Trump's latest tariffs on China begin to bite

24 Setiembre, 2018, 18:27 | Author: Arnold Perez

The two countries already exchanged tariffs on $50bn worth of each other's goods earlier this year.

But Mr Trump warned he could ramp up to "phase three", slapping tariffs on approximately US$267 billion of additional imports, or the entirety of the goods the U.S. buys from China.

China imports far less from the United States, making a dollar-for-dollar match on any new USA tariffs impossible.

China has scrapped the trade talks with the United States due next week by deciding not to send its Vice Premier Liu He for the negotiations, the Wall Street Journal reported.

But Trump has taken an increasingly hard line on trade around the world, with $200 billion (R2 863 300 000 000,00) in tariffs on Chinese exports set to take effect on Monday.

China cancelled trade talks with the United States and will no longer send Vice-Premier Liu He to Washington next week, the Wall Street Journal reported, citing unidentified people briefed on the matter.

Beijing and Washington are locked in a festering trade war with both sides hitting each other's goods with tariffs worth billions.

On Saturday, Beijing cancelled scheduled talks with Washington meant to defuse trade tensions.

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Defiant in the face of increasing fears about the impact to the USA economy, Mr Trump has threatened to go after 100 per cent of imports from China if the country refuses to change policies he says harm United States industry, particularly the theft of American technology.

Several rounds of Sino-U.S. trade talks in recent months have yielded no major breakthroughs and attempts at arranging another meeting in coming weeks have fallen through.

China summoned the US ambassador in Beijing and postponed military talks in protest against a USA decision to sanction a Chinese military agency and its director for buying Russian fighter jets and a missile system.

"It would look weak both to the US and at home", he said, adding that there is "sufficient stimulus in the pipeline" to limit the damage of the latest tariffs on China's economy.

China imports far less from the United States, making a dollar-for-dollar match on any new USA tariffs impossible.

The advertising targets a state critical to Trump and Republicans as the trade war between the world's two largest economies intensifies.

The latest round of duties comes on top of a 25 percent tariff already imposed on about $50 billion in Chinese goods, which triggered retaliation from Beijing on the same amount of USA imports.

Instead, it has warned of "qualitative" measures to retaliate.

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