Trump to unleash another $280b of tariffs on China

US TRADE WAR: Trump plotting $200bn MORE tariffs as China talks CRUMBLE

These tariffs are paid by USA companies that import the products, though they often pass the costs along to US consumers in the form of higher prices.

The U.S. imports roughly $500 billion in Chinese goods each year, and - combined with existing tariffs - these new penalties would cover half of all goods sent to the U.S. from China each year.

Forecasters have warned that the worsening conflict between the world's two biggest traders could cut up to 0.5 percentage point off global economic growth through 2020 if all threatened tariff hikes go ahead. But the impact will still likely be felt by millions of American consumers, as it would apply to smartphones, computers, toys, televisions, and many other middle-class staples.

The White House has not commented on the Bloomberg report.

"The President has been clear that he and his administration will continue to take action to address China's unfair trade practices", said Walters. "We encourage China to address the long standing concerns raised by the United States".

US President Donald Trump waves during joint statements with China's President Xi Jinping at the Great Hall of the People in Beijing, China, November 9, 2017.

"We have indeed received an invitation from the USA side".

Trump met top aides earlier this week on the tariff issue and directed aides to proceed with plan.

. Last week Trump told reporters such a move could come 'very soon'. The Journal reported that the Chinese had hoped that any final decision on tariffs would be delayed until after the next round of talks.

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Earlier this year, the USA also started charging levies on the imports of steel and aluminium from the European Union, Mexico and Canada. This tactic has had mixed success.

The Trump administration has already imposed 25 per cent tariffs on $50 billion worth of Chinese goods.

China responded by imposing tariffs on USA products like beef and soybeans, a response that spooked the US agriculture industry and angered Trump and other White House officials.

The $200 billion tariff list included various internet technology products and other electronics, printed circuit boards, and consumer goods ranging from handbags to bicycles and furniture.

Washington, Europe and other trading partners say those plans violate China's market-opening commitments.

China, which has accused the U.S. of trade bullying, has matched the tariffs dollar for dollar. "Talks without action won't do the trick".

This year, imports from China through July were up almost 9 percent from the same period of 2017, according to U.S. Census Bureau data.

Trump's top economic adviser, Larry Kudlow told Fox News on Wednesday that the USA government had received information that "the top of the Chinese government wished to pursue talks" prompting Mnuchin to send an invitation.

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