Escalating trade war with China could affect Minnesotans

The news came as Interbike's indoor expo prepared to open

Last year, China imported just $130 billion of goods from the U.S., leaving Beijing with now only around $80 billion of imports to work with, but Trump's latest move will see 10 percent tariffs slapped on $200 billion of Chinese imports.

The Chinese government has yet to issue official comment on the move, but is expected to extend its own tariff programme against U.S. imports - an extension which puts it at a disadvantage, being responsible for exporting far more to the United States than it imports. From January 1, 2019, the tariffs will be reportedly raised to 25 percent.

Mr Trump warned on Monday that if China takes retaliatory action against U.S. farmers or industries, "we will immediately pursue phase three, which is tariffs on approximately US$267 billion of additional imports".

"Anyone who has some knowledge of China's diplomacy will know that we will not interfere in other countries' domestic affairs", foreign ministry spokesman Geng Shuang said at a regular press briefing.

Trump threatened Monday to add a further $267 billion in Chinese imports to the target list if China retaliates for the latest USA duties.

Trump warned on Monday that if China takes retaliatory action against USA farmers or industries, "we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports". That would raise the total affected by USA penalties to US$517b, covering almost everything China sells to the United States.

Beijing responded Tuesday by announcing new tariffs on $60 billion of United States imports.

"We feel deeply regretful over the decision", a ministry representative said Tuesday. "There are smart ways to deal with China's cheating on trade, but stepping on our farmers is not one of them".

Reducing taxes and fees will be the focus of China's more pro-active fiscal policy and easing funding difficulties for firms will also be key while keeping monetary policy prudent and liquidity reasonably ample, he said.

The American Chamber of Commerce in China warned Washington is underestimating Beijing's determination to fight back.

"We have not yet seen any significant shift in the customer supply chains".

Li, the Chinese premier, indirectly acknowledged complaints about global trade regulation and affirmed Chinese support for reforms.

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Trump Slaps New Tariffs on Chinese Products
The trade war between America and China has escalated, fuelling fears that the global economy could be dragged down. The President's decision threatens to upend the possibility of a diplomatic breakthrough with Chinese negotiators.

Trump has strained relations with potential allies including the European Union, Canada and Mexico by raising tariffs on imported steel and aluminum.

"Over the last number of years, China has taken out of this country Dollars 500 billion and more a year".

Trump doubled down on that threat Tuesday, vowing punitive measures against China if it targets politically potent USA agricultural products for retaliation.

"We're doing a very good job with China", Trump said in the Oval Office. "I urge China's leaders to take swift action to end their country's unfair trade practices".

The trade gap means China will run out of United States imports to tax while the U.S. still has plenty of Chinese imports to target. China has also pledged to buy soybeans from other countries, but replacing voluminous American supplies will be hard. American companies say regulators are already starting to disrupt their operations.

There's some anecdotal evidence of Chinese regulators making life more hard for American companies looking to do business over there: In a recent Chamber of Commerce report, half of 430 companies surveyed described "slower customs clearance and increased inspections and bureaucratic procedures".

"We are disappointed that the administration seems to continue to misunderstand the complexities and reality of global trade", said Ed Black, president of the Computer & Communications Industry Association. "No one will emerge victorious from this counter-productive cycle".

Tariffs are ultimately a tax on businesses and consumers, and with each new round, the administration is bringing them closer to home for the typical American.

United States officials told reporters the lower initial tariff rate would give businesses time to find new suppliers.

The products spared included consumer electronics like smartwatches and Bluetooth devices, child safety products such as high chairs, auto seats and playpens, and certain health-and-safety products such as bicycle helmets.

Smart watches and Bluetooth devices were removed from the tariff list, along with bicycle helmets, high chairs, children's auto seats, playpens and certain industrial chemicals.

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