Trump poised to make major China trade announcement

According to officials with knowledge of the discussions Beijing is considering declining the offer of talks as it isn't prepared to negotiate with a

Trump has announced the intention to impose tariffs on Chinese exports worth a total of $250 bn while China has retaliated with levies of its own on more than $60 billion of USA goods going in the other direction.

A previous $50 billion round of tariffs imposed on Chinese imports largely affected products used by American manufacturers in producing goods.

The summary, released on Tuesday morning, quoted Zhong as saying "entrepreneurs are very anxious about the possible consequences of trade conflicts in the world's two largest economies, which we do not want to see".

"But, so far, China has been unwilling to change its practices", he said.

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

Trump's latest escalation of tariffs on China comes after several meetings yielded no progress.

A senior Trump administration official told reporters that the United States was open to further talks with Beijing, but offered no immediate details on when they may occur. And China has retaliated in kind, hitting American soybeans, among other goods, in a shot at the president's supporters in the USA farm belt.

Additional tariffs on $267 billion of imports from China would push the cumulative total beyond the amount of goods the USA bought from the Asian nation past year. Currently, the USA imports over half a trillion dollars worth of goods from China every year, while China imports $130 billion from the US.

Earlier, China vowed that it will not play defense in the escalating trade dispute, adding further fuel to tensions as a new list of items subject to tariffs, including technology and consumer goods, was anticipated from Washington.

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

"China has had many opportunities to fully address our concerns", Trump said in a statement.

The Bloomberg report quoted White House economic adviser Larry Kudlow speaking to the Economic Club of NY earlier today.

Apple had said the U.S. tariffs would affect prices for a "wide range" of Apple products, including its Watch, in a letter commenting on administration proposals earlier this month. But they have threatened "comprehensive measures" as Beijing runs out of imports for penalties due to its lopsided trade balance with the United States.

"The US insists on increasing tariffs, which brings new uncertainty to the consultations between the two sides", the ministry said. The Office of the U.S. Trade Representative charged in a March report that China is using predatory tactics to obtain foreign technology, including hacking U.S. companies to steal their trade secrets and forcing them to turn over their know-how in exchange for access to the Chinese market.

"After brief hiatus, the trade war theme is back to start a new week", says Mark McCormick, North American head of FX strategy at TD Securities. These tactics include hacking USA companies to steal their trade secrets and forcing them to turn over their know-how in exchange for access to the Chinese market.

Canada and Mexico, members of the North American Free Trade Agreement (NAFTA) with the USA, have imposed their own counter-tariffs on United States goods after Washington's steel and aluminum duties took effect.

A Chinese Communist newspaper earlier this year said Apple would be among the US companies "most damaged" in a trade war.

"Consumers not China's will bear the brunt of these tariffs and American farmers and ranchers will see the harmful effects of retaliation worsen".

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