US to spare some Apple products from latest China tariffs

Kudlow: Trump Has 'Not Been Satisfied' With China Trade Talks

Kudlow: Trump Has 'Not Been Satisfied' With China Trade Talks

He said an announcement on an additional $200 billion of tariffs on Chinese goods were "coming soon".

The Trump administration also threatened to pursue additional tariffs on $267 billion worth of Chinese goods if Beijing retaliates against farmers or other USA industries.

The Wall Street Journal reported on Monday that President Trump was planning on imposing tariffs on an additional $200 billion worth of imports from China.

Earlier Monday, White House chief economic adviser Larry Kudlow said at the Economic Club of New York, "We are ready to negotiate and talk with China any time that they are ready for serious and substantive negotiations" to reduce trade barriers.

The green light for the tariffs initially dragged USA stocks lower, fueling drops in the Chinese yuan in offshore trading and gains in the dollar index.

China's foreign ministry said Monday it would strike back at the United States if Washington moved forward with new tariffs on $200 billion of its exports. Beijing has issued a list of another $60 billion of American products for retaliation if Mr. Trump's next tariff hike goes ahead.

The US and China have already placed penalties of $50 billion worth on each other's goods.

Besides retaliating with tariffs, China could also restrict export of goods, raw materials and components core to US manufacturing supply chains, former finance minister Lou Jiwei told a Beijing forum on Sunday, according to an attendee. These new tariffs would reportedly take effect "within weeks".

He threatened other countries with tariffs if they didn't "make fair deals with us".

The move, which had been expected since at least the weekend, imposes 10 percent tariffs on the products.

China wants talks based on "mutual trust", said a foreign ministry spokesman, Geng Shuang.

Other officials who advise the country's leaders are suggesting China impose limits on the sale of parts and supplies needed by USA businesses, using "export restraints" to threaten their supply chains.

Last week, the U.S. Treasury Department invited senior Chinese officials, including Vice Premier Liu He, to more talks on the tariff dispute, though scepticism remained high among trade observers on both sides over the prospects of a breakthrough.

Multiple reports in recent days cited officials saying Trump had made a decision to press ahead with new tariffs, but at a lower rate of 10 percent after initially announcing they should be hiked to 25 percent in light of China's alleged intransigence.

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