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Trump has announced the intention to impose tariffs on Chinese exports worth a total of $250 bn while China has retaliated with levies of its own on more than $60 billion of us goods going in the other direction.

The Wall Street Journal reported on Saturday that the US plans to impose 10 percent tariffs on $200 billion of Chinese goods in the coming days and they will take effect within weeks.

Trump, in a statement announcing the new round of tariffs, warned that if China takes retaliatory action against USA farmers or industries, "we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports".

The week started with early morning tweets from Trump claiming the cost increases due to the tariff spat have been "unnoticeable" and any country not making fair deals will be "tariffed".

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.

Trump will "immediately" pursue another $267 billion in tariffs if China retaliates.

The trade war between America and China has escalated, fuelling fears that the global economy could be dragged down.

Mr Kudlow declined to specify details of the expected announcement but noted that reports indicating Mr Trump would unveil 10 per cent duties on $200 billion in imports as soon as Monday were "more or less correct".

If China then slaps tariffs on another $60 billion in USA goods, this will bring total U.S. exports subject to Beijing's retaliation to $110 billion, at 2017 sales levels.

The US imports around $500 billion in goods from China. To counter China's unfair practices, he had announced on June 15 that the U.S. would impose tariffs of 25 percent on Dollars 50 billion worth of Chinese imports.

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At the same time, the administration said it is still open to negotiations with China.

On June 1, Trump imposed tariffs of 25 per cent on steel and 10 per cent on aluminum from the EU, Canada and Mexico.

In the first two rounds of tariffs, the Trump administration was careful to try to spare consumers from the direct impact of the import taxes. These new tariffs would reportedly take effect "within weeks".

Parker said the Government did not believe the effect of the tariffs on New Zealand - for example from more costly imported goods - would be large "and neither do we think there will be any large benefit to New Zealand".

Trump has always been fiercely critical of China, accusing it during the 2016 campaign of "the rape" of the American economy and vowing to create a more balanced trade pattern. "They want to make a deal".

"We welcome any immediate, serious talks with China". The price of washing machines in the U.S. Japan has informed the WTO that it plans to impose retaliatory measures on USA goods to the tune of 50 billion yen (US$455 million).

The tariff duel is causing companies that rely on Chinese factories to rethink their business relationships, said Craig Allen, president of the US-China Business Council.

The president early on Monday seemed to undermine any efforts for a negotiated solution, saying tariffs have bolstered the United States bargaining position, while cost increases to consumers have been negligible and warned of more levies. China has said it will hit back.

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.

A public comment period ended last week for the $200 billion tariff list, which included various internet technology products and other electronics, printed circuit boards, and consumer goods ranging from handbags to bicycles and furniture.