United States ready for China trade deal when Beijing is 'serious'; Kudlow


President Donald Trump will reportedly announce new tariffs on $200 billion in Chinese goods on Monday or Tuesday.

"If the United States launches any new tariff measures, China will have to take countermeasures to firmly ensure our legitimate rights and interests", foreign ministry spokesman Geng Shuang told reporters during a regular press briefing.

Trump is not expected to relent. Those tariffs would come on top of the tariffs on $50 billion of Chinese goods the US announced this summer.

Trump offered few details about his tariff announcement, which has been anticipated for several days after he directed aides to proceed with the next round of tariffs on Chinese products amid deep disagreements with Beijing over trade and intellectual property policies.

"Our Steel Industry is the talk of the World".

The U.S. Trade Representative's office had proposed tariffs of 10 percent to 25 percent on more than 6,000 Chinese products, including a wide variety of electronics products, including printed circuit boards, internet-connected devices such as routers and voice, data and image reception and transmission devices.

Trump also threatened to add tariffs on about $267 billion of additional imports if China retaliates against US farmers or other industries.

Other officials who advise the country's leaders are suggesting China impose limits on the sale of parts and supplies needed by USA businesses, using "export restraints" to threaten their supply chains.

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The total wave of tariffs thus far has not been large enough to meaningfully affect consumer prices broadly across the economy - only narrowly, for certain products.

The Wall Street Journal reported on Monday that President Trump was planning on imposing tariffs on an additional $200 billion worth of imports from China. It has been given new life, and is thriving.

"While Washington extends a carrot to Beijing, it is also swinging a stick".

"These practices plainly constitute a grave threat to the long-term health and prosperity of the United States economy", he said.

The tariffs follow duties on $50 billion in goods imposed earlier this year.

The Chinese government said last week it welcomed Washington's proposal for more talks, though neither side has given any indication it is willing to compromise. Many experts believe that the president's way of thinking about the deficit is wrong, and that a large deficit with China means that USA consumers are able to afford the latest high tech products.

President Donald Trump is barreling ahead with his vow to punish China for alleged unfair trading practices, despite an invitation this month from Treasury Secretary Steven Mnuchin to restart trade talks with Beijing. He is a former chairman of China's sovereign wealth fund, the China Investment Corp.

Apple asked Lighthizer to reconsider imposing the tariffs and instead take other measures that would support the United States economy and American consumers. "I think it's going to work out very well with China", he said.