WASHINGTON (UrduPoint News / Sputnik - 24th August, 2019) The United States will increase tariffs by another five percent on $550 billion worth of Chinese goods that are already being taxed in response to Beijing's new retaliatory measures, US President Donald Trump said in a statement.

"Starting on October 1st, the 250 billion Dollars of goods and products from China, currently being taxed at 25 percent will be taxed at 30 percent," Trump said via Twitter on Friday.

The US president also said the tariff on the remaining $300 billion worth of Chinese goods and services that will go into effect on September 1 will now increase from 10 percent to 15 percent.

Earlier on Friday, the Chinese State Council said tariffs ranging from 5 to 10 percent would be applied to $75 billion worth of US goods, with some taking effect on September 1 and others on December 15.

The latter batch will also include a 25 percent duty on American cars.

The US Trade Representative's office in a statement said it will begin implementing the tariffs effective October 1 after a notice and comment period. The remainder will go into effect on the already scheduled dates

For the 10% tariffs on approximately $300 billion worth of Chinese imports that the President announced earlier this month, the tariffs will now be 15%, effective on the already scheduled dates for tariff increases on these imports.

China's newly announced tariffs on Friday are in response to Trump's announcement earlier this month of the initial 10 percent tariffs on $300 billion in Chinese goods, although some items have since been removed from the list and others delayed until after the holiday shopping season. </s> President Donald Trump said Thursday that the U.S. is putting 10% tariffs on another $300 billion worth of Chinese goods, effective Sept. 1.

"Trade talks are continuing, and during the talks the U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country...We look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one!" Trump said in a tweet on Thursday.

The surprise tariff announcement came after the U.S. and China restarted trade talks in Shanghai this week, the first in-person trade talks since a G-20 truce. The White House said Wednesday before this Trump tweet that the meetings were "constructive," adding that China confirmed its commitment to increase purchases of U.S. agricultural exports. Trade negotiations will continue in Washington in early September, according to the White House statement. </s> China 'won't surrender' to pressure in US trade war After the latest round of trade negotiations ended on Friday without a deal, China on Monday warned that it will "never surrender to external pressure", referring to the US increasing tariffs on $200 billion worth of Chinese goods to 25% and will impose new duties on another $300 billion. China has said that it will hit back with "necessary countermeasures".

NEW DELHI: China on Monday said it will impose tariffs on $60 billion worth of US goods from June 1, after Washington announced plans to tax almost all Chinese imports to the United States.Beijing will impose tariffs ranging from 5 per cent to 25 per cent on a number of American goods, according to a statement by the Tariff Policy Commission of the State Council -- China's cabinet.China's finance ministry said that it will impose tariffs on a total of 5,140 US products.The latest round of trade negotiations between the world's top two economies ended on Friday without a deal, with US President Donald Trump increasing tariffs on $200 billion worth of Chinese goods to 25 per cent and ordering the start of a process to impose new duties on another $300 billion worth of items.The response was announced after Trump warned Beijing not to retaliate."China should not retaliate-will only get worse!" the US president wrote in a series of tweets on trade.But Beijing also appeared to dig in. "China will never surrender to external pressure," foreign ministry spokesman Geng Shuang said at a regular briefing on Monday.Global markets remain on red alert over a trade war between the two superpowers that most observers have warned could shatter global economic growth, and hurt demand for commodities like oil. </s> WASHINGTON (UrduPoint News / Sputnik - 24th August, 2019) The United States will increase on October 1 the imposed tariffs on $250 billion worth of Chinese goods from 25 percent to 30 percent as a response to China's new retaliatory tariffs, US President Donald Trump said in a statement.

"Starting on October 1st, the 250 billion Dollars of goods and products from China, currently being taxed at 25 percent will be taxed at 30 percent," Trump said via Twitter on Friday.

The US president also said the tariff on the remaining $300 billion worth of Chinese goods and services that will go into effect on September 1 will now increase from 10 percent to 15 percent. </s> WASHINGTON (AP) — President Donald Trump declared Friday that he had “hereby ordered” American companies with operations in China “to immediately start looking for” an alternative after Beijing announced a series of retaliatory tariffs.

