Trump slaps fresh tariffs on goods from China
The Trump administration slapped tariffs on roughly $110bn (€100bn) of Chinese imports yesterday, marking the latest escalation in a trade war that's inflicting damage across the world economy.
The 15pc US duty hit consumer goods ranging from footwear and apparel to home textiles and certain technology products like the Apple Watch.
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A separate batch of about $160bn on Chinese goods - including laptops and cellphones - will be hit with 15pc tariffs on December 15.
US President Donald Trump delayed part of the levies to blunt the impact on holiday shopping.
While the Trump administration has dismissed concern about a protracted trade war amid the continuing dispute, business groups are calling for a tariff truce and the resumption of negotiations between the world's two largest economies.
Face-to-face talks between Chinese and American trade negotiators scheduled for Washington in September are still happening "as of now", Mr Trump told reporters on Friday before going to Camp David, the US presidential retreat.
"We're going to win the fight," he said.
China has repeatedly decried US pressure tactics, with signs that its officials are preparing for a prolonged confrontation.
"China's determination to fight against the US 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.
One thing that "White House tariff men should learn is that the Chinese economy is strong and resilient enough to resist the pressure brought about in the ongoing trade war". (Bloomberg)