Economy

Trump Sets Tariffs On $200 Billion In Imports From China

Trump Sets Tariffs On $200 Billion In Imports From China”

The two countries have been embroiled for months in a trade conflict that has threatened to hurt consumers in both countries.

President Trump has threatened to intensify his tariff assaults on nations which fail to bow to America's trade demands as China braced for a fresh attack.

Only last week, Beijing said it welcomed overtures from U.S. officials offering to re-start trade talks, but press reports indicate China would call off any meetings if the new punitive duties take effect.

President Donald Trump has been upset at the size of the USA trade deficit with China and has instigated a trade war with the country in an attempt to lower the gap between the value of Chinese imports of US goods and US imports of Chinese goods.

The tariffs follow duties on $50 billion in goods imposed earlier this year.

The news sent Chinese stocks tumbling on Monday more than one percent with the benchmark Shanghai Composite Index falling to 2,651.79, the lowest level since 2014.

The president said countries unwilling to participate in fair trade will be tariffed.

The Wall Street Journal reported on Monday that President Trump was planning on imposing tariffs on an additional $200 billion worth of imports from China.

Trump defended his policies in an early-morning tweet on Monday, writing: "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".

China has not publicly committed to join a new round of negotiations, but in the past it has pulled back from the prospect of talks in the face of escalations in the dispute.

"China is not going to negotiate with a gun pointed to its head", a senior Chinese official told the newspaper.

Last week, the American Chambers of Commerce in China and in Shanghai reported 52.1 percent of more than 430 companies that responded to a survey said Chinese authorities are subjecting them to "qualitative measures" including slower customs clearance and increased inspections and bureaucratic procedures.

Trump also threatened to add tariffs on about $267 billion of additional imports if China retaliates against USA farmers or other industries.

"But, so far, China has been unwilling to change its practices", he said.

Amid continued trade tensions with the world's second largest economy, Trump "has not been satisfied with the talks with China on this (and) my guess is announcements will be coming soon", economic advisor Larry Kudlow said earlier Monday on CNBC.



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