But as markets in the U.S., Asia and Europe tumbled, the White House offered no further details or explanation of Trump’s intentions.

Instead, the president tweeted that he would be “responding to China’s Tariffs this afternoon.”

“This is a GREAT opportunity for the United States” he wrote.

The U.S. has said it plans to impose 10% tariffs on $300 billion of Chinese goods in two steps, on Sept. 1 and Dec. 15. China responded Friday with new tariffs on $75 billion of U.S. products in retaliation, deepening a conflict over trade and technology that threatens to tip a weakening global economy into recession.

China also will increase import duties on U.S.-made autos and auto parts, the Finance Ministry announced. Tariffs of 10% and 5% will take effect on two batches of goods on Sept. 1 and Dec. 15, the ministry said in a statement. It gave no details of what goods would be affected but the timing matches Trump’s planned duty hikes.

The announcement comes as leaders of the Group of 7 major economies prepare to meet in France this weekend.

Washington is pressing Beijing to narrow its trade surplus and roll back plans for government-led creation of global competitors in robotics, electric cars and other technology industries.

On Friday, Trump tweeted, “Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing… your companies HOME and making your products in the USA. I will be responding to China’s Tariffs this afternoon.”

The White House did not immediately respond to questions about what authority the president believes he has to order private companies to change their business practices. And it remained unclear hours after his tweets exactly what he had in mind.

Trump was meeting Friday morning with his trade advisers, according to two people with knowledge of the situation. They were discussing various potential options, including the possibility of imposing a 25% tariff on all Chinese exports to America, one of the people said. They spoke to AP on condition of anonymity because they were not authorized to disclose details of closed-door meetings.

Peter Navarro, who advises Trump on trade policy, tried to downplay the impact of Chinese tariff hikes ahead of the meeting. He said they were “well anticipated” and would only strengthen Trump’s resolve.

China’s government appealed to Trump this week to compromise in order to reach a settlement.

That came after Trump warned that the American public might need to endure economic pain in order to achieve long-term results.

The United States, Europe, Japan and other trading partners say Beijing’s development plans violate its market-opening commitments and are based on stealing or pressuring foreign companies to hand over technology. Some American officials worry they might erode U.S. industrial leadership.

Chinese leaders have offered to alter details but are resisting giving up a development strategy they see as a path to prosperity and global influence.

The talks are deadlocked over how to enforce any deal. China insists Trump’s punitive tariffs have to be lifted as soon as an agreement takes effect. Washington says at least some have to stay to ensure Beijing carries out any promises it makes.

Trump announced plans to raise tariffs Sept. 1 on $300 billion of Chinese products after talks broke down in May. Increases on some goods were postponed to Dec. 15.

Trump escalated “trade frictions” and is “seriously threatening the multilateral trading system,” the China’s Finance Ministry said. “China was forced to take countermeasures.”

A separate statement said tariffs of 25% and 5% would be imposed on U.S.-made autos and auto parts on Dec. 15. Beijing announced that increase last year but suspended it after Trump and his Chinese counterpart, President Xi Jinping, agreed at a meeting in December in Argentina to put off further trade action while they negotiated.

Trump and Xi agreed in June to resume negotiations. But talks in Shanghai in July ended with no indication of progress. Negotiators talked by phone this month and are due to meet again in Washington next month.

BMW, Tesla, Ford and Mercedes Benz are likely to be the hardest hit by the Chinese auto tariffs. In 2018, BMW exported about 87,000 luxury SUVs to China from a plant near Spartanburg, S.C. It exports more vehicles to China than any other U.S. auto plant.

Together, Ford, BMW, Mercedes and others exported about 164,000 vehicles to China from the U.S. in 2018, according to the Center for Automotive Research, a think tank in Ann Arbor, Michigan. Most of them are luxury cars and SUVs with higher profit margins that can cover higher U.S. wages. The exports are down from about 262,000 in 2017.

Tesla, which is building a plant in China, last year got about 12% of its revenue by exporting about 14,300 electric cars and SUVs from California to China, according to Barclays. Most of Ford’s exports are from the Lincoln luxury brand, but most of the vehicles it sells in China are made in joint venture factories.

