Trump 'likely' to announce new China tariffs as early as Monday
18 September, 2018, 11:28 | Author: Ted Wilson
China has already put together a package of potential additional tariffs on us goods of $60 billion if President Trump proceeds with additional USA tariffs on China, according to the Associated Press.
The tariffs come as a number of top White House advisers have been trying to de-escalate tensions between Trump and Chinese President Xi Jinping.
Citing anonymous sources, the Washington Post and the Wall Street Journal reported that the tariffs would be set at 10%.
This year, imports from China through July were up almost 9 percent over the same period of 2017, according to US Census Bureau data.
Trump has already levied duties on Dollars 50 billion worth of Chinese goods based on his demands that China reduce its Dollars 375 billion trade surplus with the United States and make sweeping changes to policies on intellectual property and technology transfers and roll back high tech industrial subsidies.
The Trump administration is preparing to activate tariffs on $200 billion worth of Chinese goods, hitting a broad array of internet technology products and consumer goods from handbags to bicycles to furniture.
The reports say Trump directed the third and largest-ever duties against China during a meeting on Thursday with Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and Trade Representative Robert Lighthizer. United States officials also worry they might erode U.S. industrial leadership.
"The President has been clear that he and his administration will continue to take action to address China's unfair trade practices", the White House said in a statement Friday.
"We encourage China to address the long standing concerns raised by the Unites States".
The Chinese foreign ministry said Thursday that it was invited to hold new talks.
Trump's instruction came as Mnuchin was leading efforts to restart trade talks with Chinese officials. Officials from both countries have met four times for formal talks, most recently in August, when Treasury's undersecretary for global affairs, David Malpass, led discussions in Washington with Chinese Vice Minister Wang Shouwen.
The negative impact of the tariffs on US firms has been "clear and far reaching", according to a joint survey by AmCham China and AmCham Shanghai.
This year, imports from China through July were up almost 9 percent from the same period of 2017, according to U.S. Census Bureau data.
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Trump has also complained about America's gaping trade deficit - $336 billion past year - with China, its biggest trading partner. And it was not under Bush", said Derek Scissors, a China expert at the American Enterprise Institute.
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