Trump says ready to up China tariff list to US$517 billion

Ivan Schwartz
September 8, 2018

U.S. President Donald Trump said he's ready to impose tariffs on an additional US$267 billion in Chinese goods on short notice, on top of a proposed US$200 billion that his administration is putting the final touches on.

But he told reporters travelling with him to Fargo, North Dakota that "behind that, there's another US$267 billion ready to go on short notice if I want". -China trade spat, trade renegotiations among the U.S., Mexico and Canada, . experts say the Korean government and companies should monitor the changing trade front and continue their outreach efforts to negotiate with their U.S. counterparts to secure Korea's footing.

The $US200 billion list, which includes some consumer products such as cameras and recording devices, luggage, handbags, tires and vacuum cleaners, would be subject to tariffs of 10 per cent to 25 per cent.

Should the U.S. slap tariffs on an additional amount of Chinese goods of that scale, the total value subjected to the duties would be around that of total imports to the United States from China.

The Trump administration has already slapped duties on US$50 billion of Chinese exports since July, which spurred immediate in-kind retaliation from Beijing.

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The United States has demanded that China better protect American intellectual property, cut its USA trade surplus, allow U.S. companies greater access to its markets and roll back its high-technology industrial subsidy programs. "Things can change rather quickly, so the trade war, if a lot of the threats do materialise, I think things will turn very quickly". The United States buys about 20% of China's exports, but trade has shrunk over the past decade as a share of the Chinese economy.

USA stocks erased gains after Trump's remarks, with the S&P 500 Index falling by 0.3 percent to the lowest in two weeks by 12:37 p.m.in NY.

The U.S. Trade Representative's office received almost 6,000 comments and held seven days of public hearings on the proposed levies. "These are taxes and they're going to find their way into the pocket book of folks around the country", French said.

The United States has demanded that China better protect American intellectual property, cut its US trade surplus, allow USA companies greater access to its markets and roll back its high-technology industrial subsidy programs.

However, she seemed to have a different position than Mexican Economy Minister Ildefonso Guajardo on the relationship between the NAFTA talks and the U.S. steel and aluminum tariffs. Those tactics, the Office of the US Trade Representative has alleged, include stealing trade secrets through computer hacking and forcing US companies to hand over technology in exchange for access to the Chinese market. "However, hope springs eternal".

Other reports by GizPress

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