Trump escalates trade war, threatens duties on nearly all Chinese imports

Trump escalates trade war, threatens duties on nearly all Chinese imports

Trump escalates trade war, threatens duties on nearly all Chinese imports

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. And China has vowed to hit $60 billion in U.S. products in retaliation.

The implementation of tariffs on $200 billion of products from China "will take place very soon depending on what happens", Trump told reporters on Air Force One on Friday. "That changes the equation".

China said it is ready to impose retaliatory tariffs on $60bn worth of United States goods if that happens.

White House economic adviser Larry Kudlow just hours before said talks with Beijing were continuing to try to defuse the conflict, and that he was hopeful that a solution could be found.

U.S. stocks plummeted following Trump's remarks, with the Dow Jones down 0.59 per cent and the S&P 500 down 0.34 per cent..

Trump's threat to escalate USA tariffs on Chinese imports contributed to a decline on Wall Street, with stock index futures dropping on concern that companies and workers would likely endure some financial pain.

Last night Apple warned that the threatened tariffs would hit "a wide range of Apple..."

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The administration could decide to begin taxing the imports equal to almost 40pc of all the goods China sold the United States a year ago after a public comment period ends Thursday.

A worker gestures as a crane lifts goods onto a cargo ship, at a port in Lianyungang, Jiangsu province, China, May 31, 2018.

On Thursday, Cisco Systems Inc., Hewlett Packard Enterprise Co. and other technology companies sent a letter to U.S. Trade Representative Robert Lighthizer urging the administration to avoid imposing more tariffs.

"Our concern with these tariffs is that the USA will be hardest hit, and that will result in lower US growth and competitiveness and higher prices for US consumers", Apple said in the letter.

Companies such as Cisco and Hewlett-Packard say tariffs on Chinese networking equipment will ultimately make it more expensive for American consumers to access the Internet. "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 USA trade surplus, allow US companies greater access to its markets and roll back its high-technology industrial subsidy programs.

Levying duties on all Chinese purchases would hit "every aspect of our American lifestyle - so the clothes that we put on our back, the food that we eat, the cars that we drive, theshoes that we wear", Hun Quach, vice president of global trade for the Retail Industry Leaders Association, said by phone.

"Those have been our asks for many months and so far those asks have not been satisfied", he said.

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