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The U.S. had already imposed tariffs on $50 billion in Chinese imports.

The latest levies are set to go into effect September 24 and remain at 10 percent until the end of the year. The timing will partially reduce the toll of price increases for holiday shoppers buying Chinese imports in the coming months.

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

"For months, we have urged China to change these unfair practices and give fair and reciprocal treatment to American companies", Trump said in a statement. "And it was not under Bush", said Derek Scissors, a China expert at the American Enterprise Institute.

Oil prices rebounded from earlier losses as supply concerns outweighed assurances from Washington that Saudi Arabia, Russia and the United States can raise output fast enough to offset falling supplies from Iran and elsewhere.

Many US businesses are critical of the tariffs. The action, announced by the Trump administration escalates a trade conflict between the world's two largest economies. "And they can't take actions that entirely flout the rules of the worldwide trading system", the official said.

The president early on Monday seemed to undermine any efforts for a negotiated solution, saying tariffs have bolstered the US bargaining position, while cost increases to consumers have been negligible.

For example, higher prices for raw materials in the USA could flow through into higher prices for food packaging which could impact the price of goods in New Zealand supermarkets, he said.

Kenneth Jarrett, president of the American Chamber of Commerce in Shanghai, said three quarters of its members will be hit by the tariffs, and they will not bring jobs back to the United States.

After several weeks of reviewing industry comments, the Trump administration announced on Monday afternoon the final list of Chinese goods set to be subjected to tariffs, effective September 24.

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In other words, China must completely scrap the foundational structures of its economy so that it presents no threat to the economic dominance of U.S. capitalism, a dominance which the USA intends to maintain, if it considers necessary, by military means. Morgan Stanley researchers estimate that the latest round could reduce economic growth in the United States this year by 0.1 percentage point, adding to another 0.1 percentage-point drag from tariffs now in place. The US has already carried out protectionist measures against Europe and Japan through the imposition of tariffs on steel and aluminium and has threatened tariffs on cars and auto parts, which will be invoked unless they join its push on China.

"Let's face it, nobody on either side has any idea how long this tariff war will last or where it will end up", said Rufus Yerxa, president of the National Foreign Trade Council.

US Treasury Secretary Steven Mnuchin last week invited top Chinese officials to a new round of talks, but thus far nothing has been scheduled.

If tariffs are imposed on the cranes, it could cost the port an additional $10m and put the port infrastructure at risk, Reinhart had testified in Washington in August at hearings on the tariffs.

"If we're not right, we'll roll them back, " Trump is reported to have said.

Trump told reporters earlier on Monday his impression is that Beijing wants to talk about a deal, and that he thinks "it's going to work out very well with China".

China is expected to further retaliate against the United States, and top officials have warned that could include penalizing USA companies that rely on Chinese components for phones, cars, televisions, and other products.

Sohn said the Trump administration is pursuing a legitimate goal of getting China to stop violating worldwide trade rules but that it should have enlisted support from other trading partners, such as the European Union, Canada and Mexico, and presented Beijing with a united front.

USA businesses - which have warned that tariffs could hurt profits, force job cuts, and, in some cases, destroy companies, said the taxes were going to hurt the United States more than the administration realized.

"Tariffs on another $200 billion will mean about 12 percent of U.S. imports have seen a tariff hike".


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