Trump already has imposed 25% tariffs on $250 billion of Chinese products. Beijing retaliated by imposing its own penalties on $110 billion of American goods. But their lopsided trade balance meant China was running out of imports for retaliation.

Friday’s announcement, if it applied to goods not already affected by Chinese penalties, would extend tariff hikes to everything China imports from the United States. That would match Trump’s hikes, which cover almost all of what Americans buy from China.

McDonald reported from Beijing. Associated Press writers Tom Krisher in Detroit and Deb Riechmann in Washington, D.C., contributed to this report. </s> The US-China trade war ratcheted up yet again on Friday, with Beijing unveiling a new round of retaliatory tariffs on about $75 billion worth of US goods.

China will place tariffs of 5% or 10% on US imports starting on September 1st, according to a statement posted by China’s Finance Ministry.

The Ministry also announced plans to resume tariffs on US imports of automobiles and automobile parts. The tariffs would be 25% or 5%, and would take effect on December 15th. The new tariffs will target 5,078 products, including soybeans, coffee, whiskey, seafood and crude oil.

Last week, China said it would take countermeasures after the United States announced it would impose 10% tariffs on Chinese imports worth $300 billion.

The United States postponed the implementation of about half of those tariffs, which will cover several categories of Chinese-made consumer goods, until December. They had been due to take effect in September.

China’s announcement sparked an angry response from US President Donald Trump on Twitter. Trump said he will be responding to China “this afternoon.”

“We don’t need China and, frankly, would be far better off without them,” Trump wrote. He also “ordered” American companies “to immediately start looking for an alternative to China.”

US markets, which had struggled for direction earlier in the day, dropped on the comments. The Dow was down as much as 400 points, or 1.6%, in late morning trading.

The US Trade Representative’s office did not immediately comment on China’s tariffs announcement.

The move comes amid indications the ongoing trade war is having an impact on the world’s two largest economies. Industrial production in China — an important indicator for the country’s economy — grew just 4.8% in July compared to a year earlier, according to China’s National Bureau of Statistics. That’s the worst growth for that sector in 17 years.

American factories are also contracting for the first time in a decade and red lights are flashing in the bond market, where the yield curve has inverted. Such inversions, where the 10-year Treasury yield dips below the two-year Treasury rate, are historic predictors of a coming recession.

The US Chamber of Commerce, which represents the interests of more than 3 million businesses, called on China and the United States to “get back to the table” to discuss issues important to both sides, including intellectual property and market access.

“Today’s Chinese retaliation is unfortunate, but not unexpected. The fact of the matter is that nobody wins a trade war, and the continued tit-for-tat escalation between the U.S. and China is putting significant strain on the U.S. economy, raising costs, undermining investment, and roiling markets,” the statement said. </s> Paul Wiseman, Kevin Freking and Josh Boak , The Associated Press 

 



WASHINGTON -- U.S. President Donald Trump intensified pressure Thursday on China to reach a trade deal by saying he will impose 10% tariffs Sept. 1 on the remaining US$300 billion in Chinese imports he hasn't already taxed. The move immediately sent stock prices sinking.

The president has already imposed 25% tariffs on $250 billion in Chinese products, and Beijing has retaliated by taxing $110 billion in U.S. goods.

U.S. consumers will likely feel the pain if Trump proceeds with the new tariffs. Trump's earlier tariffs had been designed to minimize the impact on ordinary Americans by focusing on industrial goods. But the new tariffs will hit a vast range of consumer products from cellphones to silk scarves.

The president's announcement via Twitter came as a surprise, in part because the White House on Wednesday had said Beijing confirmed that it planned to increase its purchases of American farm products. That word came just as U.S. and Chinese negotiators were ending a 12th round of trade talks in Shanghai, which the White House called "constructive."

Though the negotiations concluded without any sign of a deal, they are scheduled to resume next month in Washington.

The Dow Jones Industrial Average, which had been up nearly 300 points earlier in the day, was down nearly 200 points after Trump's tweets announcing the new tariffs. The Dow closed for the day down 280 points -- more than 1 per cent.

