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Trump to announce new China tariffs as early as Monday

Trump to announce new China tariffs as early as Monday”

Despite his Treasury Secretary's attempts to revive trade talks with China, U.S. President Donald Trump has reportedly told his aides to press ahead with a new round of tariffs on an extra 200 billion U.S. dollars in Chinese products.

Trump's top economic adviser, Larry Kudlow told Fox News on Wednesday that the United States government had received information that "the top of the Chinese government wished to pursue talks" prompting Mnuchin to send an invitation.

The public comment period for a list of tariffs on about US$200 billion in Chinese goods closed earlier this month, and Mr Trump said the duties would be imposed "soon".

The administration has already levied duties on $50 billion worth of Chinese goods following a study on China's intellectual property practices released earlier this year.

White House spokeswoman Lindsay Walters declined comment on the timing of a possible announcement, but said: "The president has been clear that he and his administration will continue to take action to address China's unfair trade practices".

Adding in the $200 billion list and another $267 billion of Chinese goods, total imports from China facing tariffs would exceed the $505 billion in goods that the United States imported from China previous year.

Details on the potential trade talks were thin, but Larry Kudlow, White House economic advisor, said the prospect of talks was a positive development. American officials also worry they might erode USA industrial leadership.

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"We are under no pressure to make a deal with China, they are under pressure to make a deal with us", Trump tweeted.

Otherwise, while the analysts don't expect retailers of many other Chinese goods to raise prices immediately to help offset the tariffs, they warned that prices could rise just as shoppers are about to spend heavily during the holidays.

Trump was asked during the meeting whether he was concerned about the impact of the new tariffs on negotiations with China.

And two weeks ago, he said he was preparing a third package of penalties on what he said would be $267 billion of additional items, a list that is likely to encompass all remaining goods produced in China.

The U.S. Trade Representative's office has said it was working to revise the list based on issues raised in public hearings and written submissions.

The US has launched a trade war against China which could see all of its exports to the US subject to duties. The list of products mostly included industrial equipment to avoid directly hurting US consumers.

Corporate executives increasingly think the trade dispute can be resolved only by direct talks between Trump and Xi.



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