U.S. President Donald Trump has directed
aides to proceed with tariffs on about another $200 billion of Chinese
goods, despite Treasury Secretary Steven Mnuchin’s attempts to restart
trade talks with China, a source familiar with
the matter said.
aides to proceed with tariffs on about another $200 billion of Chinese
goods, despite Treasury Secretary Steven Mnuchin’s attempts to restart
trade talks with China, a source familiar with
the matter said.
The timing for activating the additional tariffs was unclear.
The green light for the tariffs, first
reported by Bloomberg, initially dragged U.S. stocks lower, fuelled
drops in the Chinese yuan in offshore trading and gains in the dollar
index.
reported by Bloomberg, initially dragged U.S. stocks lower, fuelled
drops in the Chinese yuan in offshore trading and gains in the dollar
index.
Trump, who had already imposed 25 percent
tariffs on $50 billion of Chinese goods, said a week ago that he would
be adding tariffs on another $200 billion in goods and had tariffs on
another $267 billion in Chinese imports “ready
to go on short notice if I want.”
tariffs on $50 billion of Chinese goods, said a week ago that he would
be adding tariffs on another $200 billion in goods and had tariffs on
another $267 billion in Chinese imports “ready
to go on short notice if I want.”
The Trump administration has demanded
that China cut its $375 billion trade surplus with the United States,
end policies aimed at acquiring U.S. technologies and intellectual
property and roll back high-tech industrial subsidies.
that China cut its $375 billion trade surplus with the United States,
end policies aimed at acquiring U.S. technologies and intellectual
property and roll back high-tech industrial subsidies.
The White House said in a statement that
Trump had been clear that he and his administration would continue to
take action to address China’s trade practices and encouraged Beijing to
address U.S. concerns.
Trump had been clear that he and his administration would continue to
take action to address China’s trade practices and encouraged Beijing to
address U.S. concerns.
A public comment period ended last week
for the $200 billion tariff list, which included various internet
technology products and other electronics, printed circuit boards, and
consumer goods ranging from handbags to bicycles
and furniture.
for the $200 billion tariff list, which included various internet
technology products and other electronics, printed circuit boards, and
consumer goods ranging from handbags to bicycles
and furniture.
The U.S. Trade Representative’s office
has said it was working to revise the list based on issues raised in
public hearings and written submissions. In previous rounds of
anti-China tariffs, it has taken one to two weeks to make
list revisions and another two to three weeks to begin collecting
tariffs.
has said it was working to revise the list based on issues raised in
public hearings and written submissions. In previous rounds of
anti-China tariffs, it has taken one to two weeks to make
list revisions and another two to three weeks to begin collecting
tariffs.
The decision comes despite a Treasury
invitation earlier this week to senior Chinese officials, including Vice
Premier Liu He, for more talks to try to resolve trade differences
between the world’s two largest economies.
invitation earlier this week to senior Chinese officials, including Vice
Premier Liu He, for more talks to try to resolve trade differences
between the world’s two largest economies.
China’s Foreign Ministry said it welcomed
the invitation, but Trump later raised questions about it, saying on
Twitter that he was under no pressure to make a deal with Beijing and
that the United States “will soon be taking in
Billions in Tariffs & making products at home. If we meet, we
meet?”
the invitation, but Trump later raised questions about it, saying on
Twitter that he was under no pressure to make a deal with Beijing and
that the United States “will soon be taking in
Billions in Tariffs & making products at home. If we meet, we
meet?”
A Treasury spokesman did not immediately
respond to a query on the status of the China talks invitation. A USTR
spokesman did not respond to queries about the tariffs.
respond to a query on the status of the China talks invitation. A USTR
spokesman did not respond to queries about the tariffs.
China and markets welcome U.S. invitation for trade talks
The duties already levied on $50 billion
worth of Chinese goods followed a study on China’s intellectual property
practices released earlier this year.
worth of Chinese goods followed a study on China’s intellectual property
practices released earlier this year.
Adding in the $200 billion list and
another $267 billion of Chinese goods, total imports from China facing
tariffs would exceed the $505 billion in goods that the United States
imported from China last year.
another $267 billion of Chinese goods, total imports from China facing
tariffs would exceed the $505 billion in goods that the United States
imported from China last year.
But 2018 imports from China through July
were up nearly 9 percent over the same period of 2017, according to U.S.
Census Bureau data.
were up nearly 9 percent over the same period of 2017, according to U.S.
Census Bureau data.
