Ose $200 billion in tariffs on China from September 24th

The Donald Trump administration is for the first time publicly planning for a trade spat that drags into 2019 and possibly beyond

The Donald Trump administration is for the first time publicly planning for a trade spat that drags into 2019 and possibly beyond

The U.S. Treasury had invited Chinese officials, including President Xi Jinping's top economic adviser, to attend talks in Washington this week.

In response to President Trump's threatened tariffs, Beijing has teed up tariffs of five to 25 percent on $60 billion of USA goods including pig hides, cocoa butter and condoms.

"Collection of tariffs on the long-anticipated list will start September 24 but the rate will increase to 25 percent by the end of 2018, allowing U.S. companies some time to adjust their supply chains to alternate countries, a senior administration official said".

Economists at UBS Group AG say even a 10 percent tariff would slow the United States economy in the fourth quarter by enough to stop the Federal Reserve hiking interest rates again in December.

But China said it would turn down the offer if the United States went ahead with more tariffs, CNN said. "But, so far, China has been unwilling to change its practices".

The list slated for tariffs originally included more than 6,000 items, but United States officials later removed about 300 types of items, including smart watches, bicycle helmets, play pens, high chairs and baby vehicle seats. Some companies are looking to move out of China to dodge the tariffs, said Ted Murphy, a partner at the Baker McKenzie law firm.

Trump has also complained about America's gaping trade deficit - $336 billion previous year - with China, its biggest trading partner.

United States companies have already said they are anxious about the effect of higher costs on their businesses.

Trump has always been fiercely critical of China, accusing it during the 2016 campaign of "the rape" of the American economy and vowing to create a more balanced trade pattern.

Other commentators have suggested Beijing use its holdings of US government debt or target American companies in China.

According to a preliminary list of goods released by the US Trade Representative's office in July, in just a few examples, Washington is considering putting tariffs on roughly $40 billion in Chinese-made voice data receivers, computer memory modules, automatic data processors, and accessories for office equipment such as copiers and bank note dispensers - instantly making widely used goods more expensive.




"Frankly, it's going to make us a much stronger, much richer nation".

The decision throws into doubt efforts to reach a diplomatic breakthrough in the conflict.

Trump also warned in a statement on Monday that if China takes retaliatory action against USA farmers or industries, "we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports".

China is one of Apple's largest markets, and the tech giant said increasing tariffs on Chinese goods could harm its business.

The lack of unity within the USA administration on trade isn't new - Chinese and American officials have held a series of talks over the dispute, and reached at least one agreement which was subsequently abandoned by the president.

He was expected to level tariffs on about $200 billion of Chinese imports, and China has said it would retaliate.

Parker said the Government did not believe the effect of the tariffs on New Zealand - for example from more costly imported goods - would be large "and neither do we think there will be any large benefit to New Zealand".

Writing in the 1930s, Leon Trotsky explained that the interdependence of every country in the global economy meant that the program of economic nationalism, of the kind now being practised by the Trump administration, was a reactionary "utopia" insofar as it set itself the task of harmonious national economic development on the basis of private property.

Larry Kudlow, director of the National Economic Council, speaks during a meeting at the Economic Club of New York, Sept. 17, 2018, in New York.

"Tariffs are a tax on American families, period", said Hun Quach, RILA´s vice president for worldwide trade.

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