Trump has long said he was preparing to tax the $300 billion in additional Chinese tariffs. But he had suspended the threat after meeting with President Xi Jinping in Osaka, Japan, in June.

It isn't clear when American consumers are likely to feel the impact of the additional tariffs, but higher prices could show up in stores this fall.

"Attention all Target & Wal-Mart shoppers ... the price on the goods you buy ahead of the holidays are going up due to trade policy," tweeted Joseph Brusuelas, chief economist at the consultancy RSM.

Besides announcing the additional tariffs on Chinese imports, Trump tweeted that "we look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one!"

The president accused Beijing of failing to follow through on stopping the sale of fentanyl to the United States or on purchasing large quantities of farm goods such as soybeans. Speaking to reporters Thursday at the White House, Trump complained that President Xi is "not moving fast enough."

Trump said he scheduled the additional tariffs to begin Sept. 1 to give exports already en route from China time to get to the United States -- a journey that can take three or four weeks. By setting the import taxes at 10%, he has leeway to ratchet them higher if necessary to further increase pressure on Beijing.

"Until such time as there's a deal," Trump said, "we'll be taxing them."

The world's two biggest economies are locked in a trade war over U.S. allegations that Beijing uses predatory tactics -- including stealing trade secrets and forcing foreign companies to hand over technology -- in a drive to overtake American technological dominance.

Talks had broken down in May after the United States accused the Chinese of reneging on earlier commitments.

"The fact that this tweet comes after only one meeting with the Chinese delegation following the resumption of talks is extremely concerning," said Rick Helfenbein, president of the American Apparel & Footwear Association.

Wendy Cutler, a former U.S. trade negotiator who is now vice-president at the Asia Society Policy Institute, said: "These talks are not getting any easier. I don't expect the Chinese to sit by ... The combination of these latest tariffs, with Chinese counter-retaliation, is going to take a heavy toll on U.S. consumers, workers, farmers and businesses."

Trump's trade war and its consequences were a key factor in the Federal Reserve's decision Wednesday to cut interest rates in an otherwise healthy U.S. economy. During a news conference, Chairman Jerome Powell pointed repeatedly to the uncertainty caused by Trump's pursuit of trade wars on multiple fronts as a reason for the rate cut.

The president's decision to impose a 10% tax on an additional $300 billion of Chinese imports might have been predicated, in fact, on his confidence that Powell's Fed stands ready to cut rates again. The bond market signalled its belief in that theory Thursday, with Treasury yields dropping sharply after Trump's announcement.

And according to the CME Group, market traders now foresee a roughly 70 per cent likelihood of another rate cut when the Fed next meets in September. Before Trump's announcement, the likelihood was pegged at under 50 per cent.

Sarah Bloom Raskin, a former Fed board member, has warned that Fed rate cuts could embolden Trump to escalate trade battles for that very reason.

In the meantime, the additional Trump tariffs risk further souring the relationship between the world's two largest economies.

"The stage is now set for a further escalation of trade tensions between China and the U.S.," said Eswar Prasad, a Cornell University economist and former head of the China division at the International Monetary Fund. "It has become clear that there is no clear path to a resolution of the trade dispute in the coming months, and China might choose to live with a trade war while waiting out the Trump presidency."

Trump has insisted that the tariff war is hurting China but not the United States. He tweeted two days ago: "Trumps got China back on its heels, and the United States is doing great."

But his administration is providing $16 billion in aid to American farmers -- on top of $11 billion last year -- to offset sales lost after China imposed retaliatory tariffs on soybeans and other U.S. farm products. </s> BEIJING, China — President Donald Trump on Friday called on U.S. companies with operations in China to consider an alternative place to do business after Beijing announced a series of retaliatory tariffs Friday.

"I will be responding to China's Tariffs this afternoon," Trump tweeted. "This is a GREAT opportunity for the United States."

U.S. markets tumbled, as did markets in Asia and Europe.

