Trump announces further tariffs on $200 BILLION of Chinese goods

Trump announces further tariffs on $200 BILLION of Chinese goods

Apple Chief Executive Officer Tim Cook - who dined with President Donald Trump and his wife, Melania, at Trump's Bedminster, New Jersey golf resort in August - has said he hopes "calm heads prevail" in the trade conflict between the United States and China.

Still, Trump said tariffs had put the United States "in a strong bargaining position", alluding to upcoming talks with Canada in an attempt to complete a renegotiation of the North American Free Trade Agreement, and to a scheduled-but-tenuous round of talks with China next week.

The Wall Street Journal reported on Saturday that the US plans to impose 10 percent tariffs on $200 billion of Chinese goods in the coming days and they will take effect within weeks. "Nowadays economic and trade relations between China and the USA are so closely connected that they will not be easily broken by unilateral hegemony", China's Global Times warned. He is expected to announce this week that the United States will impose tariffs on another $200 billion worth of Chinese goods, a move that people familiar with the negotiations say could scuttle trade talks that are planned with the Chinese next week.

China's 'counterattack strategy needs to restrict exports to the United States as well as (imports of) US goods, ' Lou was paraphrased as saying. Apple Inc. said last month the proposed duties on $200 billion cover a wide range of products used in its USA operations.U.S. stock futures edged lower, Asian equities slumped and European shares fluctuated amid investor concerns a heightened trade war will crimp corporate profits and undermine economic growth.

"Tariffs have put the USA in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been nearly unnoticeable", Trump said.

The taxes will take effect from 24 September, starting at 10% and increasing to 25% from the start of next year.

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Lou is chairman of the National Council for Social Security Fund.

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.

President Donald Trump talks on the phone with Mexican President Enrique Pena Nieto, in the Oval Office of the White House, Monday, Aug. 27, 2018, in Washington. Some of them have criticized Mr. Trump's tactics but many echo USA complaints about Chinese market barriers and industrial strategy.

'We have always maintained that the only correct means to resolve the trade dispute is through dialogue and consultation on an equal basis with mutual trust and respect, ' responded China's foreign ministry spokesman Geng Shuang.

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. "If countries will not make fair deals with us, they will be 'Tariffed!'" "I think it's going to work out very well with China", he said.

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