US Pres. Trump: Doing very well in our negotiations with China

US, China implement tariffs on each others good

The administration of US President Donald Trump has implemented additional tariffs of about 15 percent on 110 billion dollars' worth of Chinese imports.

The latest tariff hike is feared to be a painful blow to American businesses, which can not absorb all the levies and, subsequently, will hurt consumers, who will eventually bear the cost of the tariffs.

The Trump administration has adopted an approach of attempting to win concessions from China through tariffs.

In a subsequent tweet, the president said trade talks would get sterner if he won a second term and China did not come to the table.

According to a report by the Federal Reserve Bank of NY, the tariffs on Chinese imports will cost the average USA household $831 a year and incur a total cost of $3bn in tax on companies and consumers every month.

In conversations over the past week, the two sides have failed to agree on at least two requests - an American appeal to set some parameters for the next round of talks and a Chinese call to delay new tariffs, two of the people said.

After Sunday's tariff hike, 87 per cent of textiles and clothing from China and 52 per cent of shoes will be subject to import taxes.

Tariffs on $112 billion of Chinese goods went into effect Sunday. Consumer electronics are mostly unaffected by the expansion of these 15% tariffs, according to Bloomberg, with the notable exception of wireless audio devices and wearable products such as the Apple Watch. "When more and more Americans feel the pain, maybe it will be time for Washington to recover rationality". The Federal Reserve Bank of NY in May estimated that US households would face an additional $831 a year in costs, due to higher prices and reduced economic efficiency caused by the tariff hikes. According to a Wall Street Journal article, these economists claim increased tariffs on Chinese goods amount to a drop in the bucket of the nation's $21 trillion economy. The report said the tariffs on daily goods are to hit US consumers directly, and it also showed Washington is nearly at the end of its wits."The US economy can not sustain its superficial prosperity and is facing a bigger risk of decline", the editorial said.

In retaliation, China started to impose additional tariffs of 5 percent and 10 percent on a variety of American goods, including soybeans and crude oil.

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The extra five per cent and 10 per cent tariffs were levied on 1,717 items of a total of 5,078 products originating from the US. A further 3,361 items will face similar measures from December 15. One thing that "White House tariff men should learn is that the Chinese economy is strong and resilient enough to resist the pressure brought about in the ongoing trade war". "We are talking to China, the meeting is still on as you know, in September".

Fentanyl is a cheap, relatively easy-to-synthesize opioid painkiller 50 times more potent than heroin that has played a major role in a devastating USA opioid crisis. We'll see what happens.

The trade tariffs on China have contributed a slowing of the Chinese economy, as well as other countries' economies in the region.

New U.S. tariffs on Chinese imports might force some companies to find new suppliers. "In the meantime, China's Supply Chain will crumble and businesses, jobs and money will be gone!"

A snapshot of the country's giant manufacturing sector released on Saturday showed that activity contracted for the fourth month in succession in August. Trump said. "This is about American Freedom". And 13 percent of respondents said they moved or planned to move operations out of China in 2019.

Trump on Sunday cited comments from United States economist Peter Morici, who said the tariffs would not affect U.S. consumers that much given a drop in the Chinese currency, and the president called on USA companies to find suppliers outside of China.

"A lot of companies have left China, and a lot more are leaving".

But he maintained his resolve to continue the trade war. And the jobless rate in July hit a record high.

China has consistently denied Washington's accusations that it engages in unfair trade practices, vowing to fight back in kind and criticising United States measures as protectionist.

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