U.S. targets $300B of Chinese goods for new tariff hikes

Consumers are already seeing price hikes from the last round of Trump’s tariffs

"But we made a deal with China". We're at a very strong position. Although many economists and even some Republican lawmakers are warning that such a hardball approach will also end up hurting the U.S. - particularly its farmers and farm corporations - Trump is arguing that both in the short term and in the long run, it will bring back to America manufacturing and jobs that it lost to China over the past two decades - a bleeding that he and his cohorts attribute to the fecklessness of his predecessors and to greedy United States corporations which gave China a leg up in search of quick profits. "China has been running an economic war against the industrial democracies for 20 years", Trump's former chief strategist Steve Bannon said in a CNBC interview, maintaining that the face-off with Beijing "cuts to the core of what the United States is going to be in the future", and Trump will settle for nothing short of victory.

The Chinese government made a nod to these concerns by including for the first time an exclusion mechanism in its latest round of tariffs on US$60 billion of United States imports. In gestures of goodwill, China extended the suspension of tariffs on US auto and auto parts and incentivized Chinese companies in buying USA soybeans.

"When the time is right we will make a deal with China", Trump said. "It will all happen, and much faster than people think!" We are the piggy bank that everybody likes to take advantage of, or take from.

Trump on Monday said that his administration was planning to provide about $15 billion in aid to help US farmers whose products were targeted by Chinese retaliatory tariffs. The agricultural department has already rolled out roughly $12 billion to help offset farmers' China-related losses.

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"The trade war is driving markets at the moment", said Rory McPherson, head of investment strategy at Psigma Investment Management in London.

If the Fed were to "match" that potential Chinese stimulus, it would be "game over", he said.

The U.S. imported nearly $540 billion in Chinese goods in 2018, while the U.S. exported $120 billion, a trade imbalance that Trump is seeking to even out with imposition of the tariffs.

Mnuchin said the agreement had seven chapters and was "very detailed". The list includes a wide range of consumer goods, from cellphones and computers to clothing and footwear, but it excludes pharmaceuticals, some specialty compounds and rare-earth minerals. 'China is not a small country and does not earn our daily bread from US only'.

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The US and China have been fighting a trade war since a year ago, placing billions of dollars worth of tariffs on one another's goods. If tariff levels remain where they are today, the average American family is expected to pay about $770 in higher costs each year the tariffs remain in place, says Laura Baughman, a co-author of the study and president at Trade Partnerships Worldwide.

But even so, Holstein says, American companies should continue to do business with China because there haven't been any "major new obstacles erected". China's main market index lost 0.7 percent while Tokyo's benchmark declined 0.6 percent. "If someone brings the war to us we will fight it until we win", Geng Shuang told reporters at a daily briefing.

Sources have said talks stalled after China tried to delete commitments from a draft agreement that its laws would be changed to enact new policies on issues from intellectual property protection to forced technology transfers.

The trade dispute between the world's two largest economies escalated this week with tariff hikes on both sides.

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