U.S. imposes new $200 billion tariffs on China

MSCI’s broadest index of Asia Pacific shares outside Japan dropped 0.15 percent in early trade

Trump has announced the intention to impose tariffs on Chinese exports worth a total of $250 bn while China has retaliated with levies of its own on more than $60 billion of USA goods going in the other direction.

Trump also threatened that if China retaliated this time then the United States would "immediately pursue phase three", which would mean imposing further tariffs on another US$267 billion worth of products - covering nearly all Chinese exports to the US.

Trump also warned that if China takes retaliatory action against USA farmers and industries, the administration will pursue tariffs on about $267 billion of additional imports.

Sohn said the Trump administration is pursuing a legitimate goal of getting China to stop violating global trade rules but that it should have enlisted support from other trading partners, such as the European Union, Canada and Mexico, and presented Beijing with a united front.

Trump's move means that America will now have tariffs on roughly half of its imports from China (which totalled over $500bn last year).

However, after the initial falls there were signs that some investors were ready to look past the dispute, with European markets reducing their losses to trade close to flat by 0830 GMT. And China has retaliated in kind, hitting American soybeans, among other goods, in a shot at the president's supporters in the USA farm belt.

"Most of our member companies are "in China, for China" - selling goods to Chinese companies and consumers, not to Americans - and thus ultimately boosting the United States economy", Jarrett said. China has said it will hit back.

Adding in the $200 billion list and another $267 billion of Chinese goods, total imports from China facing tariffs would exceed the $505 billion in goods that the United States imported from China a year ago.

Smart watches and Bluetooth devices were removed from the tariff list, along with bicycle helmets, high chairs, children's auto seats, playpens and certain industrial chemicals.

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"These practices plainly constitute a grave threat to the long-term health and prosperity of the United States economy", Trump said in a White House statement.

China vowed to retaliate against the new round of tariffs announced Monday by Trump. Make your products in the United States instead of China.

U.S. President Donald Trump delivering a speech in the Great Hall of the People in Beijing, China, in November 2017.

Beijing has warned that it would hit an additional $60 billion in American products if Trump ordered more tariffs.

While economists generally estimate that the overall economic impact of the tariffs will be a fraction of a percentage point, they caution that the effects are hard to predict.

US and Chinese trade delegations led by Treasury Sec. "We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly".

"Tariffs are a tax on American families, period", said Hun Quach, RILA´s vice president for worldwide trade. I think that kind of tactic is not going to work with China.

In the first two rounds of tariffs, the Trump administration took care to try to spare American consumers from the direct impact of the import taxes. At the same time, China introduced its own tariffs to the same value. "We don't have anything to announce to you today, in terms of any of the logistics of that, but, as the President has said, we are open to that and we hope that China will come to the table and address the concerns that we have raised", the official said.

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