Apple Watch, AirPods excluded from next round of tariffs says new report

The Donald Trump administration is for the first time publicly planning for a trade spat that drags into 2019 and possibly beyond

The Trump administration is imposing tariffs on $200 billion United States more in Chinese goods starting next week, escalating a trade war between the world's two biggest economies and raising prices on consumer goods ranging from handbags to bicycle tires.

Collection of tariffs on the long-anticipated list will start on September 24 but the rate will increase to 25 percent by the end of 2018, allowing US companies some time to adjust their supply chains to alternate countries.

He also warned that if China retaliated then the USA would "immediately pursue phase three" which would mean imposing further tariffs with taxes on another $267bn worth of Chinese products. American officials also worry they might erode USA industrial leadership.

By imposing such a tariff, the official said, the United States is not trying to constrain China's growth.

Distance Beijing Heaping more duties on Chinese goods will only further distance Beijing from resolving the conflict through a negotiated solution, said one of the people.

"If the tariffs go to 25 percent at the beginning of the year, you will have had nearly six months to get your business ready for that", a senior administration official told reporters on Monday.

Rather, the United States unilaterally abrogated the treaty in order to strengthen the strategic position of the USA in the Middle East by countering the influence of Iran, and because European corporations stood to benefit from the opening up of new economic opportunities in that country at the expense of their U.S. rivals.

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China's Commerce Ministry has said that it is ready to put similar tariffs on $60 billion a year of U.S. goods in response to the threat from the United States.

"We have always stated that negotiations on the basis of equality, honesty and mutual respect represent the only right way out of the current trade issue between China and the U.S.", said Geng. "I think it's going to work out very well with China", he said.

The move, which had been expected since at least the weekend, imposes 10 percent tariffs on the products.

In the first two rounds of tariffs, the Trump administration was careful to try to spare consumers from the direct impact of the import taxes.

"Our concern with these tariffs is that the USA will be hardest hit, and that will result in lower U.S. growth and competitiveness and higher prices for United States consumers", Apple said in a letter.

Trade Minister David Parker does not expect big effects on NZ from the latest tariffs but is concerned about the broad risks to "rules-based trade".

Trump has always been fiercely critical of China, accusing it during the 2016 campaign of "the rape" of the American economy and vowing to create a more balanced trade pattern.

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"For months, we have urged China to change these unfair practices, and give fair and reciprocal treatment to American companies".

Now the State Department has warned that European companies are "on the railroad tracks" if they defy USA sanctions and firms that deal with the "enemy" will be barred from access to the U.S. financial system. In retaliating, China in July announced tariffs on American agricultural goods and autos.

"This backdrop fits with the singles and doubles thesis we laid out Friday, which argues not to get too invested in a single trade idea and to remain nimble", says McCormick.

China has been pushing back against the threat.

The statements come as relations between the U.S. and China appear to strain.

The benchmark USA 10-year note US10YT=RR last fell 1/32 in price to yield 2.9977 percent.

While Trump says the tariffs will mean "a lot of money coming in to the coffers of the United States" they are really a tax on USA companies and consumers. That would raise the total to $517 billion - covering almost everything China sells the United States.

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China no longer can match United States tariffs on a dollar-for-dollar basis, since it imports only US$135 of American products.

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