The United States is set to impose another raft of tariffs on China, targeting roughly $200 billion Dollars in imported goods from China as US President Trump tail-chases his way into an even deeper trade war with the Asian superpower.
US tariffs on $200 billion more in Chinese goods begin September 24 at 10 percent, then would rise to 25 percent on January 1.
If Beijing retaliates against United States farmers and industry - as it has previously vowed - the U.S. will immediately pursue further tariffs on about $267 billion of Chinese imports, President Donald Trump said in a statement Monday evening, repeating a threat he made earlier this month.
Earlier yesterday Mr Trump claimed that the consequences of the global trade... "If countries will not make fair deals with us, they will be 'Tariffed!'".
At the White House, Trump wrongly said that "China is now paying us billions of dollars in tariffs" and he celebrated the Treasury Department collecting "tremendous amounts of money, which is great for our country".
The trade war measures against China are only one expression of this process.
Last month, it unveiled a proposed list of tariffs on $60 billion of US goods ranging from liquefied natural gas to certain types of aircraft - should Washington activate the tariffs on its $200 billion list.
A senior Trump administration official told reporters that the United States was open to further talks with Beijing, but offered no immediate details on when any new meetings may occur.
China's Commerce Ministry has said that it is ready to put similar tariffs on $60 billion a year of USA goods in response to the threat from the United States.
Yang Weimin, deputy director for economic affairs at the Communist Party's top advisory body, said at the China Development Forum in Beijing on Sunday that China would not negotiate while under pressure. "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. And in a victory for Apple Inc. and its American customers, the administration removed smart watches and some other consumer electronics products from the list of goods to be targeted by the new tariffs.
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Many US businesses have warned that a new rounds of tariffs would threaten to increase prices of everyday goods for Americans - goods as varied as baby seats and bikes. He has not been satisfied with the talks with China on this.
Trade Minister David Parker does not expect big effects on NZ from the latest tariffs but is concerned about the broad risks to "rules-based trade". These tactics include hacking USA companies to steal their trade secrets and forcing them to turn over their know-how in exchange for access to the Chinese market.
This will cut demand for these products (hurting the Chinese economy), and also probably drive up prices in United States shops (hurting Americans). In retaliating, China in July announced tariffs on American agricultural goods and autos.
The U.S. economy appears strong enough to withstand damage from the tariff battle, he said.
"Tensions in the global economic system have manifested themselves in the U.S".
Beijing has since accused the United States of starting the "largest trade war in economic history". "That's good news. At least we did something", he said.
In the latest iteration, almost half of Chinese imports face tariffs, including consumer products that range from furniture to building products and seafood.
Washington, Europe and other trading partners say those plans violate China's market-opening commitments.
And as the China tariffs are imposed, top officials of the European Union are meeting to discuss how they might overcome the financial sanctions the U.S. will impose against European companies if they maintain economic ties with Iran after November 4 following the unilateral abrogation of the Iran nuclear deal.