Published: Tue, September 18, 2018
Worldwide | By Stella Potter

United States to impose tariffs on $200 bn in Chinese goods

United States to impose tariffs on $200 bn in Chinese goods

The Wall Street Journal is reporting that US President Donald Trump is going ahead with plans to announce new tariffs on about $US200 billion ($A280bn) of Chinese imports.

This week, the USA invited China to hold talks on the tariff dispute. Last week Trump told reporters such a move could come soon.

The 10 percent tariff is scaled back from Trump's initial plan, which was to impose 25 percent penalties on all of these imports.

The duties already levied on $50 billion worth of Chinese goods followed a study on China's intellectual property practices released earlier this year. Beijing has issued a list of another $US60 billion of American products for retaliation if Trump's next tariff hike goes ahead.

Trump frequently criticised "unfair trade" between the United States and China while on the campaign trail for the 2016 presidential elections.

Citing unnamed officials, Bloomberg News reported on Friday that Trump had instructed staff on Thursday to proceed with tariffs on about $200bn more of Chinese goods.

Mr Trump was asked during the meeting whether he was concerned about the impact of the new tariffs on negotiations with China.

Chinese and US officials end trade talks in Washington without major breakthrough; FBN's Susan Li reports.

White House spokeswoman Lindsay Walters declined comment on the timing of a possible announcement, but said: 'The President has been clear that he and his administration will continue to take action to address China's unfair trade practices. He has warned of additional waves of tariffs on up to $500 billion in Chinese goods. -China trade relations, address long-standing inequities and level the playing field.

Welcoming the US' offer, Chinese Commerce Ministry spokesperson Gao Feng said on Thursday, "The escalation of trade conflicts doesn't benefit either side's interests". The open question, of course, is: "How much action is enough, and can China find a way to move that will be seen as being in its own interest, not kowtowing to the USA?"

Two people familiar with the effort said Mnuchin's invitation was sent to his Chinese counterparts, including Vice Premier Liu He, the top economic adviser to Chinese President Xi Jinping, for talks in coming weeks. USA stocks erased gains, dropping to session lows, while the dollar strengthened versus the Chinese offshore yuan by the most in two weeks.

The White House didn't immediately comment. Officials from both countries have met four times for formal talks, most recently in August, when Treasury's undersecretary for worldwide affairs, David Malpass, led discussions in Washington with Chinese Vice Minister Wang Shouwen.

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