Trump claims China tariffs successful

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

China has accused the United States of starting the "largest trade war in economic history", and has again vowed to retaliate with duties on $60 billion in USA goods, but since the country only imports $130 billion in U.S. goods, its ability to hit back with matching tariffs is now limited. The tariffs will start at 10 percent and rise to 25 percent in 2019.

Bloomberg news, siting five unidentified sources, said a product code that covers the Apple Watch, AirPods, and HomePod smart speaker, is not listed among some $200 billion in Chinese products subject to a new 10 percent tariff expected to be announced later this week.

The government has outlined a plan to impose further tariffs on roughly $60bn worth of United States goods, and threatened other measures.

The initial United States tariffs will reduce Australia's GDP by 0.3 per cent by 2022, according to modelling by KPMG - a $36 billion drop in economic growth over five years.

The latest USA duties spared smart watches from Apple and Fitbit and other consumer products such as baby vehicle seats.

China wants talks based on 'mutual trust, ' said a foreign ministry spokesman, Geng Shuang.

US President Donald Trump escalated his trade-war rhetoric on Monday, threatening unspecified countries with tariffs if they "will not make fair deals with us".

The two countries are fighting over Beijing's ambitions to supplant American technological supremacy.

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

"There is no disagreement between the Congress and the President that we must hold China accountable for hurting the USA companies and workers on a colossal scale by extorting our companies to transfer their best technology, stealing our intellectual property, and shoring up China's state-run companies through subsidies and other distortive practices", Brady said.

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

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.

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In the first two rounds of tariffs, the Trump administration took care to try to spare American consumers from the direct impact of the import taxes. The tariffs focused on industrial products, not on things Americans buy at the mall or via Amazon.

Trump has also threatened to impose punitive levies on imported cars, something Germany's powerful auto industry particularly fears.

Turkey has in turn hiked tariffs on imports of several U.S. products such as rice, alcohol, leaf tobacco, cosmetics and cars. President Donald Trump said he would make an announcement after financial markets close.

The new import taxes begin next week and will rise to 25 percent at the end of 2018.

USA and China officials had discussed a new round of talks over the past week, but Mr Trump's latest move is likely to sour relations further. But many analysts say his combative actions seem unlikely to succeed. "I think that kind of tactic is not going to work with China", Fang Xinghai, vice chairman of China's securities regulator, said at a conference in the port city of Tianjin.

If Beijing retaliates against U.S. farmers and industry - as it has previously vowed - the United States will immediately pursue further tariffs on about $267 billion of Chinese imports, President Donald Trump said in a statement Monday evening, repeating a threat he made earlier this month.

The statements come as relations between the USA and China appear to strain.

"In the short term, we will have higher prices and fewer jobs than we would have had otherwise", Sohn said.

China could decide to pull out of planned trade talks in Washington next week, if it feels Trump isn't showing sufficient goodwill.

"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", Trump said in his statement.

Trump's tariffs on China raise costs and create uncertainty for companies that have built supply chains that span the Pacific Ocean.

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