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Trump slaps tariffs on $200 billion in Chinese goods, spares some consumer tech

By David Lawder and Jeff Mason

 

U.S. President Donald Trump, flanked by Small Business Administrator Linda McMahon and U.S. Labor Secretary Alex Acosta, speaks during the inaugural meeting of the President's National Council for the American Worker at the White House in Washington, U.S., September 17, 2018. REUTERS/Kevin Lamarque

 

WASHINGTON (Reuters) - U.S. President Donald Trump said on Monday he will impose 10 percent U.S. tariffs on about $200 billion worth of Chinese imports, but he spared smart watches from Apple <AAPL.O> and Fitbit <FIT.N> Inc and other consumer products such as bicycle helmets and baby car seats.

 

Trump, in a statement announcing the new round of tariffs, warned that if China takes retaliatory action against U.S. farmers or industries, "we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports."

 

The iPhone was not among the 'wide range' of products that Apple told regulators would be hit by the $200 billion round of tariffs in a September 5 comment letter to trade officials.

 

But if the Trump administration enacts a further $267 billion round of tariffs, the iPhone, along with all other smart phones, are likely to be included in the list."

 

Collection of tariffs on the long-anticipated list will start September 24 but the rate will increase to 25 percent by the end of 2018, allowing U.S. companies some time to adjust their supply chains to alternate countries, a senior administration official said.

 

So far, the United States has imposed tariffs on $50 billion worth of Chinese products to pressure China to make sweeping changes to its trade, technology transfer and high-tech industrial subsidy policies.

 

The escalation of Trump's tariffs on China comes after talks between the world's two largest economies to resolve their trade differences have produced no results. U.S. Treasury Secretary Steven Mnuchin last week invited top Chinese officials to a new round of talks, but thus far nothing has been scheduled.

 

A senior Trump administration official told reporters that the United States was open to further talks with Beijing, but offered no immediate details on when any new meetings may occur.

 

"This is not an effort to constrain China, but this is an effort to work with China and say, 'It's time you address these unfair trade practices that we've identified that others have identified and that have harmed the entire trading system,'" the official said.

 

China has vowed to retaliate further against any new U.S. tariffs, with state-run media arguing for an aggressive "counterattack."

 

China's yuan currency <CNY=CFXS> has weakened by about 6.0 percent against the U.S. dollar since mid-June, offsetting the 10 percent tariff rate by a considerable margin.

 

CONSUMER TECH TRIMMED

 

The U.S. Trade Representative's office eliminated about 300 product categories from the proposed tariff list, along with some subsets of other categories, but administration officials said the total value of the revised list would still be "approximately $200 billion."

 

A broad, $23 billion category of internet-connected devices will remain subject to tariffs, but some products, such as smart watches, Bluetooth devices, and other consumer-focused technology products were removed following a lengthy public vetting period during which more than 6,000 comments were received.

 

Also spared from the tariffs were Chinese inputs for U.S.-produced chemicals used in manufacturing, textiles and agriculture.

 

Consumer safety products made in China, such as bicycle helmets sold by Vista Outdoor <VSTO.N> and baby car seats and other products from Graco Inc <GGG.N> also were taken off the list.

 

But the adjustments did little to appease technology and retail groups who argued that the tariffs would hit consumers hard.

 

"President Trump’s decision to impose an additional $200 billion is reckless and will create lasting harm to communities across the country," said Dean Garfield, president of the Information Technology Industry Council, which represents major tech firms.

 

The Retail Industry Leaders Association pointed out that the new tariffs would still hit more than $1 billion worth of gas grills from China, $843 million worth of luggage and travel bags, $825 million worth of mattresses, and $1.9 billion worth of vacuum cleaners.

 

"Tariffs are a tax on American families, period," said Hun Quach," RILA's vice president for international trade. "Consumers – not China – will bear the brunt of these tariffs and American farmers and ranchers will see the harmful effects of retaliation worsen."

 

Earlier on Monday, White House economic adviser Larry Kudlow said 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 non tariff 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, David Lawder, Ginger Gibson and Eric Beech in Washington, Editing by Clive McKeef)

 

-- © Copyright Reuters 2018-09-18

[edwinchester]

"Trade wars are good and easy to win"

[neeray]

11 minutes ago, edwinchester said:

"Trade wars are good and easy to win"

Yeah, another famous shoot-from-the-hip or mouth-in-gear-before-brain quote from Trump.

