Trump wants $200 billion in China tariffs despite talks, sources say

Trump wants $200 billion in China tariffs despite talks, sources say

Trump wants $200 billion in China tariffs despite talks, sources say

To avoid the tariffs, 30 percent of US companies are looking at moving assembly out of the United States or China or finding new suppliers, the chambers said.

Companies reported the tariffs were pressuring profits, reducing demand for their products and driving up production costs.

The reports come one week after Trump said he would be adding tariffs on $200bn in Chinese goods and had tariffs on another $267bn in Chinese imports "ready to go on short notice if I want".

Some businesses are concerned about rising costs of imported materials; others, particularly farmers, about retaliatory tariffs imposed by China and Europe on US exports. It was unclear whether any U.S.

The United States and China have imposed tariffs on $50-billion of each other's goods since July as trade frictions between the world's two biggest economies worsened, despite several rounds of negotiations.

On Wednesday, more than 60 US industry groups launched a coalition - Americans for Free Trade - to take the fight against the tariffs public.

But an announcement of the new round of tariffs has been delayed as the administration considers revisions based on concerns raised in public comments, the people said. And further waves of U.S. tariffs are expected to take a toll on China's economy, which has already begun to slow down this year.

"China has always held that an escalation of the trade conflict is not in anyone's interests".

The US leader has mentioned another US$200 billion worth of Chinese imports - and all other Chinese imports to the US market - but analysts believe the administration will change course and the situation will shift after the US mid-term elections in November.

The current world trade system is not flawless and China supports reforms to it, including to the World Trade Organisation, to make it fairer and more effective, Beijing's top diplomat said. China responded with equivalent duties on United States goods.

More than 52 per cent of respondents to the survey reported already suffering the consequences of such measures, mainly through increased inspections, slower customs clearance and "other complications from increased bureaucratic oversight or regulatory scrutiny".

In response, China has vowed to retaliate with tariffs on another $60 billion of U.S. exports, including meat, coffee, furniture and auto parts.

U.S. President Donald Trump has instructed aides to proceed with tariffs on about $200 billion more Chinese goods, despite Treasury Secretary Steven Mnuchin's attempts to restart trade talks with China, a source familiar with the decision said.

"We support President Trump's efforts to reset US-China trade relations, address long-standing inequities and level the playing field", Zheng said. The Chinese government has dismissed the complaints as "groundless". Of the respondents to the survey from that sector, 80.5% said they had been hit by the American tariffs, and 75% by the Chinese retaliation-each side has levied tariffs on imports of vehicles and components from the other.

Related news