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The U.S. has said it plans to impose 10% tariffs on $300 billion of Chinese goods in two steps, on Sept. 1 and Dec. 15. China on Friday announced new tariffs on $75 billion of U.S. products in retaliation for those tariffs, deepening a conflict over trade and technology that threatens to tip a weakening global economy into recession.

China also will increase import duties on U.S.-made autos and auto parts, the Finance Ministry announced.

The announcement comes as leaders of the Group of 7 major economies prepare to meet in France this weekend.

Tariffs of 10% and 5% will take effect on two batches of goods on Sept. 1 and Dec. 15, the ministry said in a statement. It gave no details of what goods would be affected but the timing matches Trump's planned duty hikes.

Washington is pressing Beijing to narrow its trade surplus and roll back plans for government-led creation of global competitors in robotics, electric cars and other technology industries.

On Friday, Trump tweeted, "Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA. I will be responding to China's Tariffs this afternoon."

The White House did not immediately respond to questions about what authority the president believes he has to order private companies to change their business practices.

The spiraling conflict has battered exporters on both sides and fueled concern it might drag down weakening global economic growth.

Peter Navarro, who advises Trump on trade policy, tried to downplay the impact of Chinese tariff hikes. He said they were "well anticipated" and would only strengthen Trump's resolve.

China's government appealed to Trump this week to compromise in order to reach a settlement.

That came after Trump warned that the American public might need to endure economic pain in order to achieve long-term results.

The United States, Europe, Japan and other trading partners say Beijing's development plans violate its market-opening commitments and are based on stealing or pressuring foreign companies to hand over technology.

Some American officials worry they might erode U.S. industrial leadership.

Chinese leaders have offered to alter details but are resisting giving up a development strategy they see as a path to prosperity and global influence.

The talks are deadlocked over how to enforce any deal. China insists Trump's punitive tariffs have to be lifted as soon as an agreement takes effect. Washington says at least some have to stay to ensure Beijing carries out any promises it makes.

Trump announced plans to raise tariffs Sept. 1 on $300 billion of Chinese products after talks broke down in May. Increases on some goods were postponed to Dec. 15.

Trump escalated "trade frictions" and is "seriously threatening the multilateral trading system," the Finance Ministry said. "China was forced to take countermeasures."

A separate statement said tariffs of 25% and 5% would be imposed on U.S.-made autos and auto parts on Dec. 15. Beijing announced that increase last year but suspended it after Trump and his Chinese counterpart, President Xi Jinping, agreed at a meeting in December in Argentina to put off further trade action while they negotiated.

Trump and Xi agreed in June to resume negotiations. But talks in Shanghai in July ended with no indication of progress. Negotiators talked by phone this month and are due to meet again in Washington next month.

BMW, Tesla, Ford and Mercedes Benz are likely to be the hardest hit by the Chinese auto tariffs. In 2018, BMW exported about 87,000 luxury SUVs to China from a plant near Spartanburg, S.C. It exports more vehicles to China than any other U.S. auto plant.

Together, Ford, BMW, Mercedes and others exported about 164,000 vehicles to China from the U.S. in 2018, according to the Center for Automotive Research, a think tank in Ann Arbor, Michigan. Most of them are luxury cars and SUVs with higher profit margins that can cover higher U.S. wages. The exports are down from about 262,000 in 2017.

Tesla, which is building a plant in China, last year got about 12% of its revenue by exporting about 14,300 electric cars and SUVs from California to China, according to Barclays. Most of Ford's exports are from the Lincoln luxury brand, but most of the vehicles it sells in China are made in joint venture factories.

Trump already has imposed 25% tariffs on $250 billion of Chinese products. Beijing retaliated by imposing its own penalties on $110 billion of American goods. But their lopsided trade balance meant China was running out of imports for retaliation.

Friday's announcement, if it applied to goods not already affected by Chinese penalties, would extend tariff hikes to everything China imports from the United States. That would match Trump's hikes, which cover almost all of what Americans buy from China.

Associated Press writers Tom Krisher in Detroit and Deb Riechmann in Washington, D.C., contributed to this report. </s> • President Donald Trump is expected to hit China with a tariff on another $200 billion worth of Chinese goods.
• The move will be a major escalation of the US-China trade war.
• China is expected to respond with more tariffs.
• Economists expect that the tariff will increase the cost of goods for US consumers and possibly slow the broader US economy.

