Trump imposes tariffs on $200 billion Chinese goods, spares some consumer products

Shares knocked lower after new U.S. tariff threat on Chinese goods

The most painful perhaps is the tariff on U.S. soybeans, which chokes off a key export market for American farmers, who shipped $14 billion of the beans to China past year.

The tariffs will start at 10 per cent and rise to 25 per cent starting January 1. "We must strive for American ownership of American companies in China". But it is unclear whether Beijing will agree to come to Washington with the new tariffs set to go into effect.

China had issued a list of another $60 billion of USA goods for retaliation if the US proceeds with more tariffs.

This photo taken on August 7, 2018, shows a truck transporting a container next to stacked containers at a port in Zhangjiagang in China's eastern Jiangsu province.

Officials from both countries have met four times for formal talks, most recently in August, when Treasury's undersecretary for worldwide affairs, David Malpass, led discussions in Washington with Chinese vice minister Wang Shouwen.

Chinese Commerce Minister Zhong Shan held a meeting in Beijing on Monday with US, German, South Korean and Japanese company chief executives in which he warned, "there is no victor in the trade war". The idea was that China's additional purchases would shrink its trade surplus with the United States.

He stated that the biggest factor for revenue was economic growth rate.

Bundles of aluminum ingots sit stacked at a China National Materials Storage and Transportation Corp. stockyard in Wuxi, China.

"If the United States launches any new tariff measures, China will have to take countermeasures to firmly ensure our legitimate rights and interests", foreign ministry spokesman Geng Shuang told reporters during a regular press briefing on Monday.

Trump continues to ratchet up pressure on Beijing to change its trade practices even as he floats the idea of talks.




On Wall Street, the Dow Jones Industrial Average .DJI fell 92.55 points, or 0.35 percent, to 26,062.12.

US President Donald Trump was poised to ratchet up his trade dispute with China, with a major announcement promised later Monday that could see hundreds of billions in goods subjected to fresh import duties. "My Administration will not remain idle when those interests are under attack", the president went on.

"Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been nearly unnoticeable", Trump said on Twitter.

US President Donald Trump on Monday hailed his aggressive use of tariffs as a success for American business, amidst reports he plans to drastically ratchet up the battle with Beijing imminently.

U.S. Treasury yields rose across the board on growing expectations the Federal Reserve would raise interest rates in September and December, and perhaps at least twice more in 2019. China could decide to pull out of planned trade talks in Washington next week, if it feels Trump isn't showing sufficient goodwill.

Through July, the USA ran a US$233.5b trade deficit in goods trade with China, an 8 per cent increase compared with the same period in 2017.

After a thorough study, the USTR concluded that China is engaged in numerous unfair policies and practices relating to United States technology and intellectual property? such as forcing United States companies to transfer technology to Chinese counterparts, he said.

Birmingham said the Australian government was "always concerned where people are not necessarily following the traditional rules-based order of global trade". "As a result, tariffs will ultimately reduce the economic benefit we generate for the United States".

"These tariffs are going to be paid for by the working families who drive our economy", said Jonathan Gold, a spokesman for a business group formed to fight tariffs called Tariffs Hurt the Heartland. Consumer safety products made in China, such as bicycle helmets sold by Vista Outdoor and baby vehicle seats and other products from Graco Inc also were taken off the list.

Related news:

Hot News

isis-killer-beheading-video-story-top Kavanaugh accuser willing to testify, her lawyer says
Sep 17, 2018 - 16:56
Ford also told the Post the event likely contributed to the now-51-year-old's anxiety and post-traumatic stress disorder. Grassley's office says it will proceed with the planned Judiciary committee vote on Kavanaugh's nomination next week.

isis-killer-beheading-video-story-top Brett Kavanaugh accuser speaks about alleged sexual misconduct
Sep 17, 2018 - 15:43
Katz said on Monday that her client considers Kavanaugh's alleged actions an attempted rape. "It has always been Mrs. Ford told the Post she chose to come forward after watching portions of her story come out without her permission.

