Trump advances with new tariffs on Chinese products

WASHINGTON: Washington advanced on Sunday with new tariffs on Chinese imports by stepping up a high-pressure campaign aimed at forcing Beijing to sign a new trade agreement, even amid fears of a further slowdown in growth in the United States and the world.

Additional tariffs of 15 percent, which affect a portion of the USD 300 billion in assets of the Asian giant that have so far been saved, entered into force at 04H01 GMT, according to the office of the United States Trade Representative.

President Donald Trump on Friday he ruled out any other postponement. They are underway, he told reporters.

The new tariffs will go to a range of products, from food (tomato sauce, butcher shop, pork sausages, fruits, vegetables, milk, cheese) to sports equipment (golf clubs, surfboards, bicycles), musical instruments, sportswear and furniture, According to an official list.

Economists at the Washington-based Peterson Institute of International Economics estimate that USD 112 billion in assets will be affected.

The Trump war started over a year ago received its last shock last week with the United States announcement that all Chinese products would be subject to tariffs by the end of this year.

More than USD 250 billion of China's exports to USD 540 billion to the US UU. (2018 figure) are already subject to tariffs.

Trump's announcement earlier this month sparked a reprisal movement from Beijing, which said it would target USD 75 billion in US products, partly starting on September 1.

Hundreds of US companies and professional groups. UU. They have asked the Trump administration to postpone the new rates, saying they would destroy jobs and place a burden on consumers.

Pero el viernes, el President republicano, que ya hacía campaña por un segundo mandato, dijo que quienes se quejaban eran en parte culpables.

Mismanaged and weak companies intelligently blame these small tariffs instead of themselves for bad administration, he tweeted. ... and who can really blame them for doing that? Excuses! Discarding the idea of ​​postponing tariffs to a later date, Trump, however, offered a glimmer of hope in the form of ongoing talks.

We are having conversations with China. The meetings are scheduled. Calls are being made. I think the meeting in September continues. It has not been canceled. We'll see what happens, Trump said.

Days before, Trump caused a great dismay when he tweeted. I hereby order US companies to stop doing business with China, generating doubts and mockery.

His assistants quickly tried to dial him again.

El President lanzó su guerra comercial en marzo de 2018, exigiendo que China ponga fin a las prácticas ampliamente vistas como injustas, como las transferencias forzadas de tecnología de las empresas estadounidenses y los subsidios masivos otorgados a las empresas chinas. Si bien la estrategia claramente pesa sobre la economía china, ha producido pocos resultados positivos.

A new round of tariffs could drastically reduce Chinese growth, the International Monetary Fund recently predicted, and continued tensions could cause a global slowdown.

However, Chinese leaders have shown little inclination to compromise.

Trade negotiations have been in a stalemate for months.

En la reciente reunión del G7 en Francia, Trump habló de nuevas comunicaciones entre los negociadores estadounidenses y chinos, lo que dio un breve impulso a los mercados financieros, pero el Ministerio de Relaciones Exteriores de China dijo que no tenía conocimiento de tales contactos. Si bien el President de Estados Unidos insiste en que la economía estadounidense no se ha visto afectada por la guerra comercial, ha identificado a un culpable en caso de que las cosas se desaceleren: la Reserva Federal.

For now, the US economy is fine, judging by the growth of GDP and an inflation rate still low.

But the trade war has clearly weighed on the company's investment practices and consumer confidence, which in August marked its biggest decline since December 2012, according to a study by the University of Michigan.