President Trump Imposed Tariffs on Chinese Goods
Monday after the stock market closed, USPresident Trump President Donald Trump said he will impose 10% tariffs on about $200-B worth of Chinese imports, but he spared smart watches from Apple (NASDAQ:AAPL) and Fitbit Inc (NYSE:FIT) and other consumer products such as bicycle helmets and baby car seats
President Trump has “not been satisfied” with trade talks with China and confirmed the US was preparing additional tariffs because Beijing’s economic reforms were moving in the wrong direction, Larry Kudlow said.
“The President has suggested tariffs on a couple $100-B” in Chinese goods, Mr. Kudlow said Monday at the Economic Club of New York.
“He has not been satisfied with the talks with China on this. My guess is that an announcement will be coming soon,” the veteran financial guru and former Ronald Reagan adviser said.
Early Monday it was reported that The Trump Administration will soon impose s imposing a 10% tariff on $200-B of Chinese goods, which it did after the stock market closed.
American consumers may start feeling the cost of the tariffs for everyday goods, as the latest move brings all Chinese imports subject to a new tariff to $250-B, about 50% of China’s shipments to the US last year.
President Trump is moving ahead with his promise to punish China for alleged unfair trading practices, despite an invitation this month from Treasury Secretary Steven Mnuchin to restart trade talks with Beijing. Chinese officials have signaled they will refuse to meet with Secretary Mnuchin if this next round of tariffs is imposed.
However, the US is ready to negotiate a trade deal with China whenever Beijing is prepared for serious talks that will reduce tariffs and eliminate non-tariff trade barriers, said Mr. Kudlow.
“We are ready to negotiate and talk with China any time that they are ready for serious and substantive negotiations toward free trade to reduce tariffs and non-tariff barriers, to open markets, to allow the most competitive economy in the world, ours, to export more and more goods and services to China,” said Mr. Kudlow.
The upcoming tariffs will be on a list of items that included IT (internet technology) products and other electronics, printed circuit boards and consumer goods, including Chinese seafood, furniture and lighting products, tires, chemicals, plastics, bicycles and car seats for babies.
It was unclear if the administration will exempt any of the products that were on the list, which was announced in July