China slaps tariffs on $60 billion in US goods

According to the American Apparel & Footwear Association 72% of footwear and 84% of travel goods are produced in China

Minutes before Wall Street opened this morning, China's finance ministry said that it would raise duties on imports of 5,140 American goods, worth $60 billion, from as little as 5 per cent to as much as 25 per cent from June 1.

Investors are bracing for threatened "counter-measures" from China in retaliation for Washington's tariff increase on Friday on $200bn worth of Chinese goods.

President Donald Trump said on Monday that his administration was planning to provide about $15 billion in aid to help USA farmers whose products may be targeted with tariffs by China amid a deepening trade war.

The president insisted over the weekend that a robust 3.2 per cent growth in the American GDP is tied to his aggressive tariff policy, and suggested Monday that China has far more to lose than the U.S.

Mr. Kudlow acknowledged that Americans will feel the brunt of consequences from the tariffs, in having to pay high taxes on Chinese goods.

President Trump confirmed Monday afternoon his administration is considering an additional tariff on over $325 billion of Chinese-produced goods after trade talks with Beijing abruptly failed late last week.

But Beijing appeared to dig in. "But news flow today suggests this could take more time and is unlikely to be concluded until late June", said John Woods, Hong Kong-based chief investment officer of APAC at Credit Suisse AG.

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Americans for Tax Reform President Grover Norquist on the impact of tariffs on the US economy.

In a series of tweets on Monday, Trump said China had "taken so advantage of the U.S. for so many years".

In a series of Twitter posts before China announced its new tariffs, Trump warned the country not to retaliate against his new tariffs. Iranian President Hassan Rouhani gave the remaining signatories 60 days to come up with a plan to shield his country from sanctions imposed by Trump after the United States withdrew from the deal.

Scott Lincicome, an global trade attorney who works for the libertarian CATO Institute, said that this analysis was based on a "hypothetical" examination, and that "2 rigorous academic examinations" had shown that the cost of these tariffs rested with American consumers. Also, the Tariffs can be completely avoided if you by from a non-Tariffed Country, or you buy the product inside the US (the best idea). The tariff increases already in place have disrupted trade in such American products as soybeans and medical equipment and sent shockwaves through other Asian economies that supply Chinese factories.

US Secretary of State Mike Pompeo is expected to meet Putin and Russian Foreign Minister Sergey Lavrov on Tuesday in Sochi for the highest-level talks between Moscow and Washington in almost a year. "Buyers of product can make it themselves in the US (ideal), or buy it from non-tariffed countries".

China's nationalist Global Times tabloid said in an editorial on Monday that the country had no reasons to fear a trade war.

Trump started raising tariffs last July over complaints China steals or pressures companies to hand over technology.

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