Trump's $200 billion China threat wobbles European, hurts Asian stocks

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

WASHINGTON-President Donald Trump has directed aides to proceed with tariffs on about another $200 billion of Chinese goods, despite Treasury Secretary Steven Mnuchin's attempts to restart trade talks with China, a source familiar with the matter said on September 14.

White House economic adviser Larry Kudlow announced during an interview on Monday that President Donald Trump would likely be imposing new tariffs on a "couple hundred billion" worth of imports from China.

In a statement, the U.S. president said further tariffs worth $267bn (£203bn) will be placed on Chinese imports if Beijing takes "retaliatory action against our farmers or other industries".

"We stand ready to negotiate with China any time if they are willing to move towards serious talks to remedy trade problems", White House National Economic Council Director Larry Kudlow said Monday in NY. American officials also worry they might erode USA industrial leadership. Beijing does not want to push the USA towards investing elsewhere and sourcing products outside China, he said.

The new tariffs will take effect from September 24, Trump said in a statement on Monday.

China has matched previous tariff moves dollar for dollar, but the number of USA goods to tax is dwindling because, for many years, it has imported only about one-quarter as much as it exports to the United States.

McClay said no escalation of tariffs was good for a small country like New Zealand, "particularly between the world's largest and second-largest economies", and he was not sure if the Government was paying enough attention to its trading partners.

If China reacts once again to the United States imposing tariffs on it, the USA will find an additional $200 billion worth of goods to throw tariffs on.

"We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly", he said. "I think that kind of tactic is not going to work with China", Fang Xinghai, vice chairman of China's securities regulator, said at a conference in the port city of Tianjin.

While consumer technology products are expected to get hit with additional taxes, some Apple products - including the company's watch and ear buds - will be exempt, according to a Bloomberg report. In retaliating, China in July announced tariffs on American agricultural goods and autos. In July, 25 percent tariffs on bearings and some Global Positioning System units took effect, and in August, Chinese-made e-bikes and e-bike motors were hit with a 25 percent tariff.

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"Consumers not China's will bear the brunt of these tariffs and American farmers and ranchers will see the harmful effects of retaliation worsen".

"We welcome any immediate, serious talks with China".

Trump also has complained about America's massive trade deficit - $336 billion past year - with China, its biggest trading partner.

Harley-Davidson will have to bump up the Chinese price of its iconic motorbikes at least 20 percent, a store representative in Beijing said.

"They are going to try to show they will stand up to the U.S. and not just be pushed around, but I don't think they want to be seen as escalating things".

The tariff duel is causing companies that rely on Chinese factories to rethink their business relationships, said Craig Allen, president of the US-China Business Council. China has said it will hit back.

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

A public comment period ended last week for the $200 billion tariff list, which included various internet technology products and other electronics, printed circuit boards, and consumer goods ranging from handbags to bicycles and furniture.

USA officials say those violate Beijing's market-opening commitments and worry they might erode United States industrial leadership.

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