Import tariffs on $16b of U.S. and Chinese products come into effect

Import tariffs on $16b of U.S. and Chinese products come into effect

Import tariffs on $16b of U.S. and Chinese products come into effect

China's imports from the USA a year ago totaled about US$130 billion.

"Here we are three months later and if anything during that time the hawk's position has been consolidated because we drove over the cliff and discovered our auto can fly with the USA economy still doing fairly well and President Trump still popular among Republicans", said Scott Kennedy, an expert on U.S.

Thousands of American and Chinese products became 25 percent more expensive overnight, but talks are underway Thursday to try to avert more economic damage from President Donald Trump's multifront trade confrontations.

If those tariffs are approve, more than 50% of all Chinese goods into the U.S. will then be subject to import taxes.

While the top five targeted Chinese products total about US$9 billion, there are dozens of products that have seen no imports - or in very small amounts - over the past two years.

Mr. Trump said last month he's ready to hit all goods imported from China with tariffs.

"Instead, these tariffs threaten to increase costs for American families and destroy the livelihoods of USA workers", Gold said. "However, Washington remains nebulous in this regard, given that the U.S. authorities such as the White House, the Treasury Department and the Office of the United States Trade Representative have been at cross purposes regarding their priorities with China", it said. China has threatened that if the USA goes ahead with the next round of tariffs, it will respond with tariffs on US$60 billion worth of USA goods, which will be the first disproportionate response in the exchange.

That would more than exceed the size of China's imports from the U.S., raising concerns that Beijing could consider other types of retaliation, such as making life more hard for American firms in China or letting its yuan currency weaken further to keep its exports competitive.

U.S. Treasury's David Malpass, undersecretary for worldwide affairs, is leading two days of talks, which began Wednesday, with China's Vice Commerce Minister Wang Shouwen and Chinese Vice Finance Minister Liao Min. -China relations at the Center for Strategic and International Studies in Washington.

However, Trump on Monday told Reuters in an interview he did not "anticipate much" from this week's talks.

The NRF study focuses on tariffs that will hit furniture and travel goods from China, arguing that even the threat of billions more in tariffs are causing retailers to raise prices and seek out other suppliers.

China's commerce ministry said the USA tariffs were "clearly suspected of violating WTO rules" and noted it would file a lawsuit against them under the WTO's dispute resolution mechanism. In response, the Chinese delegation could this week offer a private pledge not to let the currency weaken further as long as negotiations continue, said Derek Scissors, a China expert at the American Enterprise Institute in Washington.

"In order for us to get a positive result out of these engagements, it's really critical that they (China) address the fundamental concerns that we have raised", the official said on a press call on the new USA security review law for foreign acquisitions.

WASHINGTON-Trade talks between the US and China failed to produce any visible sign of progress, reducing the prospects of a deal soon, people closely tracking the talks said. China's retaliatory tariffs apply to U.S. goods including coal, petrol, vehicles, motorcycles and medical equipment.

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