Trump says he will announce decision on China tariffs after market close

By Steve Holland and David Lawder WASHINGTON (Reuters) - U.S. President Donald Trump said on Monday he would announce his latest plan for China tariffs after the markets close, with expectations he would levy about $200 billion worth of Chinese imports. Trump offered few details about his tariff announcement, which has been anticipated for several days after he directed aides to proceed with the next round of tariffs on Chinese products amid deep disagreements with Beijing over trade and intellectual property policies.

Reuters September 18, 2018 03:05:14 IST
Trump says he will announce decision on China tariffs after market close

Trump says he will announce decision on China tariffs after market close

By Steve Holland and David Lawder

WASHINGTON (Reuters) - U.S. President Donald Trump said on Monday he would announce his latest plan for China tariffs after the markets close, with expectations he would levy about $200 billion worth of Chinese imports.

Trump offered few details about his tariff announcement, which has been anticipated for several days after he directed aides to proceed with the next round of tariffs on Chinese products amid deep disagreements with Beijing over trade and intellectual property policies.

"It will be a lot of money coming into the coffers of the United States of America. A lot of money coming in," Trump told reporters at the White House. "But you'll be seeing what we're doing right after close of business today - the markets' closing."

Trump added that he had great respect for Chinese President Xi Jinping, but the U.S. goods trade deficit with China was too large and "we can't do that any more."

The U.S. Trade Representative's office had proposed tariffs of 10 percent to 25 percent on more than 6,000 Chinese products, including a wide variety of electronics products, including printed circuit boards, internet-connected devices such as routers and voice, data and image reception and transmission devices.

The $200 billion list would impose tariffs directly on consumer products for the first time, from furniture to handbags, vacuum cleaners, building products and seafood.

The U.S. Treasury last week invited Chinese officials, including Vice Premier Liu He, the top economic adviser to Chinese President Xi Jinping, for more talks to try to resolve trade differences between the world's two largest economies. But no talks have so far been announced.

White House economic adviser Larry Kudlow said on Monday that the United States was ready to negotiate a trade deal with China if Beijing was ready for serious discussions.

"We are ready to negotiate and talk with China any time that they are ready for serious and substantive negotiations towards free trade, to reduce tariffs and nontariff barriers, to open markets and allow the most competitive economy in the world -- ours -- to export more and more goods and services to China," Kudlow said.

(Reporting by Steve Holland and David Lawder; Writing by David Alexander; Editing by Tim Ahmann and Jonathan Oatis)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.