: The White House announces the tariffs on $50 billion of Chinese goods will move forward, with the final list of goods released June 15. The move appears to wreck the nascent trade deal.
• June 15: Trump rolls out the final list of goods subject to new tariffs. Chinese imports worth $34 billion would be subject to the new 25% tariff as of July 6, with another $16 billion worth of imports subject to the tariff at a later date. China retaliates with an equivalent set of tariffs.
• June 18: Trump threatens a 10% tariff on another $200 billion worth of Chinese goods.
• July 6: The first tranche of tariffs on $34 billion worth of Chinese goods takes effect; China responds in kind.
• July 10: The US releases an initial list of an additional $200 billion worth of Chinese goods that could be subject to a 10% tariff.
• August 1: Washington more than doubles the value of its tariff threats against Beijing, announcing plans to increase the size of proposed duties on $200 billion worth of Chinese goods to 25% from 10%.
• August 3: China announces that the country will impose tariffs of various rates on another $60 billion worth of US goods if Trump moves forward with his latest threat.
• August 7: The US announces that the second tranche of tariffs, which will hit $16 billion worth of Chinese goods, will go into effect on August 23. </s> Washington (CNN) President Donald Trump on Friday counterpunched against retaliatory tariffs announced by Beijing earlier in the day, pledging to hike the rates importers must pay on Chinese-made goods even higher.

Trump said the US will raise tariffs from 25% to 30% on $250 billion in goods that are already being taxed starting October 1.

He also threatened to ratchet up promised tariffs on the remaining $300 billion in Chinese imports from 10% to 15%. Those tariffs, which would hit mostly consumer items , are set to begin taking effect September 1, though most goods will be duty-free until December 15 -- a move Trump made to avoid putting a damper on holiday retail sales

The President's announcement came after Beijing unveiled a new round of retaliatory tariffs on about $75 billion worth of US goods . China will place additional tariffs of 5% or 10% on US imports starting on September 1, according to a statement posted by China's Finance Ministry.

"We're having a little spat with China and we'll win it," Trump told reporters Friday night before departing for the annual G7 summit in Biarritz, France. "We put a lot of tariffs on China today, as you know. They put some on us, we put a lot on them."

Read More </s> WASHINGTON (UrduPoint News / Sputnik - 24th August, 2019) The United States will increase tariffs by another five percent on $550 billion worth of Chinese goods that are already being taxed in response to Beijing's new retaliatory measures, US President Donald Trump said in a statement.

"Starting on October 1st, the 250 billion Dollars of goods and products from China, currently being taxed at 25 percent will be taxed at 30 percent," Trump said via Twitter on Friday.

The US president also said the tariff on the remaining $300 billion worth of Chinese goods and services that will go into effect on September 1 will now increase from 10 percent to 15 percent.

Earlier on Friday, the Chinese State Council said tariffs ranging from 5 to 10 percent would be applied to $75 billion worth of US goods, with some taking effect on September 1 and others on December 15.

The latter batch will also include a 25 percent duty on American cars.

The US Trade Representative's office in a statement said it will begin implementing the tariffs effective October 1 after a notice and comment period. The remainder will go into effect on the already scheduled dates

For the 10% tariffs on approximately $300 billion worth of Chinese imports that the President announced earlier this month, the tariffs will now be 15%, effective on the already scheduled dates for tariff increases on these imports.

China's newly announced tariffs on Friday are in response to Trump's announcement earlier this month of the initial 10 percent tariffs on $300 billion in Chinese goods, although some items have since been removed from the list and others delayed until after the holiday shopping season. </s> Paul Wiseman, Kevin Freking and Josh Boak , The Associated Press 

 



WASHINGTON -- U.S. President Donald Trump intensified pressure Thursday on China to reach a trade deal by saying he will impose 10% tariffs Sept. 1 on the remaining US$300 billion in Chinese imports he hasn't already taxed. The move immediately sent stock prices sinking.

The president has already imposed 25% tariffs on $250 billion in Chinese products, and Beijing has retaliated by taxing $110 billion in U.S. goods.

U.S. consumers will likely feel the pain if Trump proceeds with the new tariffs. Trump's earlier tariffs had been designed to minimize the impact on ordinary Americans by focusing on industrial goods. But the new tariffs will hit a vast range of consumer products from cellphones to silk scarves.