[MikeChm]

Great Trump. Now it is the time to make Communist China collapse.

Make America Great Again!!!

[billd766]

10 minutes ago, MikeChm said:

Great Trump. Now it is the time to make Communist China collapse.

Make America Great Again!!!

 

If you really want to make America great again then the answer is easy.

 

Just Impeach and imprison President Trump and repeal all the successful bills he has had passed.

 

That shouldn't take very long.

[MikeChm]

Trump is an elected president. No one could impeach him as they want

[Boon Mee]

If the Chinese retaliate, Trump intends to slap more tariffs on them. 

[Athens]

Cheap import.....cheap products.....

[timendres]

This is getting interesting...

China really does need to play ball here:

Quote

 

China's top export countries:

1. United States: US$431.7 billion (19% of total Chinese exports)
2. Hong Kong: $281 billion (12.4%)
3. Japan: $137.4 billion (6%)

 

A very different story from the US side:

1. Canada $175.5B 18.2%
2. Mexico $154.0B 16.0%
3. China $74.3B 7.7%

All of the talk of harming the US consumer depends on how it plays out. If the manufacturing moves back to the US, then the jobs created will be a benefit to the economy overall. However, if they do not, and the tariffs simply land at the US treasury, I doubt they will be spent wisely enough to make any meaningful difference.

[FritsSikkink]

3 hours ago, MikeChm said:

Great Trump. Now it is the time to make Communist China collapse.

Make America Great Again!!!

The USA citizens will be paying those tariffs  so who will collapse.

[bristolboy]

3 hours ago, MikeChm said:

Great Trump. Now it is the time to make Communist China collapse.

Make America Great Again!!!

Do you realize that over the past few months the renminbi has declined by 9 percent. So Trump's imposition of a 10% tariff is going to make virtually no difference.

[billd766]

2 hours ago, Boon Mee said:

If the Chinese retaliate, Trump intends to slap more tariffs on them. 

 

He has run out of sanctions and is running low on friends and allies too.

[Srikcir]

1 hour ago, timendres said:

All of the talk of harming the US consumer depends on how it plays out.

US-based manufacturing will become a victim too.

• Harley is moving manufacturing to Thailand and Europe.
• 1,500 jobs at three Arkansas-based tire cord manufacturing plants will close their plants unless they can get relief from the Trump administration's steel tariffs.
• Mid Continent Nail Corporation in Poplar Bluff, Missouri will have to lay off 200 workers—about 40 percent of its workforce—before Labor Day due to increased steel prices created by Trump's tariffs.

https://reason.com/blog/2018/06/25/harley-davidson-will-shift-manufacturing

• Washington state-based REC Silicon, which produces poly-silicon for solar equipment, laid off 100 employees as a “direct result of the ongoing solar trade dispute between China and the United States.

http://fortune.com/2018/07/05/trump-tariffs-us-layoffs/

[Thakkar]

So...MAGA hats will be more expensive now? Dang!

[Srikcir]

3 minutes ago, Thakkar said:

So...MAGA hats will be more expensive now? Dang!

Well there might be a problem getting them.

Trump-themed flags and hats are made in China. They are reportedly being held up at US customs amid the intensifying trade war.

https://www.businessinsider.com/trump-flags-hats-made-in-china-held-at-customs-trade-war-2018-7

[simoh1490]

A living breathing argument in favour of sterilisation and abortion.

[Kiwiken]

In my life most of the products i use are made in China and South East Asia. A little in Europe. Very little in my Day to day life has made in the USA. So if the USA keeps up its "Trade war" I surmise most Countries will not buy American made products. Although those now manufacturing in S.E.A will find increased markets.

The US consumer will lose and ultimately the US worker. But don,t worry the wealthy will be ok!

[Tug]

Ahhh Donald there you go making sure the Chinese will not help us with n Korea wreck some American business make us all pay an extra tax for nothing thanks Donald I have no faith in you you have earned no respect from me my peers and family and the majority of the American people

[MikeChm]

 China will help nothing in limiting N.Korea at all , regardless of a trade war or not. China provides all missiles, nukes to N.Korea. to threaten US.

Edited September 18, 2018 by MikeChm

[vinegarbase]

6 hours ago, MikeChm said:

Great Trump. Now it is the time to make Communist China collapse.

Make America Great Again!!!

