The Trump administration will impose tariffs on $200 billion more in Chinese goods starting next week, escalating a trade war between the world's two biggest economies and potentially raising prices on goods ranging from handbags to bicycle tires.
In a statement, Trump said the tariffs will take effect on September 24, at 10 percent until the end of the year, when they will rise to 25 percent.
"On the Chinese side, Mr. Trump has burned a lot of political capital so it's hard to see how talks can resume if Mr. Trump goes ahead on the $200 billion", Freya Beamish, chief Asia economist at Pantheon Macroeconomics, told the Reuters Global Markets Forum.
President Donald Trump, to the alarm of United States trading partners, has kept his course of aggressive trade policy, imposing punitive tariffs on countries he accuses of cheating American workers. Beijing does not want to push the United States towards investing elsewhere and sourcing products outside China, he said.
"After brief hiatus, the trade war theme is back to start a new week", says Mark McCormick, North American head of FX strategy at TD Securities.
Beijing has issued a list of another $60 billion of American products for retaliation if Mr. Trump's next tariff hike goes ahead.
If China then slaps tariffs on another $60 billion in USA goods, this will bring total U.S. exports subject to Beijing's retaliation to $110 billion, at 2017 sales levels.
McClay said no escalation of tariffs was good for a small country like New Zealand, "particularly between the world's largest and second-largest economies", and he was not sure if the Government was paying enough attention to its trading partners. China has said it will respond to the next round of USA levies with retaliatory tariffs on $60 billion of U.S goods ranging from liquefied natural gas to aircraft.
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Writing in the 1930s, Leon Trotsky explained that the interdependence of every country in the global economy meant that the program of economic nationalism, of the kind now being practised by the Trump administration, was a reactionary "utopia" insofar as it set itself the task of harmonious national economic development on the basis of private property. S. dollar since mid-June, offsetting the 10 percent tariff rate by a considerable margin.
Trump has also complained about America's gaping trade deficit - $336 billion past year - with China, its biggest trading partner.
"We welcome any immediate, serious talks with China". The US has already carried out protectionist measures against Europe and Japan through the imposition of tariffs on steel and aluminium and has threatened tariffs on cars and auto parts, which will be invoked unless they join its push on China.
"It's at the point, the larger these tariffs become, the bigger the problem they become for the administration and the United States".
Harley-Davidson will have to bump up the Chinese price of its iconic motorbikes at least 20 percent, a store representative in Beijing said. Executives complained the tariffs would make their products more expensive, costing them sales.
This is the fourth round of tariffs to affect the US bike industry this year. "The unilateral and hegemonic moves by the USA will meet firm countermeasures from China.China will not just play defense", the Global Times says.
Turkey has in turn hiked tariffs on imports of several U.S. products such as rice, alcohol, leaf tobacco, cosmetics and cars.
Unlike the previous rounds of tariffs - which targeted industrial goods - this tranche will affect consumer products and could lead to price rises for items such as air conditioners, spark plugs, furniture and lamps. "And it was not under Bush", said Derek Scissors, a China expert at the American Enterprise Institute.