Trump slaps additional 10% tariffs on $200bn in Chinese goods

According to officials with knowledge of the discussions Beijing is considering declining the offer of talks as it isn't prepared to negotiate with a

Trump to slap 10% tariff on $200 bn of Chinese goods ,Beijing to retaliate

China is reported to have said it would reject new trade talks if Mr Trump imposed the $200bn worth of tariffs on its exports. But tariffs are also used as a trade weapon, in which a country heavy on imports, like the US, attempts to use the surcharge to force policy changes that diplomacy has failed to reach.

"President Trump is a hard-hitting businessman, and he tries to put pressure on China so he can get concessions from our negotiations".

"The president's negotiating tactics do not work well with China's way of thinking", said Sung Won Sohn, chief economist at SS Economics in Los Angeles.

The iPhone was not among the ´wide range´ of products that Apple told regulators would be hit by the $200 billion round of tariffs in a September 5 comment letter to trade officials.

The administration held six days of public hearings on the proposed $200 billion round of tariffs in August, which were dominated by companies warning that the United States no longer had the capacity to produce replacement products for the Chinese imports that would be hit by tariffs. He did not specify on whether he was referring to the impact on the amount of gross domestic product (GDP) or the growth rate of GDP.

On Wall Street, all three major indices were solidly in the red toward 1930 GMT and word of the fresh round of tariffs had already sent Chinese stocks tumbling more than one percent, with the benchmark Shanghai Composite Index falling to 2,651.79, the lowest level since 2014.

The move is aimed at pressuring China to change long-standing trade practices that Trump says are hurting U.S. businesses at a moment when the administration believes it has an advantage in the trade dispute.

Trump has also complained about America's gaping trade deficit - $336 billion a year ago - with China, its biggest trading partner. Beijing may also raise obstacles for USA companies to do business in China.

China said it will retaliate if the United States goes ahead with these tariffs, and there is a risk it may cancel their upcoming trade talks.

So far, China has either imposed or proposed tariffs on $110 billion of USA goods, representing most of its imports of American products.

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The U.S.is levying a ten percent tariff on these imports starting September 24 and continuing at that rate until the end of 2018. Micklin and much of the rest of the US bike industry was in Reno Monday to attend Interbike. "Hopefully, this trade situation will be resolved, in the end, by myself and President Xi of China, for whom I have great respect and affection".

Fang Xinghai, vice chairman of China's securities regulator, told a forum in the Chinese port city of Tianjin on Tuesday that he hopes the two sides can sit down and talk, but added that the latest United States move has "poisoned" the atmosphere for negotiations.

In addition to smart watches and Bluetooth devices, certain chemical inputs widely used by American manufacturers, as well as safety products such as bicycle helmets and auto seats were granted exemptions.

In response to President Trump's threatened tariffs, Beijing has teed up tariffs of five to 25 percent on $60 billion of United States goods including pig hides, cocoa butter and condoms.

In addition, chemicals used in manufacturing, textiles and agriculture, as well as safety items such as bicycle helmets, playpens and high chairs for children, were struck from the list, a senior administration official said.

But the adjustments did little to appease technology and retail groups who argued USA consumers would feel the pain.

President Donald Trump made the announcement this evening in a move that is sure to ratchet up hostilities between Washington and Beijing.

"The biggest risk to New Zealand lies in the undermining of worldwide rules-based agreements", he said.

"Consumers not China's will bear the brunt of these tariffs and American farmers and ranchers will see the harmful effects of retaliation worsen".

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