Trump claims China tariffs successful


President Trump imposed tariffs on an additional $200 billion worth of tarrifs Chinese goods coming into the us, continuing an ongoing trade war between the two countries.

Administration officials said on Saturday that President Donald Trump was likely to announce the new tariffs on about US$200 billion of Chinese imports as early as Monday.

Trump also warned in a statement on Monday that if China takes retaliatory action against USA farmers or industries, "we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports".

Earlier yesterday Mr Trump claimed that the consequences of the global trade...

The list slated for tariffs originally included more than 6000 items, but United States officials said they had removed about 300 types of items.

The White House has sought to pressure Beijing to reduce its trade surplus with the USA and protect intellectual property rights of American companies, which it says are abused in China.

China said it will retaliate if the United States goes ahead with these tariffs, and there is a risk it may cancel their upcoming trade talks.

U.S. businesses - which have warned that tariffs could hurt profits, force job cuts, and, in some cases, destroy companies, said the taxes were going to hurt the United States more than the administration realized. If all of Trump's planned tariffs are applied, Monday's levies, plus the existing $50 billion and planned $260 billion in tariffed goods would cover and exceed all of the US' imports from China, a staggering $506 billion.

This will allow United States companies some time to adjust their supply chains to alternate countries, a senior administration official said. "I think it's going to work out very well with China", he said.

China's yuan currency has weakened by about six percent against the USA dollar since mid-June, offsetting the 10 percent tariff rate by a considerable margin.

As was reported earlier in the day, some consumer electronics were spared in the official list.

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Before the latest announcement, 20% of total tonnage and trade value of the Los Angeles port was exposed to the tariffs and retaliatory charges. But it is unclear whether Beijing will agree to come to Washington with the new tariffs set to go into effect.

"So we've negotiated and negotiated and negotiated and given them chance after chance after chance". "Consumers - not China - will bear the brunt of these tariffs and American farmers and ranchers will see the harmful effects of retaliation worsen".

Trump also has complained about America's massive trade deficit - $336 billion a year ago - with China, its biggest trading partner.

"For months, we have urged China to change these unfair practices, and give fair and reciprocal treatment to American companies".

The benchmark US 10-year note US10YT=RR last fell 1/32 in price to yield 2.9977 percent.

The tariff duel is causing companies that rely on Chinese factories to rethink their business relationships, said Craig Allen, president of the US-China Business Council.

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.

"It's at the point, the larger these tariffs become, the bigger the problem they become for the administration and the United States".

Unlike the previous rounds of tariffs - which targeted industrial goods - this tranche will affect consumer products and could lead to price rises for items such as air conditioners, spark plugs, furniture and lamps.

China no longer can match U.S. tariffs on a dollar-for-dollar basis, since it imports only US$135 of American products. Some companies are looking to move out of China to dodge the tariffs, said Ted Murphy, a partner at the Baker McKenzie law firm.