Tuesday, 16 October, 2018

Trump says U.S. under 'no pressure' for China trade deal

US TRADE WAR: Trump plotting $200bn MORE tariffs as China talks CRUMBLE Trump gives green light to sanctions on $200 billion in Chinese goods
Kenny Thornton | 18 September, 2018, 06:36

US President Donald Trump is going ahead with plans to announce new tariffs on about $US200 billion ($280 billion) of Chinese imports, The Wall Street Journal has reported.

Trump's top economic adviser, Larry Kudlow told Fox News on Wednesday that the U.S. government had received information that "the top of the Chinese government wished to pursue talks" prompting Mnuchin to send an invitation.

The 10 percent tariff was scaled back from Trump's initial plan to impose 25 percent penalties on all of these imports.

On Sept. 7, Trump warned that he had further tariffs ready to go on $267 billion worth of Chinese imports beyond those that will be targeted this week.

Trump had already directed aides to proceed with tariffs, despite Treasury Secretary Steven Mnuchin's attempts to restart trade talks with China, a source familiar with the matter told Reuters on Friday.

The White House did not immediately respond to a request for comment.

The White House said on Friday that Trump "has been clear that he and his administration will continue to take action to address China's unfair trade practices". "We encourage China to address the long standing concerns raised by the United States".

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Last month the U.S. Trade Representative's office held over a week of hearings with leaders in many industries on the potential additional tariffs. Trump ordered his advisers to come up with a list of $200 billion of other Chinese products to penalize, a package that includes many consumer products.

Some of them have criticized Trump's tactics but many echo USA complaints about Chinese market barriers and industrial strategy.

The list of goods now includes can openers, pizza cutters, ice cream scoops and other basic housewares that Bradshaw Home Inc.in Rancho Cucamonga, Calif., imports from China and sells to retailers nationwide, and prices for those products would head higher, said Brett Bradshaw, co-president of Bradshaw Home.

A higher tariff of 25% is already in force on $50 billion worth of imports from China, and the period for public comments on a proposal to extend it to another $200 billion worth of goods ended recently.

But since companies submitted responses anonymously, it is unclear to what extent high-profile USA automakers are affected.

The US has launched a trade war against China which could see all of its exports to the US subject to duties.

Corporate executives increasingly think the trade dispute can be resolved only by direct talks between Trump and Xi.

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