Trump poised to tax an additional $200bn Chinese imports

Canada's Foreign Minister Chrystia Freeland said discussions with US officials on the North American Free Trade Agreement are making progress

China has announced a $60 billion list of American products targeted for retaliation. "That totally changes the equation".

China has said it's ready to impose retaliatory tariffs on $60 billion of U.S. goods.

Trump initiated the trade war to punish Beijing for what it says are China's predatory tactics to try to supplant USA technological supremacy.

The U.S. and China account for more than a third of Korea's total exports, so this trade spat is a major downside risk to the Korean economy. which already saw its exports slow down from the first quarter's four-point-four percent to zero-point-four percent in the second quarter.

To hedge against the Trump Administration's trade protectionist moves, Seoul has secured an exemption from steel tariffs in exchange for a quota, and agreed on a 25 percent tariff on Korean pickup trucks and a doubling of the import cap on US vehicles. The administration has asserted that Trump's tariffs would force China to trade on more favorable terms with the United States.

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'Our concern with these tariffs is that the USA will be hardest hit, and that will result in lower US growth and competitiveness and higher prices for US consumers, ' the company said in a letter to the US government.

If the USA adopted the new trade measures, it would mean the country will have placed tariffs on $517 billion worth of Chinese goods, the entire value of all Chinese imports into the United States. But 2018 Chinese imports through July were up almost 9 percent over the same period of 2017, according to U.S. Census Bureau data.

White House economic adviser Larry Kudlow on Friday left open the possibility of a negotiated solution to the trade dispute, but said China must show it's open to compromise. But David French, top lobbyist for the National Retail Federation, whose members include Amazon.com, BJ's Wholesale Club and Macy's, said almost every consumer good could be affected if Trump follows through on all threatened tariffs.

Mr. Trump claims that China's trade policies are unfair, including the widespread practice of requiring foreign companies operating there to share intellectual property.

'We are still talking with China on a number of issues. 'However, hope springs eternal'.

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