Trump vows to impose tariffs on more Chinese goods

Trump going ahead with tariffs on $16B in Chinese imports

Trump going ahead with tariffs on $16B in Chinese imports

UBS Wealth Management CIO Mike Ryan on a new study on USA business owners' views about the economy and tariffs.

Beijing has announced plans to retaliate immediately against the latest round of USA tariffs on Chinese imports by slapping a wide range of American products, worth $16 billion, with a 25 percent levy.

On Tuesday, the Trump administration unveiled its own list of roughly $16 billion worth of imports from China that will be hit with 25% tariffs.

In March 2018, the USTR had released the findings of its "exhaustive" Section 301 investigation that found China's acts, policies and practices related to technology transfer, intellectual property, and innovation are "unreasonable and discriminatory and burden United States commerce".

But there seems no solution at sight as the Trump administration prepares for tariffs of up to 25 per cent on an additional Dollars 200 billion in Chinese products. The U.S. Trade Representative's Office is reviewing tariffs on a further US$200 billion in Chinese imports and those duties could start once a comment period ends on September 6.

The Office of the U.S. Trade Representative says the tariffs are in response to China's "unfair trade practices related to the forced transfer of American technology and intellectual property".

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Trump's mission to reduce the United States trade deficit via the threat of tariffs has brought him into conflict with China as well as U.S. allies, roiling financial markets and raising fears of a global trade war the International Monetary Fund has warned may undermine the strongest economic upswing in years.

Wednesday's data also revealed a more balanced trade picture, with China's imports jumping 20.9 percent to reach 1.21 trillion yuan in July. Chinese imports of goods and services into the United States past year amounted to almost $524 billion. Those new tariffs, totaling $16 billion, will be levied against 279 products, including motorcycles, steam turbines and railway cars.

Among the products removed from the earlier list on $16 billion of imports were shipping containers, including those used by freight companies.

"We expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than USA tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation".

"There is no off-ramp, and Trump has given China little wiggle room to save face and come to the bargaining table", he said.

His administration confirmed that its trade assault would soon cover more than $50 billion of products from China.

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