Trump imposes fresh tariffs on $200 billion worth of Chinese goods

The Donald Trump administration is for the first time publicly planning for a trade spat that drags into 2019 and possibly beyond

China is reviewing plans to send a delegation to Washington for fresh talks in light of the USA decision, the South China Morning Post reported on Tuesday, citing a government source in Beijing, raising the risk of a prolonged trade battle between the world's largest economies that could hit global growth.

The two governments have already imposed 25 percent tariffs on $50 billion of each other's goods.

The Chinese government may decline to participate in proposed trade talks if the Trump administration moves forward with additional tariffs, the Wall Street Journal reported on Sunday, citing Chinese officials.

China has previously vowed to retaliate against any further USA tariffs.

President Trump said on Monday his administration would make an announcement about China after the close of markets, without elaborating.

The U.S. has already levied additional tariffs on $50 billion in Chinese goods at 25 percent. That would mean imposing new taxes on all of the goods the U.S. imports from China. "Consumers - not China - will bear the brunt of these tariffs and American farmers and ranchers will see the harmful effects of retaliation worsen".

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Trump has been locked into a trade dispute with Beijing over China's policy of forcing United States companies to hand over trade secrets as a cost of doing business in China.

'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.

The vast majority of economists say that tariffs increase the cost of goods to companies and consumers without a meaningful improvement for domestic industries that benefit from reduced competition, because the higher prices subsequently charged reduce demand.

President Trump intends to impose tariffs on $200 billion of China's exports to the usa this week, according the Wall Street Journal.

"The dollar's knee-jerk reaction has subsided somewhat as some equity markets are managing to rise despite the trade news".

The US Treasury had invited Chinese officials for more talks to try to resolve trade differences last week but the prospect of negotiation seems bleak now.

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The products spared included consumer electronics like smart watches and Bluetooth devices, child safety products such as high chairs, vehicle seats and play pens, and certain health-and-safety products such as bicycle helmets, the officials said.

US and Chinese trade delegations led by Treasury Sec.

Talks between the European Union and Britain on Brexit are being conducted in a spirit of "good cooperation", said Michel Barnier, the EU's chief negotiator on the issue. The US is trying to negotiate a new North American trade deal even as it threatens to impose national security tariffs on imported automobiles, especially those from Europe. "Hopefully, this trade situation will be resolved, in the end, by myself and President Xi of China, for whom I have great respect and affection", Trump said.

Its the latest move by the administration to punish china for not complying with fair trade practices. Tariffs can be effective in narrow cases to offset government subsidies that create cheap exports to the USA and others to boost economic growth, a practice sometimes called "dumping", or to protect endangered domestic industries that have national or cultural importance. Prime Minister Justin Trudeau defended regulations on the country's dairy market, an issue the U.S. has signalled it will not be quick to budge on. "Setting aside whether this would be a successful negotiating tactic by the president, which only time will tell, the rapid escalation of tariffs and increasing uncertainty will cause significant short-term harm to both businesses and consumers".

Kenneth Jarrett, president of the American Chamber of Commerce in Shanghai, said three quarters of its members will be hit by the tariffs, and they will not bring jobs back to the United States.

Trump's tariffs on China raise costs and create uncertainty for companies that have built supply chains that span the Pacific Ocean.

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