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Trump ready to set tariffs on all goods from China

08 September, 2018, 22:43 | Author: Lawrence Cooper
  • Trump signals escalation of trade war with China, says he has tariffs ready on another $267-billion of imports

Earlier speculation was that those tariffs, proposed in July, would take effect in early October, though trade associations have been gearing up for the announcement to come as early as the end of this week.

Japan will have a "big problem" if it doesn't conclude a new trade deal with the United States, he said on Air Force One. "To a certain extent it's going to be up to China", Trump said.

Mr. Trump told reporters on Air Force One that his plans to slaps taxes of up to 25 percent on Chinese imports would depend on the choices made by that country's leaders. "That totally changes the equation".

Trump has had Beijing in his crosshairs since he took office and has applied increasing pressure to try to convince it to change its policies, allow more USA imports and reduce the $335-billion United States trade deficit with China.

In a Saturday morning tweet, Mr. Trump said that if Apple wants to avoid tariffs on its products, it should make those devices in the USA rather than China.

Apple prices may increase because of the massive Tariffs we may be imposing on China - but there is an easy solution where there would be ZERO tax, and indeed a tax incentive.

"The U.S.is moving higher", Lawrence Kudlow, director of the National Economic Council, said on CNBC. "We want lower (trade) barriers across the board".

The United States has demanded that China better protects American intellectual property, cut its USA trade surplus, allow U.S. companies greater access to its markets and roll back its high-technology industrial subsidy programs.

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While U.S. businesses in China do not yet appear to face widespread retaliation, some company officials have said they are bracing for blowback.

It said some of the parts it relies on for product development, including processors and research equipment, would also be hit by the tariffs.

The $200 billion list, which includes some consumer products such as cameras and recording devices, luggage, handbags, tires and vacuum cleaners, would be subject to tariffs of 10% to 25%.

The U.S.'s ability to continue to dominate telecommunications technology, including the upcoming fifth-generation phone networks, will be hampered by the levy on imports from China.

He previously had threatened to hit 100 percent of imports from China if the country failed to address United States concerns over theft of U.S. technology and barriers to American goods and investments.

"These are basically fiscal subsidies to offset the negative impacts of the tariffs", said Li Yishuang, a Shanghai-based economist at China Securities Finance Co. "But right now, we just can't make that deal", he said.

He added: "We've taxed them $50 billion that's on technology".

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