President Donald Trump is expected to order the US Trade Representative to impose a tariff on $200 billion worth of Chinese goods, catapulting the US-China trade war to the next level.

During a White House meeting on Monday, Trump said an announcement on the tariffs would come after the stock market close. According to reports, the tariffs will apply a 10% duty to a slew of goods, ranging from food to furniture.

The latest tariffs, along with previous rounds on $50 billion of Chinese goods and metal imports, will mean over half of all Chinese goods coming into the US are subject to the duties.

"It will be a lot of money coming into the coffers of the United States of America," Trump said.

China's Ministry of Commerce has promised to respond to Trump's latest attack with tariffs on $60 billion worth of US goods. This means that between 85% and 95% of American imports coming into China will be subject to a tariff from the trade war.

The move willy also solidify Trump's commitment to to the trade war despite the Treasury Department's recent overtures to Beijing. China will reportedly decline further talks if Trump goes through with the tariffs on Monday.

The president also threatened to slap tariffs on another $267 billion worth of Chinese goods, which would mean all imports from China would be subject to duties.

In addition to being much larger than previous rounds of tariffs, the new set zeroes in on different targets. The first round of tariffs on $50 billion worth of Chinese goods focused almost exclusively on industrial goods, but Friday's tariffs also include a large amount of consumer goods.

Economists estimate the tariffs will prompt an increase in prices for both US businesses and consumers. That could slow spending on large investments and consumer purchases, potentially harming the broader economy.

Stocks also declined on Trump's pre-announcement statement with the Dow Jones industrial average falling 91 points, or 0.35%, as of 3:45 pm ET.

Here's a timeline of the US-China trade war so far:
• March 1: President Donald Trump announces tariffs on all imports of steel and aluminum, including metals from China.
• March 22: Trump announces plans to impose a 25% tariff on $50 billion worth of Chinese goods. China announces tariffs in retaliation to the steel and aluminum duties and promises a response to the latest US announcement.
• April 3: The US trade representative announces a list of Chinese goods subject to the tariffs. There is a mandatory 60-day comment period for industries to ask for exemptions from the tariffs.
• April 4: China rolls out a list of more than 100 US goods worth roughly $50 billion that are subject to retaliatory tariffs.
• May 21: After a meeting, the two countries announce the outline of a trade deal to avoid the tariffs.
• May 29: The White House announces that the tariffs on $50 billion of Chinese goods will move forward, with the final list of goods released June 15. The move appears to wreck the nascent trade deal.
• June 15: Trump rolls out the final list of goods subject to new tariffs. Chinese imports worth $34 billion would be subject to the new 25% tariff as of July 6, with another $16 billion worth of imports subject to the tariff at a later date. China retaliates with an equivalent set of tariffs.
• June 18: Trump threatens a 10% tariff on another $200 billion worth of Chinese goods.
• July 6: The first tranche of tariffs on $34 billion worth of Chinese goods takes effect; China responds in kind.
• July 10: The US releases an initial list of an additional $200 billion worth of Chinese goods that could be subject to a 10% tariff.
• August 1: Washington more than doubles the value of its tariff threats against Beijing, announcing plans to increase the size of proposed duties on $200 billion worth of Chinese goods to 25% from 10%.
• August 3: China says it will impose tariffs of various rates on another $60 billion worth of US goods if Trump moves forward with his latest threat.
• August 7: The US announces that the second tranche of tariffs, which will hit $16 billion worth of Chinese goods, will go into effect on August 23.
• August 23: The US imposes tariffs on another $16 billion worth of Chinese goods, and Beijing responds with tariffs on $16 billion worth of US goods.
• September 7: Trump says the $200 billion tranche of tariffs is coming "soon" and threatens to impose tariffs on another $267 billion worth of Chinese goods.
President of the United States Donald Trump announces in a tweet that the United States will impose import tariffs of 10% on US$300 billion worth of Chinese exports starting September 1.