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Trump Escalates Trade War, Sets New Tariffs On $200B Of Chinese Goods,We Are Deeply Worried
- Sep 18, 2018 -

President Trump on Monday night escalated the US trade war against China with tariffs on an additional $200 billion of goods, effective Sept. 24.

By slapping an extra 10 percent tax now and raising it to 25 percent at the end of the year on thousands of Chinese goods, Trump is forcing Beijing officials to ease off on what he believes are predatory trade practices.

The new round of tariffs on goods range from electronics and seafood to housewares, according to the White House statement.

“It will be a lot of money coming into the coffers of the United States of America,” the president said at a Monday White House event, before officially announcing the additional tariffs.

Trump has consistently railed against the United States’ enormous trade gap with China.

“We can’t do that anymore,” Trump said.

The additional tariffs will be on top of $50 billion in tariffs on Chinese goods imposed in July.

Washington is also renegotiating pacts with its largest trading partners, including Mexico, Canada and the European Union.

The new China tariffs caused a small sell-off in US markets.

The tech-heavy Nasdaq fell the most of the major averages, ending down 1.4 percent to 7,895.79.

While consumer technology products are expected to get hit with additional taxes, some Apple products — including the company’s watch and earbuds — will be exempt, according to a Bloomberg report.

The Dow Jones industrial average fell 0.35 percent to 26,062.12. The S&P 500, a broader index of US companies, was off 0.6 percent to 2,888.80.

Earlier on Monday, Larry Kudlow, Trump’s top economic adviser, attempted to calm investors.

“We welcome any immediate, serious talks with China. Absolutely, the door is open,” Kudlow, who joined the White House team six months ago, said during an afternoon speech at the Economic Club of New York.

Kudlow laid out general demands for China — whose economic reforms he said were moving in the wrong direction.

“The reality is you cannot permit the theft of intellectual property,” Kudlow emphasized. “We must strive for American ownership of American companies in China.”

Officials in Beijing have already announced they will retaliate against the US if the new levies are imposed.

On Monday morning, Trump defended his tariffs against China.

“Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country — and yet cost increases have thus far been almost unnoticeable,” the president tweeted. “If countries will not make fair deals with us, they will be ‘Tariffed!’”

Trump didn’t mention that prices have stabilized in part because of a $12 billion federal bailout to farmers hit by food tariffs.

Our products include mobile phone display racks, home appliance display shelves, cosmetic display stands, jewelry display racks, underwear display shelves, commodity display stands and other POP displays.

The $200 billion product list dates back to July 10. The US Trade Representative (USTR) Office issued a 195-page list of $200 billion in products, including high-end manufacturing industries such as semiconductors, chemicals, pharmaceuticals, and electrical equipment, as well as low-end manufacturing and food products such as wood products. Consumer goods such as furniture.

It is unfortunate that our company's products are also taxed here, which will have a very negative impact on our company's export to the United States.