The president's announcement via Twitter came as a surprise, in part because the White House on Wednesday had said Beijing confirmed that it planned to increase its purchases of American farm products. That word came just as U.S. and Chinese negotiators were ending a 12th round of trade talks in Shanghai, which the White House called "constructive."

Though the negotiations concluded without any sign of a deal, they are scheduled to resume next month in Washington.

The Dow Jones Industrial Average, which had been up nearly 300 points earlier in the day, was down nearly 200 points after Trump's tweets announcing the new tariffs. The Dow closed for the day down 280 points -- more than 1 per cent.

Trump has long said he was preparing to tax the $300 billion in additional Chinese tariffs. But he had suspended the threat after meeting with President Xi Jinping in Osaka, Japan, in June.

It isn't clear when American consumers are likely to feel the impact of the additional tariffs, but higher prices could show up in stores this fall.

"Attention all Target & Wal-Mart shoppers ... the price on the goods you buy ahead of the holidays are going up due to trade policy," tweeted Joseph Brusuelas, chief economist at the consultancy RSM.

Besides announcing the additional tariffs on Chinese imports, Trump tweeted that "we look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one!"

The president accused Beijing of failing to follow through on stopping the sale of fentanyl to the United States or on purchasing large quantities of farm goods such as soybeans. Speaking to reporters Thursday at the White House, Trump complained that President Xi is "not moving fast enough."

Trump said he scheduled the additional tariffs to begin Sept. 1 to give exports already en route from China time to get to the United States -- a journey that can take three or four weeks. By setting the import taxes at 10%, he has leeway to ratchet them higher if necessary to further increase pressure on Beijing.

"Until such time as there's a deal," Trump said, "we'll be taxing them."

The world's two biggest economies are locked in a trade war over U.S. allegations that Beijing uses predatory tactics -- including stealing trade secrets and forcing foreign companies to hand over technology -- in a drive to overtake American technological dominance.

Talks had broken down in May after the United States accused the Chinese of reneging on earlier commitments.

"The fact that this tweet comes after only one meeting with the Chinese delegation following the resumption of talks is extremely concerning," said Rick Helfenbein, president of the American Apparel & Footwear Association.

Wendy Cutler, a former U.S. trade negotiator who is now vice-president at the Asia Society Policy Institute, said: "These talks are not getting any easier. I don't expect the Chinese to sit by ... The combination of these latest tariffs, with Chinese counter-retaliation, is going to take a heavy toll on U.S. consumers, workers, farmers and businesses."

Trump's trade war and its consequences were a key factor in the Federal Reserve's decision Wednesday to cut interest rates in an otherwise healthy U.S. economy. During a news conference, Chairman Jerome Powell pointed repeatedly to the uncertainty caused by Trump's pursuit of trade wars on multiple fronts as a reason for the rate cut.

The president's decision to impose a 10% tax on an additional $300 billion of Chinese imports might have been predicated, in fact, on his confidence that Powell's Fed stands ready to cut rates again. The bond market signalled its belief in that theory Thursday, with Treasury yields dropping sharply after Trump's announcement.

And according to the CME Group, market traders now foresee a roughly 70 per cent likelihood of another rate cut when the Fed next meets in September. Before Trump's announcement, the likelihood was pegged at under 50 per cent.

Sarah Bloom Raskin, a former Fed board member, has warned that Fed rate cuts could embolden Trump to escalate trade battles for that very reason.

In the meantime, the additional Trump tariffs risk further souring the relationship between the world's two largest economies.

"The stage is now set for a further escalation of trade tensions between China and the U.S.," said Eswar Prasad, a Cornell University economist and former head of the China division at the International Monetary Fund. "It has become clear that there is no clear path to a resolution of the trade dispute in the coming months, and China might choose to live with a trade war while waiting out the Trump presidency."

Trump has insisted that the tariff war is hurting China but not the United States. He tweeted two days ago: "Trumps got China back on its heels, and the United States is doing great."

But his administration is providing $16 billion in aid to American farmers -- on top of $11 billion last year -- to offset sales lost after China imposed retaliatory tariffs on soybeans and other U.S. farm products.
President of the United States Donald Trump announces in a tweet that the United States will impose import tariffs of 10% on US$300 billion worth of Chinese exports starting September 1.