U.S. President Donald Trump said on Friday that he has tariffs ready to go on a further US$267 billion worth of Chinese imports, as the world awaits his decision on imposing levies on US$200 billion worth of the Asian nation's goods. "Exciting!" President Trump said, advising the tech giant over Twitter on Saturday as his motorcade drove from the White House to his Virginia golf club.
The tariffs would potentially hurt USA companies that import everything from handbags to bicycle tires.
The public comment period ended Thursday on proposed tariffs that could range from 10% to 25% on some $200bn worth of Chinese goods, including multiple seafood items, such as re-processed salmon and tuna as well as red swimming crab.
If the USA adopted the new trade measures, it would mean the country will have placed tariffs on $517 billion worth of Chinese goods, the entire value of all Chinese imports into the United States.
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The Ministry of Finance said it will raise export rebate rates for 397 goods, ranging from lubricants to children's books, meaning that firms shipping such products overseas will pay less value-added tax.
"If the United States dogmatically implements any new tariff measures against China, China will have to take the necessary countermeasures", commerce spokesman Gao Feng told reporters. US stocks erased gains after Trump's remarks.
Talk of the bonus $267bn tariff package comes as the White House has yet to settle all of the specifics of the planned $200bn tariff prospoals - which, as we said, would follow up that earlier $50bn package. "The trade wars only serve as a catalyst for the turning of the cycle".
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Retailers had successfully kept high-profile consumer electronics such as cell phones and television sets off of previous tariff lists.
"The Chinese aren't paying these tariffs, American families are going to pay these tariffs. Now, they've got to treat us fairly", he said, and again threatened to impose duties on cars produced in Canada.
The United States has demanded that China better protect American intellectual property, cut its USA trade surplus, allow U.S. companies greater access to its markets and roll back its high-technology industrial subsidy programs. "We want lower (trade) barriers across the board", Kudlow said. "However, hope springs eternal".
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