Trump to Lay Out Line on China Trade

Trump to Lay Out Line on China Trade

Trump to Lay Out Line on China Trade

The world's two largest economies have been locked in an escalating dispute this year over Washington's allegations that China uses "unfair" trading practices that, among other things, force American companies operating in the country to hand their intellectual property over to Chinese companies. The latest levies are set to go into effect September 24 and remain at 10 percent until the end of the year.

Canada and Mexico, members of the North American Free Trade Agreement (Nafta) with the USA, have imposed their own counter-tariffs on United States goods after Washington's steel and aluminum duties took effect.

"Any time tariffs are imposed, I worry that Americans will be forced to pay extra costs - in this case on almost half of the U.S. imports from China", he said. But if the administration enacts the additional tariffs on $267 billion in goods, it would engulf all remaining USA imports from China and Apple products like the iPhone and its competitors would not likely be spared.

In response to President Trump's threatened tariffs, Beijing has teed up tariffs of five to 25 percent on $60 billion of USA goods including pig hides, cocoa butter and condoms.

Boats, TV sets, and cooper are among the list of imports covered by $200 billion in new tariffs against China that the Trump administration announced Monday. That would mean imposing new taxes on all of the goods the United States imports from China.

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President Donald Trump on Monday effectively broadsided one of the world's largest trade relationships, announcing plans to proceed with tariffs on another $200 billion in USA imports of Chinese goods.

The World Trade Organization, to which both the USA and China are parties, has a complaints process that can allow the imposition of tariffs if the party claiming unfair trade proves its point, and the offending nation doesn't change its policies.

"Apple prices may increase because of the massive Tariffs we may be imposing on China - but there is an easy solution where there would be ZERO tax, and indeed a tax incentive". China has matched previous tariff moves dollar for dollar, but the number of U.S. goods to tax is dwindling because, for many years, it has imported only about one-quarter as much as it exports to the United States.

The president has suggested, tariffs on a couple hundred billion dollars. U.S. Treasury Secretary Steven Mnuchin last week invited top Chinese officials to a new round of talks, but thus far nothing has been scheduled.

According to Reuters, smart watches from Apple and Fitbit, as well as some consumer safety products, such as bicycle helmets and baby vehicle seats, are exempt from the new tariffs.

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China has accused the United States of trade bullying and, to this point, has responded dollar-for-dollar with tariffs of its own.

"Once again, I urge China's leaders to take swift action to end their country's unfair trade practices". In retaliating, China in July announced tariffs on American agricultural goods and autos. "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". In addition to unease over the trade war, its has been further supported by a robust stimulus-induced performance from the US economy coming at a time where growth elsewhere in the world has begun to wane.

Officials from both countries have met four times for formal talks, most recently in August, when Treasury's undersecretary for worldwide affairs, David Malpass, led discussions in Washington with Chinese Vice Minister Wang Shouwen.

The Trump administration has bypassed the WTO on its tariffs, however.

A weaker United States dollar has boosted gold prices while the price of most base metals slipped on the back of concerns that demand for metals will weaken as a result of the trade dispute.

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The week started with early morning tweets from Trump claiming the cost increases due to the tariff spat have been "unnoticeable" and any country not making fair deals will be "tariffed".

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