isis-killer-beheading-video-story-top Oil Prices Rise On Supply Worries
Sep 17, 2018 - 15:28
Benchmark Brent crude was up 16 cents or 0.2 percent at $78.34 a barrel after falling 2 percent on Thursday. Iran's exports so far this month slumped to around 1.3 million barrels a day.

isis-killer-beheading-video-story-top Novichok Suspects 'Have Anything To With Putin', Says Russia
Sep 17, 2018 - 15:06
Salisbury MP John Glen said these statements were not credible and what they said did not match United Kingdom intelligence. She said: "Unfortunately we have had quite a history of foreign leaders and foreign secret services lying to the world".

isis-killer-beheading-video-story-top Hurricane Florence: First Deaths Reported in North Carolina
Sep 16, 2018 - 00:33
Almost 200 people have already been rescued, according to Colleen Roberts, a city public information officer, Fox News reported . About 1.7 million people in the Carolinas and Virginia were warned to evacuate, but it's unclear how many did, officials said.

isis-killer-beheading-video-story-top Hurricane Helene heading towards the United Kingdom , bringing chances of gale force winds
Sep 15, 2018 - 23:33
Ireland is expected to endure the worst of the storm, while Wales and the Cornish peninsula will bear its brunt in England. The patch of gusty weather that's left is producing winds of up to 35 miles per hour as it drifts west at 16 mph.

isis-killer-beheading-video-story-top Tottenham goalkeeper Lloris fined for drunk driving
Sep 15, 2018 - 23:18
Hugo Lloris has been banned from driving for 20 months and fined £50,000 after pleading guilty to drink-driving. Pochettino said that Lloris has beaten himself up over his mistake but deserved a second chance.

isis-killer-beheading-video-story-top Terry's Chelsea return down to him, says Sarri
Sep 15, 2018 - 21:13
I am very open with him because he is the history of the club. "We are not as solid as I want in the defensive phase". I am not able to think about this as a job, like work.

isis-killer-beheading-video-story-top Liverpool midfielder Georginio Wijnaldum: 'I held talks with Tottenham Hotspur'
Sep 15, 2018 - 17:34
Premier League - Follow the Football match between Tottenham Hotspur and Liverpool live with Eurosport. Klopp said: "How would that work?" So, I had to battle to get my place back in the team.

isis-killer-beheading-video-story-top China and Russia to conduct regular war games together, says Russian minister
Sep 14, 2018 - 23:29
As the manoeuvres kicked off, Chinese President Xi Jinping visited Russian Federation to attend an economic forum in Vladivostok. Big Russia-China war games are apparently going to be routine going forward, the Russian defence minister revealed Wednesday.

isis-killer-beheading-video-story-top Pochettino vs. Klopp a battle of Premier League's brightest minds
Sep 14, 2018 - 23:28
How do you prepare a game and not focus on it? He feels that the club's summer signings will have been sold on the idea of turning out for Liverpool in the Champions League.

isis-killer-beheading-video-story-top Arsenal boss Unai Emery calls for improvement from Mesut Ozil
Sep 14, 2018 - 23:27
We will see what happens but I feel good. 'We will have a chance, but you are talking about a team with good players. Also, I think he is working for the team to help us with his quality.

isis-killer-beheading-video-story-top The new iPhone XR's six available colors, ranked
Sep 14, 2018 - 23:16
On Twitter , Apple fans are simultaneously hailing the sleek new products and dragging the company for its name choice. A breakthrough 12MP camera system with Portrait mode, Portrait Lighting, enhanced bokeh, and all-new Depth Control.

isis-killer-beheading-video-story-top SpaceX Says Passenger Booked to Circle Moon on Big Falcon Rocket
Sep 14, 2018 - 22:36
In 2009, space tourist Guy Laliberté flew to the International Space Station aboard the Soyuz TMA-16, leaving from Kazakhstan. Boeing is also hard at work on its crew vehicle, with pioneering flights planned for 2019 as well.

isis-killer-beheading-video-story-top Former Trump campaign chairman Paul Manafort to 'plead guilty'
Sep 14, 2018 - 19:15
In August, in a separate trial in Virginia, a federal jury found Manafort guilty on eight counts of federal tax and banking crimes.