Ose $200 billion in tariffs on China from September 24th

Trump orders new tariffs on additional USD 200 Bn worth of Chinese imports

Why has Trump moved now?

U.S. President Donald Trump chose to begin taxing the imports - equal to almost 40 per cent of goods China sold the United States previous year - after a public comment period.

In May, in fact, it looked briefly as if Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He had brokered a truce built around Chinese promises to buy enough American farm products and liquefied natural gas to put a dent in the trade deficit.

Beijing has vowed to retaliate on a range of United States products valued at around $60 billion.

Overnight, president Donald Trump announced a new 10% tariff of $200bn on Chinese goods arriving in the United States from next week.

Multiple media reports in recent days cite officials saying Trump had chose to press ahead with tariffs on $200 billion in goods as soon as Monday.

Smart watches and Bluetooth devices were removed from the tariff list, along with bicycle helmets, high chairs, children's vehicle seats, playpens and certain industrial chemicals.

At the same time, the administration said it is still open to negotiations with China.

Trump has consistently railed against the US' enormous trade gap with China.

Its the latest move by the administration to punish china for not complying with fair trade practices.

Trump didn't otherwise elaborate on the announcement, which he described after complaining about the US trade deficit with China.

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USA officials say those violate Beijing's market-opening commitments and worry they might erode United States industrial leadership. "But, so far, China has been unwilling to change its practices", including theft and force transfer of technology.

Trump taking the steps to turn the screws on one of America's biggest trading partners, hoping more pain will bring the Chinese back to the bargaining table. But, in doing so, they can't take actions that deliberately discriminate against other countries; actions that hurt American workers.

When Cohn tried, using data and history, to argue against Trump's conviction that trade deficits with other countries made the U.S. the loser, the book reports Trump as saying: "I know I'm right". The administration is targeting a bewildering variety of products - from sockeye salmon to baseball gloves to bamboo mats - forcing US companies to scramble for suppliers outside China, absorb the import taxes or pass along the cost to their customers.

"If sentiment around the talks is positive, the tariffs may be viewed as a pillow fight between the US and China-lots of swinging but no real damage", Steve Englander, head of Group of 10 currency research at Standard Chartered, said in a note.

The latest round of imports will face 10 per cent tariffs through the end of the year, and then the rate will jump to 25 per cent.

"This is not an effort to constrain China, but this is an effort to work with China and say, 'It's time you address these unfair trade practices that we've identified that others have identified and that have harmed the entire trading system, '" the official said. It will cost jobs and economic growth even though China is now far less reliant on exports than it once was.

But Trump warned that "if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports".

What's behind the US-China rift?

For China, Trump announced earlier this month that he has further tariffs on another $260 billion worth of Chinese imports "ready to go".

However, because China exports more to the U.S. than it imports there are limits on the amount of tariffs Beijing can impose on American goods. Informal communications are still going on, administration officials have said, but no formal talks are scheduled. Some will likely move to other low-priced countries that aren't in the line of fire.

Oil prices rebounded from earlier losses as supply concerns outweighed assurances from Washington that Saudi Arabia, Russia and the United States can raise output fast enough to offset falling supplies from Iran and elsewhere. "Can the USA really withstand the pain for three or even five years?"

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