Donald Trump: China Tariffs Having 'Tremendous Impact' on China

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The US-China trade war escalated on Tuesday, with China announcing retaliatory tax increases on US$60 billion (NZ$91 billion) worth of US imports, including coffee, honey and industrial chemicals.

The United States may make a deal at some point, Trump said during a joint press conference with Polish President Andrzej Duda in the Oval Office on Sept 18. But considering the full menu of how the Chinese could hit back, the way they're actually hitting back is rather underwhelming. "It's heading toward a bifurcated global economy". But the U.S.is not the only one drawing lines in the sand.

For now, a genuine breakdown in the U.S.

Neither country can avoid pain in this trade war, economists warn.

The U.S. tariffs will impact thousands of Chinese products, from electronics to food seasoning.

The promised opening up of the economy also would pick up, with Li saying China will continue to reduce tariff rates and unreasonable fee burdens. "The real goal is not to end up with tariffs".

With the latest tariff escalation, American consumers could start feeling the cost in everyday goods. The Trump administration in July and August already imposed 25% tariffs on $50bn on Chinese goods, sparking in-kind retaliation. Share prices have dipped, only to then resume their growth, in part because of deep corporate tax cuts that took effect this year and a solid US economy in its 10th straight year of expansion.

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No surprise, local shoppers Action News Now spoke with were not happy. On Monday, he announced new tariffs on $200 billion worth of Chinese imports - starting at 10 percent but eventually scheduled to rise to 25 percent.

The South China Morning Post cited a source Tuesday who said Trump's new tariffs will "likely" scuttle next week's talks.

But more drastic moves, like closing factories or encouraging consumer boycotts of American goods, could eliminate Chinese jobs.

While officials said the impact on the United States economy has been minimal, firms across the country have reported lost business, layoffs and possible bankruptcies as input costs rise. "Tariffs are a small part of the picture". They added that countervailing consequences, like a stronger dollar, could easily offset the effect on prices.

"One-way depreciation of the yuan brings more harm than benefits for China", he said. "A prolonged trade war could deepen the drag on growth - with larger implications for Asia's supply chains".

As the president pursues his uncompromising approach to China, business leaders are growing increasingly frustrated.

In the case of China, businesses there will suffer from the loss of exports to the U.S. Apple appeared to have the most to lose in the event of widespread tariffs being imposed, with CEO Tim Cook even dining with Trump to express his position.

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China is reviewing plans to send a delegation to Washington for fresh talks in light of the U.S. action, the South China Morning Post reported yesterday, citing a government source in Beijing.

Once the new round of tariffs takes effect on September 24, punitive duties will be in place on $250 billion in goods the USA buys from China - its largest source of imports.

It is also misguided to think of this dispute as all about Trump, Massot said. The battle is popular among some labor groups: Union leaders in the Midwest have long blasted China for luring away factories with cheaper labor, and the White House has accused Beijing of stealing intellectual property from US companies that enter its market.

That could be costly, according to Caroline Freund, director of macro trade and investment at the World Bank.

However, Beijing's previous tariffs did target major United States agricultural products like pork and soybeans. That would raise the total affected by USA penalties to $517 billion - covering almost everything China sells the United States.

Walorski called for Trump and Chinese President Xi Jinping to meet "and find a long-term solution that ensures American farmers, businesses, and workers are treated fairly".

Trump has also complained about America's gaping trade deficit - $336 billion a year ago - with China, its biggest trading partner. "But we have to do something", the president said.

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This might not be the most accurate read on Trump - one of his only core beliefs seems to be that America is getting ripped off by its trading partners - but it still make a modicum of sense. "China will never go down the path of stimulating exports by devaluating its currency", he added.

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