Trump Escalates the Trade War With More Tariffs

China takes US tariffs case to WTO

The U.S. And China have both gone ahead with tariff increases on each other's goods.

Beijing didn't specify the price of the products that face upper tariffs from Sunday."So far Trump appears defiant though on the tariff hikes, blaming the Fed and American companies for their difficulties in dealing with the tariffs", stated Shane Oliver, leader economist at AMP in Sydney."There is a long way to go though and re-establishing trust will be hard after the experience since mid-last year". The U.S now needs to talk with Chinese authorities to work out a trade deal, else China plans to impose extra tariffs on more goods from December 15.

A total of around $300 billion worth of Chinese products, such as clothing, laptop computers and smartphones, will be subject to a 15 percent duty and the tariffs are being imposed in two stages from Sunday.

The Trump administration had largely avoided hitting consumer items in its earlier rounds of tariff hikes.

"China's determination to fight against the USA economic warmongering has only grown stronger, and its countermeasures more resolute, measured and targeted", according to a commentary by the official Xinhua News Agency after the tariffs kicked in. Some businesses, though, may decide in the end to absorb the higher costs rather than raise prices for their customers. If those duties take effect, virtually all goods imported from China will be covered.

"We are talking to China, the meeting is still on, as you know, in September", he said.

"Proceeding from the overall situations in China, the United States and the world at large, China is willing to solve problems calmly through consultations and cooperation", he said.

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AFL-CIO President Richard Trumka told "Fox News Sunday" that Trump was right to confront China, but "unfortunately, he's done it the wrong way". "China is lodging solemn representations with the USA on the matter".

"We have got a great economy, " said Senator Pat Toomey, Republican of Pennsylvania. Trump says his tariffs are sharply impacting Chinese companies and pushing some foreign companies with Chinese operations to relocate to other nations in southeast Asia whose exports the US does not tax.

There has to be an "multilateral approach" when taking on China's trade practices, Trumka said.

Most Asian markets fell on Monday in a response to the fresh round of tariffs on goods worth hundreds of billions of dollars. But in fact, economic research has concluded that the costs of the duties fall on USA businesses and consumers.

That followed a JPMorgan Chase & Co. note to clients estimating that the latest round of tariffs will increase the average cost per United States household to US$1,000 a year - up from US$600 for duties enacted last year. The International Monetary Fund in July further reduced its world growth outlook, already the lowest since the financial crisis, amid the uncertainty from the trade conflict.

Recent media reports linked China's social credit system with an "unreliable entities list" system and sparked speculation that they could be used to limit foreign companies in China.

Still, some observers said the market's initial reaction was likely exaggerated by algorithm-run computers in thin trading on a USA holiday.

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