China set to convene meeting on Tuesday to discuss response to US tariffs, says report
In the latest trade salvo from Washington, US President Donald Trump spared smartwatches from Apple and some other consumer products, but he warned that if China takes retaliatory action he will pursue tariffs on approximately $267 billion of goods.
Liu He, a Harvard-trained economist who is a trusted confidant of Chinese President Xi Jinping, is China’s chief negotiator in the trade dispute. (Photo: Reuters)
Chinese Vice Premier Liu He is set to convene a meeting in Beijing on Tuesday morning to discuss the government’s response to the US decision to impose extra tariffs on $200 billion of Chinese goods, Bloomberg News reported, citing a person briefed on the matter.
In the latest trade salvo from Washington, US President Donald Trump spared smartwatches from Apple and some other consumer products, but he warned that if China takes retaliatory action he will pursue tariffs on approximately $267 billion of goods.
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Trump, in a statement announcing the new round of tariffs, warned that if China takes retaliatory action against US 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 round of tariffs on $267 billion in goods, engulfing all remaining US imports from China, the iPhone and its competitors would not likely be spared.
Collection of tariffs on the long-anticipated list will start September 24 but the rate will increase to 25 per cent by the end of 2018, allowing US 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 produced no results. US Treasury Secretary Steven Mnuchin last week invited top Chinese officials to a new round of talks, but thus far nothing has been scheduled.
“We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly,” Trump said in his statement. “But, so far, China has been unwilling to change its practices.”
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 has weakened by about 6.0 per cent against the U.S. dollar since mid-June, offsetting the 10 per cent tariff rate by a considerable margin.
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