Trump ready to set tariffs on all goods from China

Share

-China negotiations, saying Trump wants to push structural reform on China, not simply divert the flow of goods in bilateral trade.

The world's two largest economies have already applied tariffs to $50 billion of each other's goods. Those tactics, the Office of the US Trade Representative has alleged, include stealing trade secrets through computer hacking and forcing US companies to hand over technology in exchange for access to the Chinese market.

Mr Trump imposed customs duties of up to 25 per cent on US$34 billion worth of Chinese goods in July, and on another US$16 billion in August, triggering swift tit-for-tat responses from Beijing. "That changes the equation".

This new round of tariffs would bring the total imports from China subject to tariffs to more than $500 billion, or close to the total amount of goods that China exports to the U.S.

China's trade surplus with the United States ballooned to a new record US$31 billion in August despite a raft of USA tariffs, official data showed Saturday, adding fuel to the flames of a searing trade war.

The administration could decide to begin taxing the imports - equal to almost 40 percent of all the goods China sold the United States previous year - after a public comment period ends on Thursday. And China has vowed to hit $60 billion in USA products in retaliation. To a certain extent it's going to be up to China.

Kudlow, who heads the National Economic Council, told CNBC the administration was still talking with China about trade issues but so far China had not met U.S. requests.

More news: Del Potro reaches final after Nadal forced to quit
More news: Elon Musk smokes marijuana during podcast
More news: Obama: Trump Is 'a Symptom, Not the Cause'

In addition to its Apple Watch and its wireless Air Pods, Apple (AAPL) said tariffs would affect the Apple Pencil, HomePod and MacMini, along with adapters, cables and chargers. But 2018 imports from China through July were up almost 9% over the same period of 2017, according to US Census Bureau data.

In a letter to United States officials as part of the public consultation on the measures, the company said some of Apple's Beats headphones and its new HomePod smart speaker would also face levies.

"Canada has been ripping us off for a long time".

Following meetings on Friday, Freeland told reporters the issues were "complicated" but that officials were working "really at this point 24/7". Japan's economy became a bubble in a trade war.

But Freeland said on Thursday the metals tariffs and NAFTA talks "are entirely separate" - although she again called them "unjustified and illegal".

Don't miss out on the latest news and information.

Share