Chinese goods on USA radar, India braces for shockwave

The Donald Trump administration is for the first time publicly planning for a trade spat that drags into 2019 and possibly beyond

Earlier Monday, White House economic adviser Larry Kudlow told the Economic Club of NY that the U.S.is "ready to negotiate and talk with China any time that they are ready for serious and substantive negotiations towards free trade to reduce tariffs and non-tariff barriers, to open markets, to allow the most competitive economy in the world, ours, to export more and more goods and services to China".

President Trump intends to impose tariffs on $200 billion of China's exports to the us this week, according the Wall Street Journal. China has previously stated if America imposed this new larger set of taxes, China would place tariffs on American imports that total $60 billion.

"China, however, still refuses to change its practices and indeed recently imposed new tariffs in an effort to hurt the United States economy", Trump said. "It is hard to see what the administration's vision of an endgame might be other than total capitulation by China to all United States demands".

The U.S. has complained that Beijing forces American companies doing business in China to transfer technology and intellectual property.

US trade actions against China will not work as China has ample fiscal and monetary policy tools to cope with the impact, a senior securities market official said. But a deputy to that adviser said at a meeting on Sunday that China would not negotiate with the USA under pressure.

The prospect of a more aggressive trade war with China pushed stocks lower, after investors had previously been largely untroubled by the Trump administration's trade policies.

In announcing the latest levies on Monday, Trump hinted at that argument again, pointing to his "great respect and affection" for Xi Jinping, his Chinese counterpart, and raising the possibility of a negotiation.

"We can't do that anymore", Trump said.

In a pair of early morning tweets on Monday, Trump hailed his combative trade policy as a boon to American economic health and said the USA steel industry, which the White House has championed in new protectionist measures, was now "the talk of the world". The White House had no immediate comment on Monday.

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".

In proceeding with additional tariffs, Trump ignored pleas from hundreds of United States companies who opposed the new levies at public hearings last month.

This has raised concerns that China could retaliate with non-tariff trade measures.

Initial reaction from the business community Monday was unfavourable.

The timing for activating the additional tariffs was unclear.

Jim O'Sullivan, chief economist for High-Frequency Economics, said financial markets would likely adopt a "could have been worse" reaction to the latest tariffs.

The Trump administration says its aggressive stance is to pressure Beijing to change policies that allow for the theft of United States technology and undercut American producers. He added that if China retaliates then there'll be another $267bn in tariffs coming.

While US inflation has continued to rise steadily albeit modestly, firms across the country report lost businesses, layoffs and possible bankruptcies as input costs rise and exports fall. In a win for Apple, consumer electronics like smartwatches and bluetooth devices were removed.

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.

"We have no problem with China trying to grow its economy, trying to lift its people out of poverty, that's a good thing".

Harley-Davidson will have to bump up the Chinese price of its iconic motorbikes at least 20 percent, a store representative in Beijing said.

"We have always stated that negotiations on the basis of equality, honesty and mutual respect represent the only right way out of the current trade issue between China and the USA", said Geng.

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