United States ‘to spare some Apple goods’ from latest China tariffs

Kudlow: Trump Has 'Not Been Satisfied' With China Trade Talks

U.S. President Donald Trump said he would announce his latest plan on Chinese commerce after markets closed. But President Donald Trump last week ordered aides to move forward with tariffs on as much as US$200 billion in Chinese goods, and a 10 percent duty could be imposed as soon as Monday or Tuesday, according to five people familiar with the matter.

China's "counterattack strategy needs to restrict exports to the United States as well as (imports of) US goods", Lou was paraphrased as saying.

The US is imposing new tariffs on $200bn (£150bn) worth of Chinese goods as it escalates its trade war with Beijing.

"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 nearly unnoticeable", he wrote on Twitter Monday.

Trump initiated the fight to punish Beijing for what he says are China's predatory tactics to try to supplant US technological supremacy.

Once the new round of tariffs takes effect on September 24, punitive duties will be in place on roughly half of the products the USA buys from China - its largest source of imported merchandise.

Last week Beijing welcomed Washington's offer to hold fresh trade talks and said the two sides were discussing details, providing some hope the world's top two economies could step back from the brink of an all-out trade war.

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China wants talks based on "mutual trust", said a foreign ministry spokesman, Geng Shuang.

Multiple media reports in recent days cite officials saying Trump had made a decision to press ahead with tariffs on $200 billion in goods as soon as Monday.

China had already vowed to retaliate if the U.S. imposed further tariffs.

"But, so far, China has been unwilling to change its practices", he said.

The new list would spare fitness trackers from Fitbit, which had said in a comment letter to regulators that the tariffs would compromise its own investment in the United States. "We encourage China to address the long standing concerns raised by the United States".

Lou was finance minister through 2016 and serves as chairman of China's 1.9 trillion yuan ($290 billion) National Social Security Fund, which manages assets of government pension plans. Many experts believe that the president's way of thinking about the deficit is wrong, and that a large deficit with China means that US consumers are able to afford the latest high tech products.

Washington, Europe and other trading partners say those plans violate China's market-opening commitments. Trump urged Chinese leaders to "take swift action to end their country's unfair trade practices". But they have threatened "comprehensive measures" as Beijing runs out of imports for penalties due to its lopsided trade balance with the United States.

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