Trump to announce $200B in new tariffs on Chinese goods

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Trump's top economic adviser, Larry Kudlow told Fox News on Wednesday that the U.S. government had received information that "the top of the Chinese government wished to pursue talks" prompting Mnuchin to send an invitation.

Trump has ordered aides to set the tariffs on these products at 10 percent across a range of consumer products, likely leading to higher prices for American consumers.

China and the US have imposed 25 percent tariffs on $50 billion of each other's goods.

A White House spokesman didn't immediately respond to a request for comment on Saturday afternoon.

"The President has been clear that he and his administration will continue to take action to address China's unfair trade practices", the White House said in a statement Friday. He has recently boasted that he believes China's economy is suffering because of his hard-charging style.

Trump has accused China of a number of unfair trade practices, and he has threatened to impose tariffs on all Chinese imports if changes aren't made. He wants China to buy more American products, open up China to more USA investment, and stop stealing US intellectual property, among other things. The Journal reported that the Chinese had hoped that any final decision on tariffs would be delayed until after the next round of talks.

China, which has accused the U.S. of trade bullying, has matched the tariffs dollar for dollar. If imposed, those tariffs would bring the total imports from China subject to penalties to more than $500 billion.

Both sides were preparing to hold new talks on their tariff dispute.

The upcoming tariffs will be on a list of items that included $200 billion worth of internet technology products and other electronics, printed circuit boards and consumer goods including Chinese seafood, furniture and lighting products, tires, chemicals, plastics, bicycles and auto seats for babies.

Adding in the $200 billion list and another $267 billion of Chinese goods, total imports from China facing tariffs would exceed the $505 billion in goods that the United States imported from China a year ago. The open question, of course, is how much action is enough and can China find a way to move that will be seen as being in its own interest, not kowtowing to the U.S.

The U.S. ran a $233.5 billion deficit in goods trade with China during the first seven months of the year, an 8 percent increase compared with the same period in 2017.

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