Trump imposes tariffs on $200B more of Chinese goods

Steel pipes to be exported are seen at a port in Lianyungang Jiangsu province China

Trump said his administration is taking this action as a result of the Section 301 process that the USTR has been pursuing for more than 12 months.

Carla Hills, US trade representative from 1989 to 1993 under George H.W. Bush, took aim at the Trump administration's disdain for multilateral agreements. Executives complained the tariffs would make their products more expensive, costing them sales.

Trump said the tariffs aim to force a change in Chinese trade policies that he said posed "a grave threat to the long-term health and prosperity of the United States economy".

As I've previously discussed, Chinese markets are more sensitive to a USA trade war than US markets are, which makes it more likely that the United States will be able to successfully gain some concessions from the Chinese and thus eventually put an end to the trade conflicts. It will cost jobs and economic growth even though China is now far less reliant on exports than it once was.

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 US business circles.

Besides retaliating with tariffs, China could also restrict export of goods, raw materials and components core to USA manufacturing supply chains, former finance minister Lou Jiwei told a Beijing forum on Sunday, according to an attendee.

"China has had many opportunities to fully address our concerns", Trump said. I have a lot of respect for China.

"So we've negotiated and negotiated and negotiated and given them chance after chance after chance".

US President Donald Trump on Monday hailed his aggressive use of tariffs as a success for American business, amidst reports he plans to drastically ratchet up the battle with Beijing imminently.

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.

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"We have no problem with China trying to grow its economy, trying to lift its people out of poverty, that's a good thing". But, in doing so, they can't take actions that deliberately discriminate against other countries; actions that hurt American workers.

China is a key supplier of minor metals and rare earths used in consumer electronics and other goods.

Speaking Sunday at an economics forum, Lou Jiwei, a former finance minister and chairman of China's sovereign wealth fund, said Beijing should disrupt supply chains of American companies that rely on China's vast manufacturing industries, the website Sina.com reported.

Mr. Trump said China has been "unfair" for months.

At the same time, the official said, the U.S. remains open to negotiations.

China's Foreign Ministry said it welcomed the invitation, but Trump later raised questions about it, saying on Twitter that he was under no pressure to make a deal with Beijing and that the United States "will soon be taking in Billions in Tariffs & making products at home".

It is that simplistic (some might say ignorant) view of trade that has led the U.S. into trade confrontations with China, with its North American Free Trade Agreement partners Canada and Mexico, with South Korea and with Europe.

Its own long-term economic and strategic ambitions and its domestic political stability make it hard for China's President Xi Jinping to be seen to be intimidated into conceding to the U.S. actions and threats.

They officials told reporters the lower initial tariff rate would give USA businesses time to find new suppliers.

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