Agreed! If China still doesn't want to come to the table next stop is 25% on that $200 billion. MAGA!

[FritsSikkink]

49 minutes ago, vinegarbase said:

Agreed! If China still doesn't want to come to the table next stop is 25% on that $200 billion. MAGA!

Which again will be paid by USA consumers. ROFL!

[Dumbastheycome]

Goodnight  America !

[timendres]

3 hours ago, Srikcir said:

US-based manufacturing will become a victim too.

• Harley is moving manufacturing to Thailand and Europe.
• 1,500 jobs at three Arkansas-based tire cord manufacturing plants will close their plants unless they can get relief from the Trump administration's steel tariffs.
• Mid Continent Nail Corporation in Poplar Bluff, Missouri will have to lay off 200 workers—about 40 percent of its workforce—before Labor Day due to increased steel prices created by Trump's tariffs.

https://reason.com/blog/2018/06/25/harley-davidson-will-shift-manufacturing

• Washington state-based REC Silicon, which produces poly-silicon for solar equipment, laid off 100 employees as a “direct result of the ongoing solar trade dispute between China and the United States.

http://fortune.com/2018/07/05/trump-tariffs-us-layoffs/

Yup. Winners and losers whenever there is a shift of this magnitude.

[vinegarbase]

36 minutes ago, FritsSikkink said:

Which again will be paid by USA consumers. ROFL!

Why is it 100% paid by US customers? Many times companies and manufacturers share some of the cost's while a small portion may get passed on to the consumer. 

 

You are also missing another point. You don't pay anything if you don't buy made in China. This is going to help with the plague of American overconsumption and also help speed up and diversify manufacturing and suppliers as it helps to break up the Chinese world monopoly.  Both of these are good things. 

 

It's sad that people are so narrow minded that they can't see not one option outside of the status quo. Oh no everyone made in China products up 10% we are all going to die, the sky is falling. Yes, in the real world there are options and changes in the market take place. This is leading the US towards a more balanced and sustainable path as it diversifies away from the Chinese stronghold. 

[billd766]

9 minutes ago, vinegarbase said:

Why is it 100% paid by US customers? Many times companies and manufacturers share some of the cost's while a small portion may get passed on to the consumer. 

 

You are also missing another point. You don't pay anything if you don't buy made in China. This is going to help with the plague of American overconsumption and also help speed up and diversify manufacturing and suppliers as it helps to break up the Chinese world monopoly.  Both of these are good things. 

 

It's sad that people are so narrow minded that they can't see not one option outside of the status quo. Oh no everyone made in China products up 10% we are all going to die, the sky is falling. Yes, in the real world there are options and changes in the market take place. This is leading the US towards a more balanced and sustainable path as it diversifies away from the Chinese stronghold. 

 

Is every single thing that you buy made in America?

[janclaes47]

50 minutes ago, FritsSikkink said:

Which again will be paid by USA consumers. ROFL!

 

Tariffs are taxes, read income for the government, of which the US citizens will profit

[garyk]

I just read an article that said there will be no negotiations with China. Not even if China want's too. The tariff's will keep increasing until the multinational companies pull out of China.

Just a way to reign in, and force company's to stop doing business with China.

I have a feeling this has more to do with National security.

 

 

Edited September 18, 2018 by garyk

[vinegarbase]

18 minutes ago, billd766 said:

 

Is every single thing that you buy made in America?

No, but not everything I buy is made in China either. What's your point? There are products made in countries around the world although there is a great majority made in China. This is why tariffs are good because it helps break up this monopoly China has and helps diversifies global supply chains. Is that not a good thing? Or are you saying it's a good thing for the world to be 90% reliant on China for everything under the sun?

[garyk]

2 minutes ago, vinegarbase said:

No, but not everything I buy is made in China either. What's your point? There are products made in countries around the world although there is a great majority made in China. This is why tariffs are good because it helps break up this monopoly China has and helps diversifies global supply chains. Is that not a good thing? Or are you saying it's a good thing for the world to be 90% reliant on China for everything under the sun?

I agree, I hope it works. It is about time someone at least tired. Hopefully it will level the playing field some.

[tomacht8]

44 minutes ago, janclaes47 said:

 

Tariffs are taxes, read income for the government, of which the US citizens will profit

OMG.

You joking right?

Or tell me who pay the extra taxes?

Edited September 18, 2018 by tomacht8