WASHINGTON-President Donald Trump has directed aides to proceed with tariffs on about another $200 billion of Chinese goods, despite Treasury Secretary Steven Mnuchin's attempts to restart trade talks with China, a source familiar with the matter said on September 14.
"Nowadays economic and trade relations between China and the USA are so closely connected that they will not be easily broken by unilateral hegemony", China's Global Times warned. Chinese officials have signaled they'll refuse to meet with Mnuchin if this next round of tariffs is imposed, according to two people familiar with the discussions.
A gauge of global equity markets eased and the U.S. dollar slipped on Monday as investors took a dim view of an expected new round of tariffs from Washington on Chinese goods, which would escalate a simmering U.S. -Sino dispute over trade. Beijing has issued a list of another $60 billion of American products for retaliation if Mr. Trump's next tariff hike goes ahead.
Besides retaliating with tariffs, China could also restrict export of goods, raw materials and components core to USA manufacturing supply chains, former finance minister Lou Jiwei told a Beijing forum on Sunday, according to an attendee. In previous rounds of anti-China tariffs, it has taken one to two weeks to make list revisions and another two to three weeks to begin collecting tariffs.
A Treasury spokesman did not immediately respond to a query on the status of the China talks invitation.
The duties already levied on $50 billion worth of Chinese goods followed a study on China's intellectual property practices released earlier this year.
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Speaking at the White House, Trump promised "some very positive news" and said that "it will be a lot of money coming into the coffers".
In response to President Trump's threatened tariffs, Beijing has teed up tariffs of five to 25 percent on $60 billion of United States goods including pig hides, cocoa butter and condoms.
In July, Trump announced that his administration would offer a $12 billion emergency plan to help offset farmers hard hit by retaliatory tariffs imposed on agricultural products like soybeans, pork and dairy by China and other countries.
"China is not going to negotiate with a gun pointed to its head", a senior Chinese official told the newspaper.
Other commentators have suggested Beijing use its holdings of USA government debt or target American companies in China.
It also explained that the new tariffs, as instructed by President Trump, will be set at ten percent, . lower than the initial figure of 25 percent.