Trump ready to set tariffs on all goods from China

Kenny Grant
September 8, 2018

President TrumpDonald John TrumpTrump: Lincoln's Gettysburg Address was ridiculed by the "fake news" Trump thanks North Korea's Kim for promise to denuclearize during his tenure No NFL players visibly kneel during season opener MORE most recently on Friday threatened to impose another $267 billion in tariffs on Chinese products, on top of $200 billion in tariffs he promised one day earlier.

As their attempts to head off a new and deeper round of U.S. tariffs on Chinese imports seem unsuccessful, industry groups in the United States are bracing themselves for a grim winter, with American consumers likely to bear the brunt of higher prices as the festive season approaches.

On Thursday, Cisco Systems Inc., Hewlett Packard Enterprise Co. and other technology companies sent a letter to U.S. Trade Representative Robert Lighthizer urging the administration to avoid imposing more tariffs.

"The $200 billion we are talking about could take place very soon depending on what happens with them".

"To a certain extent it's going to be up to China", he said.

"That totally changes the equation", Trump said.

White House economic adviser Larry Kudlow on Friday left open the possibility of a negotiated solution to the trade dispute, but said China must show it's open to compromise.

The US dollar rallied versus major peers and the offshore Chinese yuan fell the most in a week.

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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.

The public comment period ended Thursday on proposed tariffs that could range from 10% to 25% on some $200bn worth of Chinese goods, including multiple seafood items, such as re-processed salmon and tuna as well as red swimming crab.

A worker gestures as a crane lifts goods onto a cargo ship, at a port in Lianyungang, Jiangsu province, China, May 31, 2018.

But, they'd also be hit by the threatened 267 billion dollar list.

If the USA adopted the new trade measures, it would mean the country will have placed tariffs on $517 billion worth of Chinese goods, the entire value of all Chinese imports into the United States. China has threatened retaliation, which could include action against U.S. companies operating there.

"If [China] wants to continue that kind of model which is based on intellectual property theft, how does it back away from that because that's where a lot of its growth comes from", he said.

"Those have been our asks for many months and so far those asks have not been satisfied", he said.

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