U.S. President Donald Trump said on Monday he will impose 10 percent U.S. tariffs on about $200 billion worth of Chinese imports, but he spared smart watches from Apple (AAPL.O) and Fitbit (FIT.N) Inc and other consumer products such as bicycle helmets and baby vehicle seats.
White House economic adviser Larry Kudlow announced during an interview on Monday that President Donald Trump would likely be imposing new tariffs on a "couple hundred billion" worth of imports from China.
The White House also said the United States was prepared to "immediately" place tariffs on another $267 billion worth of imports "if China takes retaliatory action against our farmers or other industries".
"On the Chinese side, Mr. Trump has burned a lot of political capital so it's hard to see how talks can resume if Mr. Trump goes ahead on the $200 billion", Freya Beamish, chief Asia economist at Pantheon Macroeconomics, told the Reuters Global Markets Forum. American officials also worry they might erode USA industrial leadership.
China has vowed to retaliate against new USA tariffs, with state-run media arguing for an aggressive "counterattack".
The trade war between America and China has escalated, fuelling fears that the global economy could be dragged down.
Beijing has warned that it would hit an additional $60 billion in American goods if Trump ordered more tariffs.
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If China then slaps tariffs on another $60 billion in USA goods, this will bring total U.S. exports subject to Beijing's retaliation to $110 billion, at 2017 sales levels.
The action would bring the total amount of Chinese products subject to duties to $250 billion, roughly half of the amount the U.S. imported from that country in 2017.
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.
The US Treasury had invited Chinese officials for more talks to try to resolve trade differences last week but the prospect of negotiation seems bleak now. "I think that kind of tactic is not going to work with China", Fang Xinghai, vice chairman of China's securities regulator, said at a conference in the port city of Tianjin.
In fact, tariffs are taxes that are paid by Americans who import goods from overseas. And China has retaliated in kind, hitting American soybeans, among other goods, in a shot at the president's supporters in the US farm belt.
If tariffs are imposed on the cranes, it could cost the port an additional $10m and put the port infrastructure at risk, Reinhart had testified in Washington in August at hearings on the tariffs. "If countries will not make fair deals with us, they will be 'Tariffed!'".
Trump has always been fiercely critical of China, accusing it during the 2016 campaign of "the rape" of the American economy and vowing to create a more balanced trade pattern.
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The Retail Industry Leaders Association pointed out that the new tariffs would still hit more than $1bn worth of gas grills from China, $843m worth of luggage and travel bags, $825m worth of mattresses, and $1.9bn worth of vacuum cleaners.
The tough talk follows reports China is deliberately reducing exports to the United States by slowing down customs approvals and stepping up environmental and other inspections.
Still, he said, the USA economy appears strong enough to withstand the damage.
The benchmark US 10-year note US10YT=RR last fell 1/32 in price to yield 2.9977 percent.
"It's at the point, the larger these tariffs become, the bigger the problem they become for the administration and the United States". "That's good news. At least we did something", he said.
United States industries have generally opposed tariffs, arguing they increase prices for consumers and could hurt economic growth.
Some domestic manufacturers of bikes and accessories support the latest round of tariffs, especially in light of the March tariffs on steel and aluminum, which benefitted their competitors who imported complete products.
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