Trump ratchets up tariff talk as key week looms for trade

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

A levy of 10 percent will be imposed starting from September 24 and will be escalated to 25 percent in 2019 if the United States does not receive what it considers to be a satisfactory agreement. United States officials point to Beijing's long-range development plan, "Made in China 2025", which calls for creating powerful Chinese entities in such areas as information technology, robotics, aerospace equipment, electric vehicles and biopharmaceuticals.

"Any time tariffs are imposed, I worry that Americans will be forced to pay extra costs - in this case on almost half of the U.S. imports from China", he said.

"Apple prices may increase because of the massive Tariffs we may be imposing on China - but there is an easy solution where there would be ZERO tax, and indeed a tax incentive".

The decision comes despite a Treasury invitation earlier this week to senior Chinese officials, including Vice Premier Liu He, for more talks to try to resolve trade differences between the world's two largest economies.

Trump has reversed decades of USA policy in favor of ever-freer trade.

The two countries have been embroiled for months in a trade conflict that has threatened to hurt consumers in both countries.

He stated that the biggest factor for revenue was economic growth rate.

China's Ministry of Commerce said on Tuesday it would be forced to take "synchronised counter measures" against the latest tariffs announced by US President Donald Trump.

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.

The industrial-skewed Dow Jones index was down 92 points, or 0.4 per cent, to 26,062.

The tariffs also highlighted the importance of regional trade agreements such as the CPTTP (trans-Pacific trade) agreement and New Zealand's arrangements with Europe "because they of course give New Zealand protection against this sort of thing happening to us", Parker said.

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"As President, it is my duty to protect the interests of working men and women, farmers, ranchers, businesses and our country itself", he said.

Trump administration remains open to negotiations with China, but no details on talks available.

"Tariffs have put the USA in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been nearly unnoticeable", Trump said on Twitter.

In a pair of tweets, Trump continued to make the case that tariffs largely harm the countries that are taxed, saying the impact on the US economy has been "almost unnoticeable".

Officials in Beijing, meanwhile, complain to visitors that a third or more of U.S. demands are unrealistic, such as the calling for dismantling key areas of Xi's "Made in China 2025" policy to lead the world in areas such as artificial intelligence. China could decide to pull out of planned trade talks in Washington next week, if it feels Trump isn't showing sufficient goodwill. "That's good news. At least we did something", he said.

Have there been trade wars before?

Chinese imports from the United States grew by nearly 500 percent over the past five years, such that as of 2017 Chinese buyers accounted for almost one in every five dollars in U.S. export revenue.

"The Liberal-National government will ensure we continue to have the backs of Australian industry". By disrupting supply chains, eroding business confidence and heightening uncertainty, a trade war, they say, could "push the economy toward full-blown recession" and jeopardize America's economic expansion - the second-longest on record. Tariffs, the argument went, are all about securing a "better deal" for American businesses and workers on the global stage.

Farmers, manufacturers, retailers and other industry groups have formed a coalition to oppose the tariffs, calling them taxes on American families.

"By choosing to unilaterally raise taxes on Americans, the cost of running a farm, factory or business will grow".

Smart watches, bluetooth devices removed from tariff list; bicycle helmets, baby vehicle seats, safety gear also excluded.

President Trump warned that if China takes retaliatory action against United States farmers or industries "we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports".