Economy

Trump slaps fresh tariffs on $200B of Chinese goods

Trump slaps fresh tariffs on $200B of Chinese goods”

It's no secret that the Trump administration is set to impose a new round of massive tariffs on Chinese goods, but according to a recent Bloomberg report, it looks like some tech-related products, like the Apple Watch and AirPods, will be spared from those tariffs.

It will take effect on Sept 24 at a 10 per cent level and rise to 25 per cent at the end of the year, the person said.

Trump has said he will no longer allow China to take advantage of the United States on trade, though opposition to escalating tariffs has swelled in recent weeks within USA business circles.

The U.S. Trade Representative's office eliminated about 300 product categories from the proposed tariff list, along with some subsets of other categories, but administration officials said the total value of the revised list would still be "approximately $200 billion".

President Trump warned that he will immediately implement tariffs on $267 billion of Chinese goods if China responds with retaliatory tariffs.

Trump has demanded that China cut its $375 billion trade surplus with the United States, end policies aimed at acquiring USA technologies and intellectual property, and roll back high-tech industrial subsidies.

"We have urged China to change these unfair practices, and give fair and reciprocal treatment to American companies", the president said.

And in a victory for Apple Inc. and its American customers, the administration removed smart watches and some other consumer electronics products from the list of goods to be targeted by the new tariffs.

A senior administration official told Reuters over the weekend that Trump was likely to announce the new tariffs as early as Monday.

"These practices plainly constitute a grave threat to the long-term health and prosperity of the United States economy", Trump said in a White House statement. The administration is targeting a variety of products - from sockeye salmon to bamboo mats - forcing US companies to scramble for suppliers outside China, absorb the import taxes or pass along the burden to their customers.

China's Foreign Ministry reiterated that the escalation of the trade conflict was not in anyone's interest.

The S&P 500 index fell 16.18 points, or 0.6 per cent on Monday US time, while the Dow Jones Industrial Average lost 92.55 points, or 0.4 per cent.

"The president's negotiating tactics do not work well with China's way of thinking", said Sung Won Sohn, chief economist at SS Economics in Los Angeles. But Trump quickly backed away from the truce.

As President Trump continues to take a tough stance on trade, USA businesses are looking for ways to avoid costly import-export fees, a byproduct of ongoing trade tensions.

By expanding the list to US$200 billion (NZ$304 billion) of Chinese imports, Trump risks spreading the pain to ordinary households.

"If you don't know what the rules are or how it's going to operate, you are going to be fairly hesitant about making that investment", said Snyder, who was in China to promote his state's industries, including autonomous vehicle technology.

American businesses have come out strongly against the tariffs, saying they have the potential to raise retail prices.



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