Trump promises post-market announcement as China tariff reports swirl
- Author: Darren Santiago Sep 18, 2018,
Sep 18, 2018, 2:12
He didn't answer directly when asked whether Beijing would back out if U.S. President Donald Trump goes ahead with a proposed tariff hike on $200 billion of Chinese goods.
The Trump administration has demanded that China cut its $375 billion trade surplus with the United States, end policies aimed at acquiring US technologies and intellectual property and roll back high-tech industrial subsidies.
Chinese officials have acknowledged the invitation but are reportedly considering not attending proposed meetings in Washington, D.C. if the USA moves ahead with the new tariffs.
Still, American consumers could start feeling the cost of the tariffs for everyday goods, as the latest move brings all Chinese imports subject to a new tariff to $250 billion, roughly half of China's shipments to the USA a year ago.
The president has suggested, tariffs on a couple hundred billion dollars. Apple Inc. said last month the proposed duties on $200 billion cover a wide range of products used in its United States operations.USA 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. These new tariffs would reportedly take effect "within weeks".
The United States is ready to negotiate a trade deal with China whenever Beijing is prepared for serious talks that will reduce tariffs and eliminate non-tariff trade barriers.
China wants talks based on "mutual trust", said a foreign ministry spokesman, Geng Shuang.
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The administration since July has already slapped 25 percent tariffs on $50 billion of Chinese goods, sparking immediate in-kind retaliation.
The government is expected to release as early as Monday the final list of as much as US$200 billion of Chinese products that will be hit with a new 10 per cent tariff, according to five people familiar with the matter.
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.
On negotiations with China, Mr Kudlow said the US Treasury Secretary, Steve Mnuchin, was in touch and negotiating with Chinese officials.
Fresh trade talks had been proposed by Treasury Secretary Steven Mnuchin to begin around September 20.
It also explained that the new tariffs, as instructed by President Trump, will be set at ten percent, . lower than the initial figure of 25 percent.