Trump ready to set tariffs on all goods from China

Trump ready to set tariffs on all goods from China

While China's response to USA demands has been unsatisfactory, Trump is still speaking to Xi, and would be open to meeting in person, said Kudlow, director of the White House's National Economic Council. Still, disagreements between the two major economic powers run deeper than just the trade balance and tensions remain over limits on USA firms' access to Chinese markets, intellectual property protection, technology transfers and investment.

If Mr Trump were to follow through with all his threats, his administration ultimately would impose tariffs on $517 billion of Chinese goods.

"There is still an impact from front-loading of exports, but the main reason (for still-solid export growth) is strong growth in the US economy", said Zhang Yi, an economist at Zhonghai Shengrong Capital Management.

"I can't predict the future, but I am optimistic that the countries will get through this and we are hoping that calm heads prevail", he continued.

But Freeland said on Thursday the metals tariffs and NAFTA talks "are entirely separate" - although she again called them "unjustified and illegal".

He added: "We've taxed them $50 billion that's on technology".

In a tweet, Trump said there's an "easy solution" to Apple's potential woes that also came with a tax break: "Make your products in the United States instead of China".

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"I don't think this magnitude of tariffs has been priced into the markets", Lara Rhame, chief USA economist at FS Investments, told Bloomberg Television in an interview.

"The Soviet Union was pulled into an arms race in the Cold War". "The trade wars only serve as a catalyst for the turning of the cycle. These profound lessons are close at hand", Long wrote.

Tech companies are also weighing in, with HPE, Cisco, Dell, and Juniper penning a letter to US Trade Rep Robert Lighthizer asking him to hold off on imposing additional tariffs on networking gear, arguing the penalties would only serve to hurt their business in the US. Some are shifting supply chains to avoid tariffs.

But Kudlow said the US goals are clear.

"We are still talking with China on a number of issues".

Many economists and investors are concerned the spat will derail the global economy. But Beijing is prepared to wait at least until the outcome of America's midterm elections for Congress on Nov 6.

Computer and phone makers are involved in a global supply chain that includes Chinese manufacturing, and that can not be easily excluded without harm to United States companies, Intel said in a letter to the trade representative.

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