President Donald Trump served up $200 billion in tariffs on imports from China on Monday that will go into effect almost immediately as he launched the latest volley in the escalating trade war between the two countries.
A White House statement said tariffs would start at 10 percent and go into effect in a week, on Sept. 24, before kicking into full gear at 25 percent at the start of the new calendar year.
'Further, if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports,' a statement from Trump warned.
President Donald Trump served up $200 billion in tariffs on imports from China on Monday that will go into effect almost immediately as he launched the latest volley in the escalating trade war between the two countries
Trump threatened that nations that don't make 'fair' deals withe U.S. with getting 'Tariffed' on Monday morning prepared to slap the trade rival with the expected $200 billion in penalties.
He held up China as a case in point after reaching a new trade deal with Mexico earlier this month.
The message will be especially poignant to Canada, with which the U.S. is currently engaged in a trade stand-off, and Europe, a heavy bearer of steep steel and aluminum tariffs introduced earlier in the year by the president.
'Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be 'Tariffed!'
China has been pushing back against the threat.
'We have always maintained that the only correct means to resolve the trade dispute is through dialogue and consultation on an equal basis with mutual trust and respect,' responded China's foreign ministry spokesman Geng Shuang.
The tough talk and fear of more tariffs and retaliation rattled investors and sent indexes dropping.
The pan-European STOXX 600 index fell as much as 0.2 percent, and Germany's DAX dropped half a percent, Reuters reported, while France's CAC 40 and Britain's FTSE 100 each fell 0.3 percent.
The drop came after a strong week for European stocks last week. Markets were also weak across Asia.
Trump said inflation due to tariffs has been 'almost unnoticeable,' although agricultural producers in the heartland have complained of the pain of counter-tariffs
Trump proclaimed the U.S. steel industry to be 'thriving'
Trump also proclaimed the U.S. steel industry the 'talk of the World.'
'Our Steel Industry is the talk of the World. It has been given new life, and is thriving. Billions of Dollars is being spent on new plants all around the country!' he wrote.
There are reports China is reducing exports by slowing down customs approvals and stepping up environmental and other inspections. Pictured: Shanghai
U.S. steel production is over half what it was in the early and mid 1970s. The U.S. put out about 40 per cent of the world's steel after World War II, but the figures have steadily dropped in the years since.
The tough talk follows reports China is deliberately reducing exports to the US by slowing down customs approvals and stepping up environmental and other inspections.
So far in an ongoing trade war, China has matched new US tariffs on goods.
An official Chinese newspaper called for more aggressive measures to 'make American pain worse' following tariff hikes by both sides on $50billion of each other's goods.
Trump also proclaimed the U.S. steel industry the 'talk of the World.' A worker cuts a steel coil at the Novolipetsk Steel PAO steel mill in Farrell, Pennsylvania, U.S., March 9, 2018
China wants talks based on 'mutual trust,' said a foreign ministry spokesman, Geng Shuang. Pictured: The Google office in Beijing
Beijing is considering Washington's invitation last week to revive talks on their fight over Chinese technology policy and plans for state-led development of global champions in robotics and other fields.
U.S. officials say those violate Beijing's market-opening commitments and worry they might erode US industrial leadership.
Speaking Sunday at an economics forum, Lou Jiwei, a former finance minister and chairman of China's sovereign wealth fund, said Beijing should disrupt supply chains of American companies that rely on China's vast manufacturing industries, the website Sina.com reported.
China's 'counterattack strategy needs to restrict exports to the United States as well as (imports of) U.S. goods,' Lou was paraphrased as saying.
'Only knowing the pain of fighting will stop the war and cause (the United States) to negotiate seriously,' said Lou.
Lou was finance minister through 2016 and serves as chairman of China's 1.9 trillion yuan ($290 billion) National Social Security Fund, which manages assets of government pension plans. He is a former chairman of China's sovereign wealth fund, the China Investment Corp.
The Chinese government said last week it welcomed Washington's proposal for more talks, though neither side has given any indication it is willing to compromise. Communist leaders see their industry plans as a path to prosperity and global influence.
China wants talks based on 'mutual trust,' said a foreign ministry spokesman, Geng Shuang. He didn't answer directly when asked whether Beijing would back out if U.S. President Donald Trump goes ahead with a proposed tariff hike on $200 billion of Chinese goods.
If an increase goes ahead, 'China will have to take necessary countermeasures,' said Geng at a regular daily briefing.
Chinese authorities have yet to confirm what steps aside from retaliatory tariffs they might take. But they have threatened 'comprehensive measures' as Beijing runs out of imports for penalties due to its lopsided trade balance with the United States.
Link textbacklinkexchanges.com
https://textbacklinkexchanges.com/trump-hits-china-with-200-billion-in-tarrifs-and-threatens-more/
News Pictures Trump hits China with $200 billion in tarrifs and threatens more
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TEENS
Hayden Panettiere
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kim cattrall
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https://i.dailymail.co.uk/i/newpix/2018/09/17/13/504C652F00000578-6176257-image-a-1_1537188341332.jpg
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