Apple Watch, AirPods excluded from next round of tariffs says new report

Donald Trump and Xi Jinping have appeared to have a warm relationship in the past

-China trade war escalated further Tuesday, with China announcing retaliatory tax increases on $60 billion worth of US imports, including coffee, honey and industrial chemicals.

Collection of tariffs on the long-anticipated USA list will start on September 24 but the rate will increase to 25 percent by the end of 2018, allowing U.S. companies some time to adjust their supply chains to alternate countries.

But Trump, in a statement announcing the new round of tariffs, warned 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".

The latest moves come amid escalating trade conflict between the world's two largest economies.

On the contrary, Trump has picked fights with each of those trading partners - from imposing tariffs on imported steel and aluminum to demanding that Mexico and China transform the North American Free Trade Agreement into a deal more favorable to the United States. The group questioned whether or not the tariffs are actually legal-it said "Congress has not given the president or the USTR a blank check to pursue a trade war"-and expressed its hope that the Trump administration will rethink the tariffs".

Lower economic growth in China would have spill-over effects to the rest of Asia given that, just as it provides critical links in the supply chains of USA companies, they are also plugged into its supply chain.

"Tariffs have put the U.S.in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been nearly unnoticeable". The U.S. -China trade war will last not for 20 months or 20 days, but "maybe 20 years", he said.

"We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly", Mr. Trump said in a statement Tuesday.

The latest round of tariffs is the biggest so far, imposing higher taxes on almost 6,000 items.

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

"(The trade dispute) has escalated to a point where finally we're probably getting closer to a resolution", said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana.

Mr Moorhead said Apple would be uniquely affected because it manufactures most of its products in China and also sells a lot there.

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"As President, it is my duty to protect the interests of working men and women, farmers, ranches, businesses, and our country itself", Trump said in a statement. The U.S. says the plans are based on stolen technology, violate China's market-opening commitments and might erode American industrial leadership.

China slapped $60bn worth of tariffs on American goods on Tuesday in retaliation for new tariffs announced by the United States.

President Donald Trump threatened to hit back if China targets politically potent US agricultural products for counter-tariffs, following an escalation in his trade war with Beijing.

The two side already traded tariff salvos on $50 billion in goods from each country in the summer.

Sohn said the Trump administration is pursuing a legitimate goal of getting China to stop violating worldwide trade rules but that it should have enlisted support from other trading partners, such as the European Union, Canada and Mexico, and presented Beijing with a united front.

US Treasury Secretary Steven Mnuchin last week invited top Chinese officials to a new round of talks, but nothing has been scheduled as yet.

He noted the day prior: "China has been taking advantage of the United States on Trade for many years".

On Tuesday, China vowed to impose "counter-measures" in response to the new tariffs.

Trump spoke openly about trade long before he was president. Those goods will now be taxed 10 percent.

That means regular households may start to feel the impact.

The U.S. government did withdraw some items from its preliminary list of imports to be taxed, including child-safety products such as bicycle helmets.

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