China retaliates with tariffs on $60bn of US goods


Once the new round of tariffs takes effect on September 24, punitive duties will be in place on $250 billion in goods the U.S. buys from China.

He said if the new tariffs were implemented, those will impact consumers and also diminish the U.S.'s "leadership on the emerging technologies that will shape our future".

"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.

In response, Beijing has fired back with tariffs on $60 billion worth of American products, including clothing, furniture and auto parts.

The new taxes will hit a broad swath of products, including billions in Chinese-made voice data receivers, computer memory modules, automatic data processors, and accessories for office equipment such as copiers and bank note dispensers - instantly making widely used goods more expensive.

Trump today threatened to raise the stakes again if Beijing should retaliate, adding a further $267 billion in Chinese imports to the target list. "Make your products in the United States instead of China".

While consumer electronic products were generally removed, network and router items will be covered by the tariffs, senior administration officials said on a call with reporters Monday.

As it prepares for a new round of tariffs on Chinese goods, the Trump administration is planning to exclude a product class that includes wearables like fitness trackers and wireless headphones, Bloomberg reports, citing two unnamed sources. We remain open to negotiations.

"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".

The United States is imposing new tariffs on Chinese goods as President Donald Trump's trade war with Beijing escalates.

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The American Chamber of Commerce in China warned Tuesday that Washington is underestimating Beijing's determination to fight back. China has also filed a complaint with the World Trade Organization over the USA tariffs.

Trump has also complained about America's massive trade deficit - $336 billion a year ago - with China, its biggest trading partner. But Trump quickly backed away from the truce. The tariffs focused on industrial products, not on things Americans buy at the mall or via Amazon.

The announcement followed a warning by an American business group that a "downward spiral" in their conflict appeared certain following Trump's penalties on $200 billion of Chinese goods. The administration is targeting a bewildering variety of products - from sockeye salmon to bamboo mats - forcing US companies to scramble for suppliers outside China, absorb the import taxes or pass along the burden to their customers. The tariffs will be kick in on September 24.

Separately, the Chinese Foreign Ministry too hinted that talks with the USA could stall.

Last year, Southern California ports handled $173bn in Chinese imports, about a third of all goods shipped from China to the US, CNBC reported.

"I think that kind of tactic is not going to work with China". From January 1, 2019, the tariffs will be reportedly raised to 25 percent.

Trump warned on Monday 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 real issue with these talks from the Chinese side is not the 10 per cent USA tariffs", Mr Scissors said. "Fortunately, the USA economy is humming, so we don't have to worry as much about what this will do to our economy".

"Consumer electronics makers got a short term reprieve, but what we're witnessing is a chess match and we don't know who will blink first", said Patrick Moorhead of the research firm Moor Insights & Strategy.

Trump making good on a threat earlier in the day on Twitter: "If countries will not make fair deals with us, they will be Tariffed!"